Coffee Consumption Seen Rising Only Modestly in Next Few Years
- Group now has a more ‘conservative’ view on global demand
- Coffee-growing countries need to boost domestic consumption
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Global consumption of coffee is likely to climb by 1% to 2% a year through the end of the decade, according to International Coffee Organization Executive Director Vanusia Nogueira, who estimated about 25 million more 60-kilo bags will be needed over the next eight years.
“We are more conservative now for a short-term projection,” Nogueira said during a conference in Hanoi held by the Vietnam Coffee-Cocoa Association, referring to all the events the world is facing, including high inflation in Europe and the war in Ukraine. The group’s earlier forecasts for consumption growth averaging 3.3% a year over the long term were too “optimistic,” she added.