Java junkies in US drive global coffee demand to record
New York
AMERICAN consumers cannot get enough coffee, and that is sending world demand for the beans to an all-time high.
US per capita consumption of hot coffee will be 3.1 kg in 2016, up from three kg in 2015 and matching a record achieved in 2013, according to researcher Euromonitor International. Total domestic consumption will be up 1.5 per cent in the 12 months that start Oct 1 to the highest ever, the US Department of Agriculture (USDA) said in June. Demand in China, Japan and India will also be the most ever.
In recent years, the proliferation of coffee shops, the emergence of single-cup brewing machines and the growth of cold brews have lured more java enthusiasts, with four out of five US consumers now drinking the beverage, according to market researcher Mintel. Cheaper petr…
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Energy & Commodities
Gold trades in tight range as market focuses on US economic data
Anglo American says it received unsolicited buyout proposal from BHP
Oil settles lower as US business activity cools, concerns over Middle East ease
Orsted says Taiwan wind project to power TSMC on track for 2025 finish
Gold edges down as Middle East worries ebb
Oil rises as dollar slips, focus shifts to economic data