Maestría en Gerencia de Inversión · 2026

Optimización de la valoración de opciones y estrategias de cobertura en el mercado del café arábigo: aplicación del modelo de Heston en un entorno de alta volatilidad pospandemia

Coffee, one of the most consumed beverages worldwide, has gained significant popularity and recognition, evolving into a specialty product with complex consumption trends driven by pleasure and health attributes. In response, the industry has sought to diversify products by adding value to conventional coffee. This evolution has motivated the exploration of new value-adding strategies, particularly those that enhance coffee’s natural bioactive potential. One promising approach is the incorporation of probiotics. Within this framework, the present research aimed to design a functional soluble coffee product incorporating an encapsulated probiotic, combining food engineering, formulation design, and functional validation through a three-stage process. In the first stage, dried coffee-based beverages were obtained using Refractance Window (RW) technology, an emerging and energy-efficient method suitable for thermosensitive foods. By adjusting film thickness, total dissolved solids, and formulation, the process yielded soluble coffee flakes with desirable results, including high solubility, competitive water activity, and adequate color. The second stage addressed the design of the encapsulated probiotic, creating a delivery system compatible with the coffee beverage. Through a double-emulsion approach, L. fermentum K73 was incorporated into a dairy-based matrix that provided physical protection and functional harmony with coffee components, enabling its integration without compromising viability due to processing stress. Finally, in the third stage, the functional product, the combination of the RW-dried coffee and the probiotic encapsulate, was evaluated under simulated gastrointestinal conditions using the standardized INFOGEST protocol. The encapsulation system successfully preserved microbial viability and demonstrated resistance through all digestion phases, confirming the product’s potential as a stable functional beverage. Altogether, this research established the technical foundations and functional validation for a novel probioticenriched soluble coffee, positioning it as a promising platform for developing differentiated functional beverages. The results contribute to the scientific understanding of RW drying, emulsion-based encapsulation, and the integration of probiotics into complex food matrices, offering technological and industrial insights for innovation in the coffee sector.