From FoodDive:
Dive Brief:
- Coffee prices are surging after frost destroyed portions of the crop in Brazil, the world's largest producer of the popular commodity, according to Fortune. As a result, Arabica coffee prices recently increased more than 30% in one week and could soon reach $3 per pound. This would be the highest price for coffee since 2011.
- The cold weather will not affect the 2021 harvest, which is already under way, The Wall Street Journal noted, but the 2022 crop could be roughly one-quarter below normal. The cold weather comes after a drought battered production of the 2021 crop.
- Sixty-two percent of American adults drink coffee every day, according to a 2020 survey from the National Coffee Association. A coffee shortage could impact major producers of the beverage, including Nestlé, J. M. Smucker and even Coca-Cola.
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