Panama coffee is one of the most famous coffees in the world. However, that hasn’t always been the case. Thirty years ago, Panama was known worldwide for many different things, but coffee was not one of them. Nowadays, Panama coffee is best known for its prestigious quality and magnificent taste. This coffee went through quite a journey to get where it is today. Let us see where it all started.
1989 coffee crisis in Panama
During 1989, coffee prices in Panama significantly dropped. Therefore, it was quite obvious that something had to be done in order to salvage the coffee industry. The solution to this problem turned out to be a Panamanian specialty coffee industry. The specialty coffee industry started a bit before the crisis started to develop. Fortunately, a group of individuals had a real appreciation for high-class coffee and shared it with the public. It is no surprise that Panamanians are the happiest people in the world when they have a chance to drink the best coffee in the world every morning.
Panama coffee in the early 1990s
After the coffee crisis, the coffee industry focused on special coffee. Thus, it was no surprise that the Specialty Coffee Association of Panama (SCAP) was formed in the 1990s. For coffee producers, it was very fortunate that SCAP was well connected to the Specialty Coffee Association of America (SCAA). The two major coffee associations built a bridge between Panama as a manufacturing country and other consumer countries. After the crisis was averted, moving prices and offers started to roll in within this industry.
Best of Panama
In the early days, Panama was nowhere to be found on the world’s coffee map. Nobody knew the strength and fabulous taste that these beans had. Luckily, a coffee competition was organized and at that point the coffee game was changed forever. The famous competition was and still is called Best of Panama. This competition didn’t only advertise Panama coffee, but also drastically raised the prices. So, by organizing this competition, coffee manufacturers from Panama had a chance to enter the global coffee marketplace.
After Best of Panama was held, many investors decided to move to the highlands to David and Boquete Panama and dive into the coffee business. Business people from the United States were particularly interested in the coffee-making business and they still are. This is a business opportunity many American investors dream of when moving internationally from Manhattan to Panama.
Best of Panama today
This game-changing competition in the field of coffee making is still going strong. The number of participants in the contest is higher than ever. After 20 years, this is still the competition that coffee makers and producers look forward to the most. It is safe to say, hats down to the organizers of this event because they truly achieved wonders for Panama’s coffee. It was clear that Panama cannot produce large quantities of coffee. On the other hand, it was also clear that the strength of this product was of supreme quality. The organizers of this great competition found the perfect way to emphasize the quality of the coffee.
Because of Best of Panama, investors are flying in from all over the globe and starting to learn all they need to know about coffee manufacturing. So, if you are a potential investor in Panama’s coffee market, you should know that this is a business like no other. Thus, buckle up and start learning! Also, once you come to the point that you need land for growing your product visit World Panama Real Estate. They can help you get everything that you need to start your coffee business, from office space to coffee plantations.
Geisha coffee
Surely, the coffee scene was changed forever in the early 1990s with the beginning of Best of Panama coffee competition. Yet, that wasn’t the biggest breakthrough for Panama coffee. In 2003, the Peterson Family of Hacienda La Esmeralda came to an astonishing realization. They realized they had an exceptional crop on their hands. That is how Geisha coffee was finally discovered and Panama’s coffee market became a powerhouse in this industry.
The following year, the Petersons entered the Best of Panama competition with their new product. Needless to say, that Geisha coffee knocked the judges’ socks off. Everybody found the unique taste of this coffee irresistible. After it first entered competition, this remarkable coffee product was sold for $21/lb. Back then, that was a more than impressive amount of money paid for coffee. Still, that seems like pocket change, when you realize the price reached $350.25/lb during Best of Panama in 2013.
Geisha coffee prices
Currently, this is the most expensive coffee in the world. Depending on the region and the country, the prices of this coffee differ. Still, one thing is for sure, it is drastically more expensive than other types of coffee. For example, a cup of this liquid gold costs $9 in New York City. Pretty pricey if you ask me, however, that’s nothing compared to the prices in the Middle East. If you want to admire the Burj Khalifa while having a cup of Geisha coffee, it will cost you a humbling $68.
When you think about it, this coffee must be really special when people are willing to pay this type of many to enjoy it. It has been recorded that one pound of this amazing coffee has been sold for over $600. Especially if grown on Hacienda la Esmeralda, located in Boquete, Panama. No wonder that drinking coffee is a part of every single travel guide in Panama.
This story is not only about Panama coffee and its history. It is a great lesson in perseverance. Truly, it is amazing how the situation changed from the crisis to the present day. It is inspiring how the founders of Best of Panama single handedly influenced the global coffee market. Whatever business you own or whatever you do, this story is inspiring and motivating. Turn your negatives into a positive and start thriving.