It’s not a good time for coffee lovers across the globe, as coffee prices are set to rise, due to a crop shortage that could last three years.
Senior industry analyst at IBISWorld, Suzy Oo, told ABC News that the dataset’s annual statistics have risen quite significantly at 21.6 per cent to $3.65 per kilogram. “We have not seen that type of price peak since 2014,” she told ABC News.
The statistics come after Brazil’s crops were damaged after a severe drought that affected multiple locations. To make matters worse for farmers and the economy, the nation’s crop cycles generally fluctuate each year, with some cycles offering more yields than others.
It’s estimated that Brazilian farmers only collected 30.7 million bags of arabica beans this year, as opposed to 48.8 million last year, according to crop forecasting agency, Conab.
This isn’t the first time that coffee prices have been expected to spike. Earlier this year, in July, unpredictable Brazilian weather devastated yet another coffee crop.
Since coffee is loved universally, the demand for it won’t ever really stop. However, since the supplies are lower than usual, the prices will rise accordingly. The price rise and low supply may mean fewer coffee drinkers across the globe, which is unfortunate, as a June 2021 research study suggests that daily coffees may cut the risk of chronic liver disease.
Beyond the exhilarating energy boost, coffee has been linked to several studies showing benefits for a range of health conditions, such as Parkinson’s, Alzheimer’s, colon cancer, and prostate cancer. In January this year, the online journal BMJ Open published a study that suggested each additional cup of coffee per day was linked to lowering your risk of developing prostate cancer by nearly one per cent.
Coffee consumption might help you:
It’s important to note, however, that coffee is not suitable for everyone.
IMPORTANT LEGAL INFO This article is of a general nature and FYI only, because it doesn’t take into account your personal health requirements or existing medical conditions. That means it’s not personalised health advice and shouldn’t be relied upon as if it is. Before making a health-related decision, you should work out if the info is appropriate for your situation and get professional medical advice.