Tamil Nadu has exported $ 55 million worth of coffee in year 2020, says a survey by Drip Capital, a global trade finance firm. Most of the exports consist of instant coffee, the company said in a press release on Wednesday.
To retain the growth of their global market share, exporters should continue developing trends in the instant coffee market, the release said. Research indicates that many other States in the country could benefit by following Andhra Pradesh in setting up several coffee processing plants, it said.
While COVID-19 did stir things up in the sector, the survey shows the popularity of the Malabar coffee has increased and its volume of export grew at 7 per cent compound annual growth rate (CAGR) in the last decade ending 2020 with the value of exports rising at 11 per cent CAGR for the same period.
"The global appreciation for this variety of coffee in the market will help it command a higher price. Already taking advantage of the trend, certain micro coffee estates and roasters are currently trying to tap into this new opportunity on a small, experimental scale. With further aid from the Coffee Board of India and the government, coffee producers in the country could take this highly popular specialty coffee to greater heights, co-founder and CEO of Drip Capital, Pushkar Mukewar, said in the release.
