|International News: South Korea Coffee Tea Capsules Market Demand By Region, By End User, Trends & Forecast till 2023
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The South Korea coffee and tea capsules market is expected to witness a strong growth in the upcoming years. This can be accredited to the availability of these capsules at low prices coupled with the emerging trend of home-cafes in the country.
According to the latest report by IMARC Group, ti tled “South Korea Coffee and Tea Capsules Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, the South Korea coffee capsules and tea capsules market reached a value of US$ XX Million and US$ XX Million, respectively, in the year 2017. Coffee and tea capsules represent the third-largest product type in the South Korea coffee and tea industry. These capsules provide convenience to the consumers for preparing a cup of coffee or tea without mixing extra ingredients. As the majority of the South Korean households have high disposable incomes, the consumers are willing to spend a substantial amount of money on high-quality products such as coffee and tea capsules. Moreover, as these capsules have precise ingredients they provide a uniform taste and allow the restaurants and cafes to offer consistent quality. In line with this, the manufacturers have been introducing a vast range of tea and coffee capsule variants with different flavors and aromas so as to expand their consumer-ba se in the country.
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South Korea Coffee and Tea Capsules Market Trends:
South Korea is one of the leading markets for ready-to-drink beverages in Southeast Asia. After the patent expiry of the Nespresso machines in 2012, several food and beverage companies in the country have introduced their own machines and capsules at affordable prices. Further, the growing demand for quality coffee and tea at homes and workplaces has pushed many Korean brands to launch ‘K-cup' – coffee and tea capsules – compatible with Nespresso machines. In addition to this, the manufacturers are offering a wide array of tea and coffee capsules including those for expressos, chococcinos, latte macchiatos, Americanos and tea lattes, thereby catalyzing the growth of the market. Apart from this, due to the growing trend of home-cafes and maturing coffee culture, the demand for beverage capsules has increased in the country. Looking forward, the coffee and tea capsules market in South Korea is projected to reach a value of US$ XX Million and US$ XX Million, expanding at a CAGR of X% and X% during 2018-2023, respectively.
South Korea Coffee and Tea Capsules Market Competitive Structure:
The competitive landscape of the coffee capsule market in South Korea has been examined with some of the major pla yers being Nescafe Dolce Gusto, Nespresso, Keurig Korea Ltd., Caffitaly System, Illycaffè S.p.A, Alois Dallmayr, JARO Co., Ltd, K-Konic Co., Ltd. and KAFFA INT Co., Ltd. On the other hand, some of the key pla yers operating in the tea capsule market in the region include Basilur Tea Export (Pvt) Ltd., Nescafe Dolce Gusto, Dualit Limited, CONF. Co., Ltd. and Bokumjari.
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