The International Coffee Organization (ICO) has announced plans to strengthen coffee pricing globally. Consumption has been growing significantly, at a rate of about 2% annually, whilst coffee prices have fallen by over 30% in the past two years. Growers are reportedly having a hard time covering production costs as a result of this.
With support from donors and the private sector, the ICO is set to mobilise funds to aid the coffee industry by advocating and promoting the sector. With the ICO bringing together multinational organisations, academics and importing and exporting countries, they have significant influence to improve conditions for growers.
The ICO predicts the downward trend in coffee price to continue for the foreseeable future and suggests there is a chance many countries will cease production due to lack of profitability. This would have the added effect of increased risk from disease and pests, with reduced production areas globally. In efforts to aid the sector, the ICO are set to put several actions into place, including research, increased transparency, promotion of coffee consumption, and mobilisation of stakeholders.