Coffee Market Summary Report – September 2023
Introduction :Coffee Market Summary Report – September 2023
In the latest International Coffee Organization (ICO) report, various key figures and data have been highlighted, providing insights into the global coffee market. Here is a summarized report by Servicoff Limited:
1.Africa’s Coffee Exports:
– Exports of all coffee forms from Africa recorded a substantial growth rate of 10.9% in August 2023,
compared to August 2022, reaching 1.37 million bags.
– For the first 11 months of the current coffee year, Africa exported a total of 10.84 million bags, down 1.5% from the previous coffee year 2021/22.
– Africa has experienced three consecutive months of positive export growth, primarily due to continued global demand for Robusta coffee.
– The reduced volume of coffee from the Asia & Pacific region, particularly Vietnam, contributed to Africa’s export growth. Uganda stepped in to fill this gap, increasing its exports by 48.4% in August 2023, reaching 0.74 million bags.
2.Coffee Forms:
– Total exports of soluble coffee from all regions decreased by 4.6% in August 2023 compared to August 2022, with 0.89 million bags shipped.
– Over the first 11 months of the coffee year 2022/23, a total of 10.46 million bags of soluble coffee were exported, reflecting a 5.7% decrease from the previous coffee year.
– The share of soluble coffee in total coffee exports dropped from 9.2% to 8.6% for the year to date in August 2023. Brazil remains the largest exporter of soluble coffee, with 0.32 million bags shipped in August 2023.
– Exports of roasted coffee beans saw a significant decline of 39.9% in August 2023, with 58,226 bags compared to 96,937 bags in August 2022.
Production and Consumption:
– Global coffee production decreased by 1.4% to 168.5 million bags in the coffee year 2021/22 due to off-biennial production and adverse meteorological conditions.
– It is expected that global coffee production will bounce back, increasing by 1.7% to 171.3 million bags in 2022/23. The impact of biennial production, particularly from Brazil, plays a crucial role in this recovery.
– Arabica coffee production is projected to increase by 4.6% to 98.6 million bags in the coffee year 2022/23, reflecting a recovery from the 7.2% decrease in the previous year. Arabica’s share of total coffee production is expected to rise to 57.5%.
– World coffee consumption increased by 4.2% to 175.6 million bags in the coffee year 2021/22, driven by pent-up demand and strong global economic growth.
– For coffee year 2022/23, coffee consumption is expected to grow at a decelerating rate of 1.7%, with Europe showing the largest decrease in consumption among all regions.
– The global coffee market is expected to run another year of deficit, with a projected shortfall of 7.3 million bags.
This summarized report provides a snapshot of the coffee market as per the ICO’s September 2023 report. For in-depth analysis and further insights, it is recommended to refer to the complete ICO Coffee Market Report for September 2023.
Source: International Coffee Organization (ICO) Coffee Market Report – September 2023