Worldwide coffee estimates for the 2015/16 year ended with a 3.3 million bag deficit between production and consumption, according to the International Coffee Organization (ICO).
ICO recently updated its estimates and concluded production totaled about 148 million bags. Consumption, however, was estimated at 151.3 million bags leaving the global deficit. The market has plenty of coffee on hand after the surplus years of 2012/13 and 2013/14, the ICO report states.