increase by nearly 25% over the coming five years, according to the International Coffee Organization (ICO).
“Consumption is increasing as societies in India, China and Latin
America continue to be Westernized,” the ICO’s executive director
Roberio Silva told the Wall Street Journal.
Currently, consumer intake of coffee stands at 141.6 million bags of
beans; but by 2020, coffee demand is slated to rise to 175.8 million
bags (each weighs approximately 132 lb.).
The high demand coincides with a period of tight coffee supplies
globally and currency fluctuations in Brazil. Last year’s high prices
were partly precipitated by a drought in the South American nation,
currently the world’s largest coffee grower.
This is a big deal and someday we will grasp how big it really is.