From 2014 to 2023, the coffee market in South Africa exhibited a steady growth trend with minor fluctuations. Starting at 56.0 thousand metric tons in 2014, it reached 60.0 thousand metric tons by 2023. Notably, there were significant dips, particularly in 2020, due to external factors, likely the COVID-19 pandemic. This period saw a sharp decline of -17%. However, the market rebounded in 2021 with a robust year-on-year growth of 22.52%, stabilizing to 60.0 thousand metric tons in subsequent years through 2023.
Analyzing the compound annual growth rate (CAGR) from 2014 to 2023 reveals a slight overall growth of 0.34%. Notwithstanding the setback in 2020, the market maintained resilience and returned to its growth trajectory.
Forecasts suggest a modest growth from 2024 onwards, with the volume anticipated to increase from 60.32 thousand metric tons to 61.23 thousand metric tons by 2028. This indicates a forecasted 5-year CAGR of 0.3% and a cumulative growth rate of 1.51% within this period.
Future trends to watch for include potential shifts in consumer preferences towards specialty coffee, sustainability initiatives impacting production and supply chain practices, and the influence of economic factors on disposable income and coffee consumption patterns.