International coffee organization released the coffee report and outlook of 2023, and the organization found that coffee business is really challenging in this year. Coffee consumption is decreased by 2% due to several impacts as high interest rate, reduced coffee stocks and high price on the commodities market. On the other hand, world coffee production increased by 0.1% to 168.2 million bags even the coffee production in Asia and Oceania decreased by 4.7% and the production in Africa decreased by 7.2%.
The high interest rate is a big challenge in the worldwide market, and we expect the interest rate will remain high due to our high inflation. However, since the inflation is reducing and close to our target of 2%, we hope coffee consumption will not further reduce in the year of 2024.
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