Coffee Demand Growing Globally

(RTTNews) - Coffee consumption is growing day by day while market experts expect a possible shortage in supply in the world market due to drought in Brazil. In the next five years, it is expected that there will be a 25 percent growth in demand in coffee globally and by 2020, the demand will reach 175.8 million bags of beans.

According to International Coffee Organisation, demand is strong in traditional countries such as Canada, EU, Japan, Norway, Switzerland, and USA. Emerging markets such as Algeria, Australia, Russia, South Korea, Turkey and Ukraine are showing an uptrend. Statistics shows that since 2011, there has been an average annual growth of 2.4 percent in global coffee consumption. Meanwhile, global coffee production is on the decline, with an estimated reduction of 2.3 percent in 2014-2015 compared to the prior year.

Europe has been the top consumer of coffee, with consumption of more than 51 thousand 60 kilogram bags; Asia and Oceania consume more than 30 thousand 60 kilo bags; North America's annual coffee consumption is more than 27 thousand 60 kilo bags. World's total consumption grew to 143.25 million bags in 2014 while the 2015 statistics will be out by this weekend. Reports say that the total production for the just concluded year was 141 million bags due to severe drought and a fungus attack in Brazil.