Coffee is one of the most consumed beverages all over the world. It is also the second most traded commodity next to petroleum that is why there is no doubt that the price of coffee is getting higher every year. One of the main reasons for the coffee price hike is the consumer’s demand for coffee. According to Bloomberg, more people between the age of 18 and 34 are drinking coffee on a daily basis, and they’re getting hooked on caffeine at an early stage of life. In the United States, the National Coffee Association in New York reports that the share of daily coffee drinkers between the ages of 18 and 24 rose from 34 percent to 48 percent in the last eight years. Millennial generation born after 1995 has started drinking coffee at the age of 14 while those who were born in the late 1980’s started around 17. Coffee consumption among elderly has dwindled meaning the millennials are the ones responsible for the sky-high cost and demand of coffee around the world.
The cost and demand for coffee are good news for the coffee industry. The only struggle the industry encounters is to keep up with demands right now. According to Extra Crispy’s Brian O’Connor report ” coffee crops in southeast Asia and Brazil suffered due to an unusually dry growing season, making the supply of robusta beans lower than years past, and increasing the demand for Arabica beans.” Therefore industry analyst is expecting a big price hike at the end of every year.
But don’t worry it’s not the end of the world yet, don’t start hoarding your coffee beans just yet, the world’s coffee supply can still manage our demands. Rains in Brazil could put Brazilian production back on track, in fact, Peru and Honduras are starting to increase their coffee production to meet consumers demand. Meanwhile, in the United States, there are still abundant supplies of coffee beans that can be enjoyed by the coffee lovers. We may have encountered coffee uncertainties, but we’re not in the crisis yet! So, for the millennials enjoy your cup of coffee while we still have plenty of it.