Starbucks to Sell Instant Coffee

The company said that it had been working on the product for 20 years, and that it perfectly replicates the flavor of Starbucks' coffee.

The Via line, which the company plans to unveil on Tuesday, is an obvious attempt to maintain revenue in a recession that is forcing consumers to try less costly coffee, such as McDonald's, which has released a premium line of coffee and is attracting a lot more caffeine-deficient customers than before.

Starbucks said in its press release that the instant coffee market is a $17 billion global coffee market. The instant coffee will sell at its cafes for $2.95 for a pack of three, and $9.95 for a pack of 12, and $1 a cup.

Last month, Starbucks announced plans to cut as many as 6,700 jobs and close 300 more stores, following a profit drop of 69% in its fiscal first quarter.