By the end of last month, manufacturers were able to complete the annual supply plan.
The coronavirus epidemic provoked an increase in coffee demand among consumers. According to the Financial Times, as of the end of March, some suppliers were able to meet the annual supply plan.
According to Jose Marcos Magales, head of Minas, Brazil’s second largest coffee cooperative, the increase in coffee demand in Europe and North America helped meet last month’s annual plan for the supply of 400 thousand bags (60 kg of coffee beans). Of. Currently, it is expected that the number of deliveries will increase to 800 thousand by the end of 2020 – more than double the 360 thousand last year.
It is noted that at the beginning of the crisis, coffee prices fell due to the closure of a cafe in China. After the recovered price, as large companies (Nestlé, JAB and Lavazza) rushed to replenish their shares. According to consumer research firm Nielsen, due to the increasing demand for coffee among citizens, weekly US sales were 73% from 2019.
As a result, futures for high-quality Arabica in the United States have fallen 20% to $ 1.20 per pound (about 450 grams) since the beginning of February, making coffee one of the most sought-after goods in the world. Therefore, in the same period, oil fell by more than 40%, and the price of copper fell by 8%.
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It was previously reported that strict quarantine measures in many countries increased Internet traffic by 50–70%, and in some countries, for example, in Italy – by 90%. As a result, revenue from streaming services such as Netflix and Disney + grew by 12%. Quarantine will also benefit from the online commerce sector, whose revenue will grow by $ 175 billion – a 5% increase.
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According to the material ft.com