Impact Of Globalization On The Coffee Industry - 1178 Words

Globalization is the process of interaction and integration between the people, companies, and the governments of different nations. Coffee is the second largest commodity in the world. Globalization has had an immense impact on various goods none being as big as its impact on the coffee industry. In the 1970 coffee beans went for three dollars a pound, but since that 1970 it has gradually decreased due to the increase in the production of coffee. Even though demand has increased, it was met with over production. Which in 2000 coffee prices reached a historic low, impacting farmers all around the world. This crisis came from very poor quality Vietnamese coffee flooding the market, causing the balance between supply and demand to be dramatically altered. The poor quality coffee beans forced Arabica farmers to lower their prices. In the long run this caused a lower quality in coffee beans, lower customer expectation, and low interest in coffee. Most importantly families of Coffee growe rs saw their incomes diminish to half what is was or worst. Farmer families struggled to have enough money to live on, some families decided to give up on growing Coffee beans and other gave up on farming completely. The Coffee bean industry still hasn’t recovered from these events, and it’s estimated that the industry has lost hundreds of millions of dollars in revenues due to low production. And hundreds of thousands of jobs have been lost as there is less coffee to pick, process and export.Show MoreRelatedThe Globalization Of Coffee : The Positive Impact Of Globalization1561 Words   |  7 PagesGlobalization as impacted numerous fields of business, the coffee industry is been impacted equally directly and indirectly. Some corporations have taken such a simple product and turned into an everyday life. According with the article â€Å"Coffee days† (2011), cheap chain coffee shops have significantly changed the social space. 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