The price of Arabica beans, which make up the majority of the world’s production, increased by more than 80% this year and reached $3.44 a pound (0.45 kg) on Tuesday. In contrast, the price of Robusta beans reached a new peak in September.
It occurs as the drink’s popularity continues to rise and coffee dealers anticipate crop shrinkage following severe weather in Brazil and Vietnam, the world’s two major producers.
Coffee companies are thinking of raising their pricing in the coming year.
Vinh Nguyen, the CEO of Tuan Loc Commodities, says that although large coffee roasters have been able to withstand price increases in previous years in order to satisfy consumers and hold onto market share, that appears to be about to change.
