NEW DELHI (Commodity Online): On the back of rising number of consumers in the coffee growing countries, the brew consumption rose 2% to 136.5 million bags in 2011from 135 million bags pervious year, according to International Coffee Organisation (ICO).
Coffee has turned out to be one of the most popular non-alcoholic beverage in the world, consuming around 400 billion cups annually.
ICO had cut the global coffee production from the estimated 132.4 million bags to 130.9 million bags for 2011-12.
Meanwhile, coffee production in India for 2011-12 is estimated to be around 322,000 tons and consumption of the brew grew 6 per cent to 1,08,000 tons in 2010 against 1,02,000 tons in 2009.
India is one of the top five coffee producing and exporting country. It mainly exports to europe.
In Inter-continental Exchange (ICE), the coffee for March Contract traded at 204.65 cents per lb on 22st February.
