Coronavirus, Covid-19, may contribute to significant decline in global coffee consumption, especially for out-of-home consumption, the International Coffee Organization stated in its February 2020 Coffee Market Report. The report also indicates that coffee prices continued a decline through February, averaging 102 US cents/lb, 4.6% lower than in January. The report attributed this lower price to the lessened demand.
"Fears over the effect Covid-19 might have on demand, particularly for out-of-home consumption, as well as ample supplies for the remainder of the year, given that Brazil’s 2020/21 crop is in the on-year of its biennial Arabica cycle, exerted downward pressure on the market," it stated.
Still, global coffee consumption is expected to be about .48 million bags more than global output, and exports from Africa, Central America and Mexico increased, according to the report.
