Global Coffee Prices to Rise in 2024, Driven by Extreme Weather

Global coffee prices have risen significantly since the beginning of this year, reaching their highest level in decades.

According to World Bank data, the average price of Arabica coffee in November 2024 reached US$6.72 per kilogram, the highest since 1977.

The average price of Robusta coffee in November 2024 reached US$4.98 per kilogram, also the highest since 1977.

This year's price increase is influenced by extreme weather that disrupted harvests in major producing countries.

"Droughts in Brazil, the world's largest coffee producer, and devastating typhoons in Vietnam, the second largest coffee producer, have significantly disrupted the global coffee supply chain, increasing production costs and impacting consumers," said the Euronews editorial (September 23, 2024).

According to Katharina Erfort, a representative of the international supply chain management company Inverto, the global coffee supply will be difficult to recover in the near future.

"The ongoing impact of climate change makes recovery difficult. The coffee plantation sector is vulnerable to extreme weather patterns that could continue to disrupt harvests in the future," said Katharina, as reported by Euronews (September 23, 2024).

"In addition, increasing global demand, especially in developing markets such as Asia, could continue to push up coffee prices," she continued.