According to a United Nations report, due to factors such as bad weather in major producing areas, global coffee prices will rise 38.8% in 2024, hitting a new high in recent years.
The Food and Agriculture Organization of the United Nations (FAO) released a report on Friday (March 14) saying that the world's major coffee producers, such as Vietnam, Indonesia and Brazil, will experience extreme weather in 2023-2024, resulting in reduced coffee production and higher prices, Xinhua reported. Another reason for the rise in global coffee prices is the rising cost of shipping.
The FAO warns that coffee prices could rise further in 2025 if supply constraints persist in major producing areas.
The director of FAO's Markets and Trade Division, Bellehassan, said the high price of coffee should be an incentive for the industry to invest more in technology research and development. Climate change is posing a long-term challenge to coffee production, and the climate adaptability of coffee cultivation should be improved.
The report also shows that Brazil and Vietnam together account for nearly 50 percent of global coffee production, while smallholder producers contribute 80 percent of global coffee production. The European Union and the United States are the world's largest coffee import markets. The global coffee industry generates more than $200 billion a year.
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