Kim is an office worker who drinks two to three cups of coffee every day and recently bought a coffee machine after realizing her coffee habit was costing her $400 a month. With her new machine, she only needs to load capsules and for $25 a month, she can make 20 cups of coffee.
Jung, who works in Los Angeles Koreatown, started keeping a personal coffee machine in his office. He can now brew his own coffee, save money, and share it with his coworkers.
With coffee prices soaring, the homemade coffee market is booming. Consumers are increasingly enjoying coffee from beans or capsules at home or in the office. According to a recent NBC report, coffee prices at major national coffee chains are up about 23% this year compared to 2021, fueling the trend of consumers brewing their own coffee at home.
The amount of coffee sold in stores is down 8% from four years ago. Experts attribute the decline to the post-pandemic rise in home cafes and the steep increase in coffee prices. The average price of a cup of coffee at major chains is $4.76, up $0.79 from $3.97 three years ago. The average price of a cup of cold brew is $4.41, up $1.24 from that of 2021. The average price of a latte was $5.50, a 23% jump from 2021. Black coffee, which used to cost $2 to $3, has nearly doubled to $3.50 to $4.
Several factors have contributed to the rise, including lower production and supply chain disruptions due to severe weather in major bean-producing countries, higher transportation costs, labor shortages, and inflationary pressures, Bloomberg reported.
As a result, homemade coffee manufacturers have been rushing to introduce new products and related services. The home coffee machine market is expected to grow from $3.06 billion this year to $4.18 billion in 2029, according to market research firm Mordor Intelligence.
Coffee makers are also releasing new products in response to the recent rise in demand for make-it-yourself coffee. In April, instant coffee maker Nescafe launched a coffee that dissolves in cold liquid ($7.39). “It’s a quick and easy way to make dozens of cups of coffee for the price of one drink at a coffee shop,” the company said.
Coffee machine maker Keurig will launch a coffee machine this year for those who enjoy iced coffee at home. It will feature a system that can brew hot coffee and chill it to iced coffee in less than three minutes. The machine is expected to cost about $200. “We developed it to meet the needs of consumers who want to enjoy cafe-quality drinks at home,” Josh Hulett, senior vice president of Keurig, said in a recent promotional video.
Coffee-making classes are also proving popular. “We’ve recently seen a spike in bookings to the point where all of our classes are sold out,” says Dave Ward, who teaches latte art classes. “We’re seeing a wide range of ages, from 20s to 70s, so it’s clear that consumers are enjoying making their own coffee.”
Professional barista classes in the Los Angeles area offered by the online learning platform Course Hero range from $180 per class to $90 for a simple coffee brewing and roasting course.
BY HAEUN CHUNG, HOONSIK WOO [chung.haeun@koreadaily.com]
