[Asia Economy Reporter Lim Chun-han] As convenience store private brand (PB) coffee bean prices have been rising one after another, 1000-won coffee has disappeared. This is because the cost pressure could not be withstood due to the continuous rise in international coffee bean prices and the increase in various expenses such as raw material costs.
According to the industry on the 17th, Seven Eleven raised the price of its coffee bean brand 'Seven Cafe' by 100 to 300 won starting from the 13th. The iced coffee regular increased from 1500 won to 1700 won, iced coffee large from 1800 won to 2000 won, and iced coffee grande from 2000 won to 2300 won. Iced latte and iced caramel latte were raised from 2400 won to 2500 won each.
Emart24 raised the price of its coffee bean 'Ifresso' hot Americano from 1000 won to 1200 won starting from the 11th. An Emart24 official explained, "Currently, iced coffee maintains the existing price of 1500 won, but we are considering a price increase in the future."
CU raised the price of its instant coffee bean brand 'Get Coffee' by 200 to 300 won starting from the 8th. Hot Americano medium increased from 1000 won to 1300 won, large from 1200 won to 1500 won. Iced Americano large rose from 1500 won to 1700 won, and extra large from 1800 won to 2000 won.
GS25 has not changed the price of its coffee bean brand 'Cafe25' since raising it by 200 won in March 2018. At that time, hot Americano was raised from 1000 won to 1200 won, and iced Americano from 1500 won to 1700 won.
Brazil, the world's largest coffee bean producer, has seen a decrease in production due to abnormal weather such as drought and cold waves, and international logistics costs have surged, causing international coffee bean prices to soar. According to the New York Mercantile Exchange, the coffee C futures, the benchmark for international coffee bean prices, traded at 212.9 cents per pound on the 13th of this month. This is a 46.17% increase compared to the same day last year (145.65 cents).
Convenience store coffee beans have been very popular with consumers by emphasizing 'cost-effectiveness.' CU's Get Coffee has an annual cumulative sales volume of about 140 million cups. GS25's Cafe25 sold 190 million cups last year, Seven Eleven's Seven Cafe sold 85 million cups, and Emart24's Ifresso sold 50 million cups.
An official from the convenience store industry said, "Since coffee beans are popular products, we have refrained from raising prices as much as possible," adding, "However, due to the recent surge in coffee bean prices, we had no choice but to raise prices."
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