The rapid development of the coffee industry to heat up the new industry

Avery Consulting data show that in 2021, China's freshly ground coffee market size is 87.6 billion yuan, and the market size is expected to reach 191.7 billion yuan in 2024. Compared with developed countries, China's per capita coffee consumption in 2021 is only 9 cups / year, much lower than the United States, Japan and other countries. By line level cities, China's per capita coffee consumption in first- and second-tier cities reached 326 cups / year and 261 cups / year, respectively, compared to the per capita coffee consumption in lower tier cities still has more room for improvement.

"As of the first half of this year, Ruixing Coffee has surpassed Starbucks in the number of stores in China, becoming the number one domestic coffee chain brand stores. In recent years, other domestic coffee brands such as Manner, M Stand and Seesaw have also expanded rapidly with the help of capital, thanks to their unique boutique coffee. We believe that with the gradual cultivation of coffee drinking habits in the domestic market, as well as the pursuit of national trends and national cultural confidence of China's consumers, especially the younger generation, the potential of domestic coffee chain brands is promising." CICC said.