Strong growth in coffee consumption in countries such as South Korea and Japan, coupled with the large purchasing power of its inhabitants has boosted demand for gourmet coffee and other special varieties. Most specialty coffees are sold through online auctions, where traditional buyers in the US and Europe are beginning to lose dominance, unable to match the high prices of Asian buyers.

An article in The Wall Street Journal reports that "... While still dwarfed by the European and U.S. coffee markets, consumption across Asia is growing rapidly along with rising incomes, straining already-tight supplies and pushing up prices. Some buyers say Asian bidders are more willing to pay exorbitant prices for the rarest types of coffee, which are a novelty in traditionally tea-drinking countries such as South Korea and China.

'... Seu Pil-hoon, the roaster and green-coffee buyer for Coffee Libre, a cafe operator and roaster in Seoul said consumers in South Korea are experiencing “serious coffee manias” for the world’s best coffee “regardless of its price.”

Source: The Wall Street Journal

More on this topic

$120 per pound Paid for Honduran Speciality Coffee

June 2016

In the electronic auction a pound of coffee harvested in the El Puente estate in La Paz, took first place with 91.7 points and a record $120 was paid by an international buyer.

The participant in the auction known as the Cup of Excellence 2016 paid $120.5 per pound of coffee from the farm called El Puente Kasai Coffee, followed by Maruyama Coffee  & Toa Coffee, who took second place with a price of $120.10 per pound from the farm El Puente.

Panama: Second Online Auction of Fine Coffee

July 2014

Confirmation has been given for August 26th as the second phase of the electronic auction "The Best of Panama" which will offer 46 lots of geisha and traditional coffee in the wash and natural presentations.

The auction starts with a base price of $4 per pound of grain and to participate in the auction international buyers must register with the Speciality Coffee Association of Panama.

Coffee in Panama: $107 Per Pound Paid for Geisha at Auction

June 2014

Taiwan, Japan, Korea, Australia and the United States were the largest buyers in the first of two international online auctions of fine coffees known as "The Best of Panama".

In the first of two online auctions, held on June 24, the coffee house Junior Taiwan paid $107.86 per pound of coffee "... grown using a natural process in La Mula farm, owned by Willem Boot" .

Online Auction of Panamanian Specialty Coffee

May 2013

June 11 will see the international auction via the internet of specialty coffees from Panama, from the district of Boquete, in Chiriqui.

According to Plinio Ruiz, president of the Specialty Coffee Growers of Panama (SCAP by its initials in Spanish), there will be 25 lots of coffee in the auction which were the winning entries in the Best Of Panama contest recently held in Boquete.