Coffee consumption is increasing day by day, and market experts are warning of a possible supply shortage due to drought in Brazil.
According to a report from the International Coffee Organization (ICO), statistics show that since 2011, the demand for coffee has been growing at an average rate of 2.4 percent annually, with Europe holding the title of the world’s leading coffee consumer, with an annual consumption exceeding 51 thousand bags of 60 kilograms each. Following are Asia and Oceania with over 30 thousand bags of 60 kilograms, and North America, with over 27 thousand bags annually. Demand is traditionally strong in countries such as Canada, the EU, Japan, Norway, Switzerland, and the USA, according to this week’s ICO data. Emerging markets such as Algeria, Australia, Russia, South Korea, Turkey, and Ukraine are also recording a trend of increasing demand.
In 2014, total world coffee consumption reached 143.25 million bags, and data for 2015 will be published by the end of this week. However, production is decreasing and is estimated to have been 2.3 percent lower in the 2014/2015 season compared to the previous season. According to some reports, a total of 141 million bags of coffee were produced in 2015, due to drought and fungi in Brazil. Some estimates suggest that global coffee demand is expected to increase by 25 percent over the next five years, reaching 175.8 million bags of coffee by 2020.
