W9 Almond Update: 11th Almond Tree Festival in Morocco, Declined Imports in the EU, Water Scarcity Threatens Spain's Harvest Prospects

Published 2024년 3월 9일

In W9 in the almond landscape, Morocco's 11th Almond Tree Festival was held in Tafraoute, with over 100 exhibitors and 80 thousand visitors. The country plans to expand almond cultivation by 108 thousand ha by 2030, as the importance of the almond tree in Moroccan agriculture. In addition, almond imports in the EU decreased significantly to a five-year-low in volume and a twelve-year low in value in the 2023/24 season. Lastly, early varieties of almonds began to bloom in California and Spain, with Spain's harvest prospects being threatened by insufficient water supply. In contrast, rainfall and improved snowpack bolstering have created more favorable conditions in California.

Agriculture and Promotes Local Heritage

The 11th Almond Tree Festival in Morocco was held in Tafraoute City under the patronage of the Head of Government. The festival celebrates the importance of the almond tree in Moroccan agriculture and aims to promote the heritage of the Anti-Atlas region while improving local living conditions. The event attracted over 100 exhibitors and 80 thousand visitors from the agricultural sector to exchange information and explore business opportunities. Almond production plays a vital role in the Moroccan agricultural economy, with a total area of 230.51 thousand hectares (ha) dedicated to its cultivation. As part of the Green Generation 2020 to 2030 strategy, Morocco aims to expand almond cultivation by 108 thousand ha by 2030.

Almond Imports Volume to EU Dropped to Five-Year Low in 2023/24 Season

In the 2023/24 season, the European Union (EU) imported 120.22 thousand metric tons (mt) of almonds, which were valued at USD 515 million (EUR 477 million) by mid-February. The import volume decreased by over 20% year-on-year (YoY), amounting to 152.71 thousand mt, marking a five-year low. The import value dropped to USD 670 million (EUR 620 million) at its lowest point in twelve years. The United States (US) and Australia, the two major supplying countries, experienced a more than 20% YoY slump in their shipments. Vietnam's shipment volume has impressively risen by 79% YoY to 634 mt. Spain is the top buyer in the EU with a market share of 33%, followed by Germany with 25%, and Italy with 12%.

Almond Bloom Begins in California and Spain with Water Scarcity Threatening Spain's Harvest Prospects

The early varieties of almonds started to bloom in California, the US, and Spain. The insufficient water supply in Spain negatively affected this region's 2023/24 harvest prospects. In contrast, with recent rainfall and improved snowpack bolstering, California enjoys more favorable conditions. The warm weather is conducive to bee pollination during the bloom period. The market remains strong, with exports maintaining stability through Jan-24. The 2023/2024 crop could exceed the industry's anticipated 2.4 billion pounds (lbs) yield. However, the Red Sea crisis continues to cause delays, escalating costs and energy consumption.