High Performance Beverage Co. signed a Memorandum of Understanding (MOU) with Jammin Java Corp., in order to create a joint venture partnership for the development of a new line of cold coffee beverages.
Based in Denver, Jammin Java plans to move into new areas of cold coffee products with the help of High Performance Beverage in order to establish itself in the multi-billion dollar retail coffee industry.
Bloomberg news reported canned and bottled ready-to-drink coffee is a natural evolution flowing from a consumer landscape awash with premium coffee at ubiquitous Starbucks and countless independent coffee bistros. Millennials, who account for 44% of US coffee demand, have been helping the US ready-to-drink coffee market grow by double digits every year since 2011.
Mintel reported Millennials are driving the cold coffee revolution with 66% drinking ice coffee or cold coffee beverages. Cold coffee has also been instrumental in attracting younger coffee drinkers since the beverage lacks the bitterness sometimes associated with hot brewed coffee. As trends continue, many opportunities are being created in this wide open market.
Euromonitor International expects the market to reach nearly $3.6 billion by 2020. The overall global market stood at $18 billion in 2015, according to Euromonitor.
New product lines to be developed by High Performance Beverage and Jammin Java are:
• Cannabis Coffee for the Colorado markets, including THC and CBD based coffees
• Sugar Free and Low Calorie Canned and Bottled Cold Coffee products for US national distribution
• Coffee Energy Drinks including full fat and sugar along with low calorie varieties.