Why are we paying so much for coffee?
The price of a pound of coffee beans may be dropping fast, but that doesn’t mean consumers will get a break on the cost of their morning brew.
The average price consumers are paying for a cup of coffee across all restaurant categories is $2.99, up 8 cents from last year, according to market research firm NPD Group. At gourmet coffee shops, it’s $4.24, an 8 cent hike from last year. Some of the fanciest coffee drinks, like one from Eleven Madison Park in New York City that’s made with a rare coffee variety called Wush Wush, sourced from a farm in Colombia, can cost up to $24 per cup.
‘In New York City, when you charge $10 for a vodka soda nobody blinks an eye, but when you charge $6 for a latte people lose their mind.’ Arabica beans typically have a sweeter, fruit-forward taste compared to robusta beans, which taste bitter with grain-like, earthy notes. What’s more, there are many varieties of arabica coffee beans grown around the world that taste differently depending on where they’re grown.
Why coffee is still expensive to buy in cafes and stores Sal Santuccio, director of coffee at Pan American Coffee Co., a Hoboken, N.J.-based coffee manufacturer for national retail chains, says his company has been paying $1.34 for a pound of unroasted and unprocessed arabica coffee. Pan American Coffee Co. roasts and packages coffee beans that are sold in bags in grocery stores like Walmart WMT, -1.92% and Target TGT, -5.65% Coffee sells between around $4.99 and $8 in stores.
Coffee comes a long way from plantation to the kitchen Nearly 40% of coffee is grown in Brazil, 20% is grown in Vietnam, followed by Colombia, Indonesia and Honduras. But over-production in Brazil, coupled with currency devaluation — the Brazilian real is 60% less valuable than it was in 2011 compared with the U.S. dollar — has resulted in cheap premium coffee prices.
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