There was a coffee shortage in 2023 but as of now there's currently no coffee shortage.
A coffee shortage could occur again but it's hard to tell when and if it will happen again.
In the first quarter of 2024, Robusta and Arabica coffee prices will remain high due to concerns about supply shortages and the lowest inventory in the past 12 years," said the Agency of Foreign Trade.
Studies predict that suitable land for coffee production could be cut in half by 2050.
This decline will likely lead to reduced yields and increased prices for consumers.
The Ripple Effect: The impact goes beyond just our morning routine.
Looking forward, the coffee market is projected to continue its growth trajectory, with expectations to achieve a compound annual growth rate (CAGR) of 4.6% during the forecast period from 2024 to 2032.
This anticipated growth is set to increase the market's value to around USD 207.07 billion by the end of 2032.