Weekly Product Updates

W48 Almond Update: Challenges and Opportunities in the Global Almond Production

Raw Almond
Almond Kernel
Spain
United States
Market & Price Trends
Published Dec 6, 2023
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Shortage of Large-Size Almonds from the US and Spain

The almond harvest has ended in the Northern Hemisphere, with a predicted global production of 1.5 million metric tons (mmt) for the 2023/24 season. The price is on an upward trend, attributed to easing harvest pressure. However, a lower estimation in the United States (US) may result in a shortage of larger-size almonds. Additionally, the availability of bigger almonds in Spain has been reduced due to poor nut fill during the harvest. The market showed no signs of a surge despite the expected increase in consumer demand. As a result, the market may only cover short-term commitments for early 2024.

Climate Change Expected to Cause Surge in Agricultural Pests in California

A recent study suggests that the rise in temperature due to climate change is expected to cause a surge in agricultural pests in California, US, with populations of three major insect pests, including codling moth, peach twig borer, and oriental fruit moth. These pests are known for infesting most of the walnut, almond, and peach orchards in California, causing extensive damage by reducing the quality of fruits and nuts. The increase in these pest populations poses a serious threat to the state's economy and employment related to specialty crops. As a response, the US Government will use the study to update the CalAgroClimate tool, which provides support and guidance to farmers for effective pest management.

Growing Demand for Vegan Yogurt Drives Expansion of Dairy Alternatives

The demand for dairy alternatives like almonds, cashews, soy, and oats is on the rise due to the growing popularity of dairy-free, plant-based yogurts. The global vegan yogurt market is expected to reach USD 12.2 billion by 2033, with a projected average annual growth rate (CAGR) of 6%. This surge can be attributed to various factors like health concerns, lactose intolerance, and increased awareness about the environmental impact of dairy product consumption.

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