Manuel Mejia anticipates the premiumisation of private labels in the coffee industry. He shares his thoughts with GCR on what to expect in 2024.
One of Buencafé´s main accomplishments in 2023 was to maintain solid business performance, distinguishing itself through resilience and adaptability in the face of challenging global macroeconomic conditions.
Based on the guidelines of the National Federation of Coffee Growers of Colombia for 2024, Buencafé will focus on two main objectives. First, to strengthen our presence in the American markets. Simultaneously, we will actively explore opportunities in China and the Middle East. Our commitment is to continue developing the market for high-quality freeze-dried coffee.
We will also complete several facility adjustments to enhance our logistical system and conclude infrastructure investments, resulting in optimal customer service, and attention.
There are many trends that will undoubtedly shape the coffee landscape in 2024. Cold coffee is driven not only by the hot summer of 2023, but the increasing consumption among the younger demographic.
The second trend is recyclable packaging. The entire coffee industry is actively exploring ways to take significant steps in environmental responsibility. Buencafé has diligently worked to find solutions and has successfully completed the project of jar lids made from natural fibers. Now, we are set to launch 100 per cent mono material recyclable laminated packaging.
We anticipate the premiumisation of private labels. This is attributed to the price increase across all categories, leading to a preference for high-quality private brands over traditionally recognised ones.
We also observe a rising trend in the consumption of Arabica coffee variety. This is driven by the expected increase in availability this year. It is also favoured by the younger ones due to its gentle aroma, smooth flavour profile, higher quality, and versatility.
The most significant challenge facing the industry is indeed the consumption of coffee among the younger demographic. The key task is to find ways to make coffee and its preparations more versatile.
At Buencafé, we wish and hope for a coffee industry where coffee farmers and those involved in the industry can enjoy a good quality of life and sustain economically viable businesses. We aspire to see coffee continue to be the preferred choice for people in numerous consumption moments, especially during breakfast, and to keep capturing hearts worldwide.
This article was first published in the January/February 2024 edition of Global Coffee Report. Read more HERE.
