In W40 in the almond landscape, the Indian almond market has witnessed a 3% month-on-month (MoM) decrease in in-shell almond prices, dropping to USD 7.85 per kilogram (kg) by September 28. This decline is due to reduced import tariffs on United States (US) in-shell almonds, which were lowered from USD 0.49/kg to USD 0.42/kg (INR 41/kg to INR 35/kg).
The ongoing Northern Hemisphere harvest season has also contributed to the downward price trend. Despite short-term expectations suggesting a continued decline in almond prices, the medium to long-term outlook indicates potential support as global supply and demand dynamics rebalance. Driven by increasing disposable income and growing consumer awareness of the nut's health benefits, India's rising almond imports reflect the expanding demand for almonds in the country. However, abundant global supplies, ongoing harvest activities, and reduced import tariffs have placed downward pressure on almond prices. While prices may remain relatively stable in the short term, a potential upward trend is anticipated in the medium term as global almond prices adjust.
Almond consumption in Germany, on par with that of the United States (US), has drawn the attention of the Almond Board of California (ABC), which has launched a marketing campaign titled "The Mother of All Snacks" to promote almonds as a healthy and natural snack option. While almonds have historically been perceived as a baking ingredient in the region, the campaign seeks to change this perception and tap into the growing demand for healthy snacks. With a per capita almond consumption of 2.27 pounds (lbs) matching that of the US, Germany represents a significant market with ample potential for further growth. Despite global uncertainties, including the pandemic and economic challenges, the stability and resilience of the German market make it an attractive opportunity for increased almond consumption.
Lastly, the Minister of Agriculture of Russia announced that the Republic of Crimea plans to harvest almonds, walnuts, and hazelnuts from 446 hectares (ha) in 2023, a slight increase compared to the previous year with 1 thousand tons of nut crops. Almond harvesting has already begun, with around 140 ha of almonds from agricultural cooperative gardens. An additional 250 ha of young almond trees are expected to bear fruit in the upcoming years.