A pound of wholesale arabica coffee beans has been selling for under $1 since March, the lowest price point in more than a decade. One pound of ground coffee will make about 48 cups.
But experts say consumers will still be paying the same price for a cup of coffee or latte in stores and cafes. While wholesale coffee prices have been dropping, coffee prices for consumers have actually been going up.
Coffee sales are making a big difference in the otherwise sluggish restaurant industry, according to a recent article in the Chicago Tribune.
Chain coffee shop locations increased by 6% from 2016 to 2017, reflecting increasing interest in high-quality and specialty coffee across the country. The U.S. has almost 3,000 more coffee shops than it did five years ago.
New market research from the NPD Group shows that coffee shops are popping up across the country to meet this increasing demand. In addition to coffee served at restaurants and other foodservice outlets, there are now 33,129 gourmet coffee shops in the U.S., a 2% increase in units from last year.
Additional highlights from NPD’s Spring 2017 ReCount restaurant census include: