The COVID-19 pandemic has erased nearly a quarter of the total United States coffee shop market value, according to the latest annual report from coffee market research group Allegra World Coffee Portal.
The group now estimates the U.S. coffee shop segment to be worth some $36 billion heading into 2021, down 24% over the past 12 months with $11.5 billion in sales declines.
For the first time in modern history, there was also a net decrease in the number of coffee shops over the past 12 months, with the market contracting by 208 shops (0.6%) to comprise 37,189 outlets, according to the research.
Involving more than 100 interviews with industry leaders, field research, desk research and 5,000+ online surveys with U.S. consumers, Allegra World Coffee Portal found a remarkably negative sentiment among coffee shop operators regarding the current business climate.