This shortfall will be met by carry over stock that was held by farmers at the beginning of January, analysts have said, but there are now insufficient supplies to deal with a deficit next year, should one occur – which is a threat due to El Nino weather patterns.
Prices for coffee beans have doubled since December following patchy weather conditions but "the threat is for 2015," coffee analyst at Marex Spectron, Steve Pollard told CNBC.
"If the trees were producing normally, we would be in a surplus situation. What we do not know is if trees in Brazil will produce normally in 2015. What we cannot do is quantify the loss at this stage, because it is an unprecedented event," said Pollard.
Read More2014 a good year for commodity bulls, so far
Coffee buyers, traders and agricultural experts will be visiting plantations in Brazil later this year to assess the situation. If reports suggest that weather damage has been severe, 2015 prices will rise considerably, he said.
On the ICE, one of the main commodity exchanges, prices are currently trading at around $2.05 per pound, falling from the 26 month high of around $2.20 seen last week, which remained below the recent record high of $3.00 per pound seen in 2011.