Just like Bitcoin, the price of coffee increased dramatically in 2021.
The value of coffee is based on the NY stock exchange, which is determined by the coffee beans supply situation in Brazil (the largest coffee grower in the globe).
There has been a huge coffee shortage in Brazil due to a few reasons.
Firstly, record drought conditions, frost and hurricanes impacted coffee crops significantly.
Secondly, COVID-19 affected the number of people working in farms, which meant that coffee crops were not processed at the optimum level.
Thirdly, transportation continues to be limited due to COVID-19, making it more expensive.
The coffee stock price in the beginning of 2021 was around $1.20, and today’s price (as at January 2022) has gone up to almost $2.40.
What does this mean for Australia?
Of course, we're not going to pay $7 for our flat white, however a price increment is inevitable unless the coffee roaster decides to choose a lower grade coffee bean.
As a specialty coffee roaster, maintaining the quality is always our priority. So for the first time since we started Maven's Brew we've had to adjust the price of our product range as per January 2022.
Thankfully we’ve already locked in our coffee prices with our suppliers, so no major changes in the stock exchange will affect Maven's Brew in the long term.
We sincerely thank you for all your support, and will continue to provide specialty grade coffee drip bags and coffee beans to all our customers.