According to Bloomberg, global demand for coffee and coffee beans surged to an all-time high in 2016. In fact, U.S. per capital consumption of hot coffee is expected to rise to 3.1 kilograms (6.8 pounds) this year, up from 3 kilograms last year.
"Consumers want new experiences with their coffee, and coffee houses and manufacturers are providing premiumized innovations and experiences with culinary influences," Bloomberg quoted Elizabeth Sisel, a beverage analyst at Chicago-based Mintel, as saying. "Luckily, there is a large audience available to reach out to."
Total domestic consumption of coffee is expected to rise by 1.5 percent in the 12-month period ending October 1 — the highest ever.
Demand in global markets, including China, Japan and India, is also set to reach historic high records and help spur a 1.2 percent rise in global consumption in the 12-month period ending in October.
Starbucks is aggressively targeting international markets, especially in China where it plans to open 500 new stores every year over the next five years.
Shares of Starbucks were trading lower by 0.09 percent ahead of Friday's market open.
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