It’s no secret that Americans love coffee. For that matter, it’s no secret that the world loves its coffee. According to estimates from market research firm, Mintel, coffee spending will continue rising to $13.6 billion dollars this year.
Nobody likes to hear that one of your favorites beverages of all time is going through some growing pains. But… fear not; the Java Geniuses are here to seperate fact from fiction.
As more information emerges on the status of coffee crops from major harvesting countries such as Vietnam, Indonesia, Columbia, Mexico, and many others in Central and South America, the more we know about the future of coffee prices for 2014. News media outlets have been following the increasingly popular topic of “Coffee Prices on the Rise”, and report that in 2014 to date coffee has been the top commodity in terms of amplified price. Totaling an increase of 95% this year, the price of coffee “C” market futures is among the highest in 2014.
According to recent reports from these countries, crop yields are on the decline due a couple of reasons:
Drought – In Brazil (the world’s largest coffee producer) harvest was reduced from 44 million bags to 40-43 million bags due to the worst drought they have seen in decades. The cost of the most popular variety of bean – the Arabica bean – has risen dramatically by 20%, the highest it has been in several years.