Eish, your morning cup of coffee may become scarce
There are reports that there could be a coffee bean shortage. What’s worse, it could last for three years.
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The majority of people enjoy a good cup of coffee in the morning.
There’s nothing quite like the smell of roasted coffee beans in the kitchen first thing in the morning to give you a kickstart to your day.
The coffee industry is massive – estimated at $102 billion (about R1.5 trillion) globally last year.
Now, there are reports that there could be a coffee bean shortage. What’s worse, it could last for three years.
The reason? Key coffee-producing regions have been hit by climate change-related weather events and importers have been dealt setbacks due to global supply chain issues because of the Covid-19 pandemic.
It is estimated about 20% of Brazil’s coffee plants have been struck by drought and severe frost.
Brazil is the world’s largest coffee producer and accounts for 35% of the world’s supply.
According to IBISWorld, the “world price of coffee” has surged 21.6% this year to $3.65 a kilogram.
They took the monthly prices of arabica and robusta green, or raw, coffee beans into account. Brazilian authorities are projecting the lowest arabica harvest for 12 years.
Suzy Oo, senior industry analyst at IBISWorld, said: “We have not seen that type of price peak since 2014.”
The dire situation means the price of coffee will go up.
So once again, just like so many other aspects of life, you will have to fork out more money.
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