While many people still reach for tea over coffee, coffee consumption is at an all time high all across the globe. The spike in global demand is thanks, in part, to a 1.5% increase over the past 12 months in US coffee consumption alone. That’s our highest level ever. But the US isn’t the only country enjoying a hot cup of joe. Demand in China, Japan and India is also reaching new heights. The total global consumption sits at around 150.8 million bags of coffee per year.
There is a possibility that, with increased demand, we could see some price hikes in years to come, as coffee yields aren’t a sure thing year after year.