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北京时间·🕒 发布 12:00:19时区推断·⟳ 抓取 12:32:24·⚡ 决策 07-20 13:51:47 +1h19m·99.2 天前

Lavazza称高咖啡价格推动消费者转向全豆咖啡和豆到杯咖啡机

FT文章核心主体是未上市的Lavazza和欧洲全豆咖啡消费趋势,并非Coffee Holding的公司事件。

📄 原文Financial Times↗ 原文
Coffee drinkers turning to whole beans as prices soar, says Lavazza Coffee drinkers are buying “less but better” as pri…
不做 Coffee Holding(JVA.US)
正文没有JVA公司级催化,只有行业消费与价格背景,且高豆价对利润方向可能双向,当前不做。
展开详情(成交明细 / 研究档案 / 原文全文 / 决策记录链)

研究档案

🔎 新鲜度:最早出现 2026-07-20 · 扩散 medium · price-in 风险 medium ↗

消息传播链

  1. 2026-07-20首发Financial Times非一手原文 ↗
    FT报道Lavazza称消费者因价格上涨转向全豆咖啡和豆到杯设备,并引用Nielsen销售数据。

关键理由

  • FT文章核心主体是未上市的Lavazza和欧洲全豆咖啡消费趋势,并非Coffee Holding的公司事件。
  • 英国全豆咖啡销量增长20.3%、机器销量增长33.5%属于行业数据,无法直接量化传导到Coffee Holding收入或利润。

主要风险

  • 咖啡豆价格高企对烘焙商可能同时推升售价和压缩毛利,方向并不单边利多。

反向证据

  • 做多前查反向 · 来源 web · 影响 weakens
    未发现本报道与JVA之间的直接业务、订单或收入增量证据。
    检索:Coffee Holding JVA Lavazza whole bean coffee exposure 原文 ↗

原文全文

展开原文 · 4,180 字
Coffee drinkers turning to whole beans as prices soar, says Lavazza
Coffee drinkers are buying “less but better” as prices soar, according to Italian roaster Lavazza, fuelling demand for whole beans and bean-to-cup machines.
Giuseppe Lavazza, chair of the family-owned company, said a move towards whole beans was the sector’s “most important trend . . . People are looking for beans and they enjoy maybe to replicate at home the experience of the coffee shop.”
“Maybe they prefer to consume a little less but better,” he told the FT.
UK whole-bean coffee sales rose 20.3 per cent by volume in the year to May, far outstripping growth of 2.8 per cent across at-home coffee overall, according to Nielsen data. Bean sales climbed 36.8 per cent by value, while unit sales of bean-to-cup machines increased 33.5 per cent.
The shift comes after four years of upheaval in coffee markets. Bad weather and weak harvests pushed both arabica and robusta prices to records in 2025, forcing roasters to raise prices repeatedly. UK prices of coffee for home consumption rose another 6.3 per cent in the year to May, according to Nielsen.
The simultaneous rise in both varieties also reduced roasters’ ability to contain costs by replacing more expensive arabica with robusta, traditionally the cheaper bean used in instant coffee and espresso blends.
The growth in whole beans extends beyond the UK. Sales rose 35 per cent by value in France, 33 per cent in Italy and 31.2 per cent in Germany in the year to May, according to Nielsen figures.
Lavazza said Germany, Europe’s largest coffee-drinking market, was furthest ahead, with beans now a bigger segment than traditional roast-and-ground coffee.
“People are looking for better experiences, even at home,” he said, pointing to demand for machines capable of making cappuccinos, flat whites and longer coffees.
The move extends a trend that accelerated during the Covid-19 pandemic, when café closures and homeworking prompted households to spend more on coffee equipment. The continued growth in both beans and machines suggests that the habit has persisted after consumers returned to offices and coffee shops.
US data points in the same direction, although the shift is less pronounced. Whole-bean unit sales rose 3.2 per cent in the 52 weeks to June 27, according to NielsenIQ, while pod sales fell 4.9 per cent and ground-coffee sales declined 3.9 per cent.
Although arabica and robusta futures have retreated from last year’s peaks, Lavazza said the market remained too unstable for the group to start reversing its retail price rises.
“We think there is not time to think about a possible cut in prices,” Lavazza said. “The possibility of another increase of price lists is not totally over.”
The industry needed at least two strong harvests in Brazil and Vietnam to rebuild depleted inventories, he added, noting that unexpected rainfall had slowed Brazil’s current harvest, while frost, El Niño and other weather risks could still disrupt supplies.
He said farmers were also in a stronger financial position after several years of high prices and could afford to hold back coffee rather than sell immediately, while roasters, meanwhile, were buying cautiously as they waited to see whether prices would fall.
The coffee market had undergone a “fundamental transformation in terms of supply and demand”, Lavazza said. “Volatility is the new constant of our business environment.”
Lavazza generated revenues of €3.9bn in 2025, up 15.7 per cent, while earnings before interest, tax, depreciation and amortisation rose 8.8 per cent to €340mn.
The group is also trying to protect its position in single-serve coffee as consumers move towards beans and US pod volumes decline.
It plans to launch Tablì in the UK in September, a system that replaces the plastic or aluminium casing of a conventional pod with a small tablet made entirely from compressed coffee.
It remains a portioned, single-serve format that requires customers to buy a dedicated machine. But Lavazza argues that removing the shell avoids the waste and recycling problems associated with conventional capsules.
“Capsule is over,” Lavazza said. “This is a new benchmark.”

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