Post by admin /31/12/2021
Despite a fall in coffee exports to the US due to the COVID-19 pandemic, Vietnam remains the market’s third largest coffee supplier, according to the Ministry of Industry and Trade.
Vietnam exported approximately 118,300 tonnes of coffee worth US$228.11 million to the US between January – October 2021, down by 15.1% in volume and 12.3% in value against the same period from last year.
Consequently, its coffee market shares as part of total US imports also dropped from 10.87% in the reviewed period last year to 8.78% this year. Indeed, the US’ average import price of coffee increased by 13.8% to hit US$4,243 per tonne.
Statistics compiled by the International Trade Center (ITC) indicated that the US imported 1.35 million tonnes of coffee, worth US$5.72 billion during the 10-month period, increasing by 5.2% in volume and 19.7% in value year on year.
According to https://www.mordorintelligence.com, the US coffee market is forecast to grow during the 2020 - 2025 period, with the compound annual growth rate (CAGR) reaching 4.8%.
With more than 70% of consumers preferring to make coffee at home and 59% of coffee products consumed daily in high-end segments, the US is anticipated to become a promising market moving forward.
This will therefore open up bright export prospects for coffee producers in the future, including from the Vietnamese market, according to a survey by the National Coffee Association USA.