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Get ready to pay more for coffee as bean shortage hits market

by TLAteam August 9, 2023August 9, 2023
written by TLAteam August 9, 2023August 9, 2023
Get ready to pay more for coffee as bean shortage hits market

Coffee enthusiasts may find themselves paying more for their cup of joe over the next several months due to a global shortage of beans in major producing countries like Brazil and Vietnam, coupled with untimely rains in India damaging crops and inflating prices domestically.

Business News

This shortage has prompted coffee traders to pass on the price increase to consumers.

Prices for Robusta beans surging by around 50% and Arabica by approximately 15%. the prices of coffee are hiked once a year in January. “But, this year, the price hiked by 50 a kg for all the beans available in july too.

These price hikes, factors such as climate change, supply chain disruptions, and changing consumer preferences are shaping the dynamics of the coffee market.

Climate change is affecting coffee-growing regions, as unseasonal rainfall in Chikkamagaluru in Karnataka – known for its plantations producing high-quality beans – caused a 20% drop in yield compared to the previous year. This has driven up the cost of picking, leading to multiple rounds of selective harvesting due to uneven ripening.

While Arabica prices have stabilised in the international market due to improved crop prospects in Brazil, the domestic market is expected to see higher prices due to demand and lower production.

CCL sells coffee under the brand Continental and has increased prices from last year’s 280 for a 200g jar to 360 currently. It is planning a further 10% increase in the next quarter.

Operational expenses for coffee planters have risen, impacting their bottom line, Although coffee prices (Arabica) are slightly lower compared to the previous year, traders appear to be safeguarding their profits in anticipation of potential future price increases.

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