Starbucks has acquired two new coffee farms in Costa Rica and Guatemala to protect its coffee supply from climate change. The company, which purchases 3% of the world’s coffee, has been grappling with supply pressures caused by rising temperatures, extreme weather, and frosts in Brazil that have impacted coffee production. Consumer coffee prices have surged by 18% over the past five years, highlighting the strain on global supply. Starbucks aims to study hybrid coffee varieties that offer higher productivity and resistance to diseases like coffee leaf rust. The coffee giant plans to expand its farm holdings in Africa and Asia.
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00:00It's Benzinga, and here's what's on the block.
00:03Starbucks has acquired two new coffee farms in Costa Rica and Guatemala to protect its
00:07coffee supply from climate change.
00:10The company, which purchases 3% of the world's coffee, has been grappling with supply pressures
00:15caused by rising temperatures, extreme weather, and frosts in Brazil that have impacted coffee
00:19production.
00:21Consumer coffee prices have surged by 18% over the past five years, highlighting the
00:25strain on global supply.
00:28Starbucks aims to study hybrid coffee varieties that offer higher productivity and resistance
00:32to diseases like coffee leaf frost.
00:35The coffee giant plans to expand its farm holdings in Africa and Asia as well.
00:39For all things money, visit Benzinga.com.