According to the National Coffee Association, the U.S. coffee market is valued at around $48 billion, and it's expected to continue growing at a compound annual growth rate of 2.5% between 2020 and 2025. According to a report by Mordor Intelligence, the global coffee market is expected to grow at a CAGR of 3.2% during the forecast period (2021-2026).
Further, according to the USDA, the state of Colorado ranks 20th in the nation for coffee production with an estimated revenue of $2.8 million in 2020. However, the coffee industry in Colorado is showing promising signs of growth.
One example of this growth is the increase in specialty coffee shops and micro-roasters in the state. In recent years, Colorado has seen a surge in independent coffee shops and micro-roasters popping up in cities like Denver, Boulder, and Durango. These specialty coffee shops and micro-roasters are known for sourcing high-quality, sustainably-grown beans and offering unique brewing methods and coffee experiences.
Additionally, the demand for coffee in Colorado is on the rise. In 2019, the state's coffee shops and cafes generated $1.3 billion in revenue, a 4.5% increase from the previous year. This trend is expected to continue, with a projected growth rate of 4.3% for the coffee shop industry in Colorado through 2023.
Another factor contributing to the growth of the coffee industry in Colorado is the increasing interest in sustainable and ethically-sourced coffee. Many coffee shops and roasters in the state are committed to sourcing beans from farmers who practice sustainable growing methods and are transparent about the origin of their beans.
Overall, the coffee industry in Colorado is showing strong signs of growth, driven by the increase in specialty coffee shops and micro-roasters, the rising demand for coffee, and the growing interest in sustainable and ethically-sourced coffee.
USDA (2021). Growth of Coffee Industry.
Mordor Intelligence. (2021). Global Coffee Market - Growth, Trends, and Forecast (2021 - 2026). https://www.mordorintelligence.com/industry-reports/coffee-market
National Coffee Association. (2021). U.S. Coffee Market - Statistics & Facts. Retrieved from https://www.ncausa.org/about-coffee/coffee-statistics
IBIS World. (2021). Coffee & Snack Shops in Colorado - Market Research Report. Retrieved from https://www.ibisworld.com/united-states/market-research-reports/coffee-snack-shops-colorado/