World consumption of coffee at 137.9 million bags in 2011
Global coffee consumption, world's second highest traded commodity after crude oil, rose by 1.7% to an estimated 137.9 million bags in the 2011 calender year, International Coffee Organisation (ICO) said.
Worldwide consumption of the brew stood at 135.6 million bags (of 60 kg each) in the 2010 calender year.
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"The total for calendar year 2011 is provisionally estimated at 137.9 million bags, an increase of 1.7% in relation to the previous year," ICO said in its report.
During the last 12 years consumption increased at an average annual rate of 2.5%. Global demand continues to show signs of buoyancy on the back of increased domestic consumption both in exporting countries and in emerging markets, it added.
However, there has been a decline in consumption in some countries, ICO said.
"...Data for some important markets show significant decreases. This is the case in some traditional markets in southern Europe, such as Spain (-2.6%) and Italy (-1.8%), which have been affected by combination of higher retail prices and macroeconomic turbulence," it added.
Substantial falls have also been recorded in a number of emerging markets, such as Korea (-17.1%), Algeria (-11.5%) and Ukraine (-10.8%), showing their sensitivity to high prices, ICO pointed out.
Despite the decline, market experts feel that consumption of the brew will remain buoyant.
According to market analysts, the rise in consumption globally can be judged with the considerable increase in the export volumes and earnings from coffee.
The value of total exports in calendar year 2011 is forecast at $23.5 billion for a total volume of 102.4 million bags of 60 kg each against $16.7 billion for a volume of 96.8 million bags in 2010, according to ICO data.
According to the government-run Coffee Board of India, the total global annual trade is valued at around $120 billion.