The espresso coffee market is expected to experience significant growth of $4.55 billion over the next four years, according to a report by Technavio.
This growth is anticipated to occur at a compound annual growth rate (CAGR) of 5.84% between 2022 and 2027.
Factors contributing to this growth include the work-from-home culture and increasing demand for espresso machines in workplaces.
In 2021, approximately 79% of consumers had espresso machines either at home or accessible through their workplaces.
The availability of a wide variety of espresso machines to cater to consumer demand has further fueled market growth.
The espresso coffee market is described as fragmented, with companies employing both organic and inorganic growth strategies to remain competitive.