China to Boost Coffee Imports as Young Professionals Drink More
(Bloomberg) -- China is increasing purchases of coffee from other countries to meet the growing demand from young professionals in Shanghai and Beijing.
Promotional efforts of Luckin Coffee Inc., Nestle SA and Tim Hortons helped boost nation’s consumption of the caffeinated drink about 45% in the past four years. Still, many local farmers aren’t satisfied with the profits they get from growing coffee and switch to other crops , according to a report from the U.S. Department of Agriculture.
As a result, China’s purchases of coffee from foreign sources are expected to grow 5 percent this marketing year and Yunnan, a major China’s coffee- producing province, may be considering programs to increase farmer incomes and make coffee production more appealing, the USDA said.
Coffee consumption in China is likely to grow faster than in other countries. The average coffee consumer in China drinks two to three cups of joe per week. It’s usually a person in their twenties or thirties, living in a large city, with higher education and income levels. For comparison, an average American coffee drinker has more than three cups a day.
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