(FOX News) - You may be paying less for your morning cup of coffee today but experts warn an impending coffee bean shortage could lead to a global crisis within three years.
In 2015, the price of Arabica coffee dropped by about 30 percent in the U.S. due to favorable weather conditions promoting increased yields in major producing countries like Brazil, Colombia and Honduras, reports the Independent. In Brazil, heavy rains ended a long running drought and this year, the world’s largest coffee exporter to expected to produce 10 million more pounds of beans.
According to the USDA, the U.S. it set to import more coffee than ever in 2016— bringing in 24 million bags (a bag is about 132 pounds) by the end of this year.
The surplus supply means coffee prices are falling for both Arabica and Robusta beans, two varieties that make up the lion share of coffee consumed in the world. Retail bean prices fell to $4.412 a pound in November, the lowest average price in almost five years, reports Bloomberg.