Chinese folks drink a mere 2% of the world’s coffee. But that is changing as consumption nearly tripled in the last four years, so says the US Department of Agriculture. That’s faster than any other market that is tracked.
As a show of faith in China’s coffee future, Starbucks will be adding 500 new stores in each of the next five years adding to the 2,000 stores already in operation. Starbucks CEO Howard Schultz has been quoted as saying, “I wouldn’t be surprised if one day we have more stores in China than we do in the US.” They have plenty of street corner locations available.
Following close behind is Dunkin Donuts, which plans to add 1,400 stores over the next 20 years.
Coffee consumption is expected to grow 20% annually according to the China Market Research Group. They claim that women under 30 are the core of coffee’s growth in the market. Source: BBC.com