Caffe Latte Market Overview:
Caffe Latte Market was worth USD xx billion in 2018and is projected to grow at a CAGR of xx%, to reach USD xx billion by 2023. Latte is a type of coffee drink made using steamed milk and espresso. There are several variants for making this by replacing coffee. The alternatives to coffee include matcha or turmeric, masala chai and other types of milk substitutes such as soy milk or almond milk. It is also known as wet cappuccino in certain regions.
This Italian origin beverage is very popular in Europe and is a part of their breakfast for many years. It is similar to cappuccino expect the milk foam is thin in latte. Iced Latte is rapidly gaining popularity among people, especially among young patrons of coffee beverages. Latte even plays a minor role in defining politicians of some countries.
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Rapidly growing urban population and increasing popularity for coffee beverages among young people are the major factors driving the Caffe Latte market. Availability of Caffe Lattes in almost all the coffee shops and restaurants, presence of large number of loyal consumers of latte, new and exotic variants such as almond milk and masala chai and rising number of population with disposable incomes are propelling the Caffe Latte market. However, high prices of latte and less penetration in rural population are restraining the growth of the market.
Caffe Latte Market is categorized by product, distribution channel and region. Based on the product, the market is categorized into Traditional Style Cappuccino, Wet Cappuccino, Dry Cappuccino, Flavored Cappuccino and Iced Cappuccinos. Traditional style cappuccinos account for the largest market share in Caffe latte market. However, flavored cappuccino and iced cappuccinos are rapidly gaining popularity among the consumers. On the basis of distribution channel, the market is categorized into Restaurants, Coffeehouses, Vending Machines and Others. Coffeehouses are the largest market segment in terms of distribution whereas usage of vending machines is increasing in office spaces, supermarkets and convenience stores.
On the basis of region, the global Caffe Latte market is categorized into North America, Europe, Asia Pacific, Latin America, Middle East and Africa. Europe leads the Caffe Latte market due to large number of regular consumers and also because it has been a part of their lives for many years. Asia Pacific is the fastest growing market segment due to the increasing urban population and increase in demand for western food and beverages.
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Some of the major players in Caffe Latte market are Starbucks, Brad Barry Company, Innovative Beverage Concepts, Inc, Vita Coco, Weebly, Dunkin Donuts, Aroma Espresso Bar, Baristas, and Café Coffee Day.
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