Special blends, unique brands key to Thai coffee’s global appeal, official says
Thai farmers and entrepreneurs are being urged to create unique coffee blends to increase sales in the lucrative and expanding global coffee market.
Thailand can increase its competitiveness in the global coffee market by producing and processing speciality coffees, Trade Policy and Strategy Office director-general Poonpong Naiyanapakorn said on Thursday.
This will increase the value of Thai coffee and promote Thai coffee as a global brand, he said.
Thai coffee exports rose 7.7% year on year in the first half of this year to US$459.47 million, with most being instant coffee: $1.23 million (43.21 million baht) worth of coffee beans was exported and $58.24 million (2.04 billion baht) worth of instant coffee was exported.
Speciality coffee sells for about 5.9 times more than generic coffee due to its careful production process and high quality, Poonpong said.
A study conducted by researchers at Emory University in the United States, found that the average price of roasted speciality coffee in the third quarter of 2021 was $28.64 (1,006 baht) per pound, he said. Its highest and lowest prices were $38.99 (1,369 baht) and $18.28 (642 baht) per pound, respectively, Poonpong added.
The International Coffee Organisation estimated that the average price of common roasted coffee in 2020 was $4.14 (145 baht) per pound, he added.
Even though the speciality coffee market is a niche market, it differentiates the market and increases the value of Thai coffee, Poonpong said.
The market for coffee is growing globally. According to a forecast by Market Research Future, the value of the global market will reach $112.8 billion a year by 2030.
Thailand exported $109.17 (3.83 billion baht) worth of coffee last year, up 5.1% year on year. Export of coffee beans totalled $3.85 million (135.38 million baht) and export of instant coffee totalled $105.32 million (3.65 billion baht).
