Singapore’s best coffee shops are being targeted by competition.
The country’s top-selling coffee brands, including Mimi’s Cafe, are being squeezed out of the market as the country’s demand for the specialty drink is increasing.
The coffee market is expected to grow by 15.5% next year to reach $5.8 trillion.
Its been a rough year for the countrys top coffee-selling brands, with the price of their products declining to a five-year low of $3.11 from $3 the year before.
They are now offering cheaper prices, said Tan Chun Ng, chief executive officer of Mimi &Mens Coffee Co.
A recent survey showed coffee lovers in Singapore are looking for cheaper options.
They want cheaper lattes, coffee-infused drinks and coffees that taste like milk instead of espresso, according to a recent report by the Coffee Council of Singapore.