Weekly Product Updates

W5 Almond Update: Production Surge in Australia and Positive Export Forecast in the US

Almond Kernel
Published Feb 7, 2024

Australian Almond Production Expected to Surge by 2023/24 Season Due to Favorable Weather Conditions

According to the Australian Almond Association (AAA), Australian almond kernel production for the 2023/24 season is predicted to increase significantly, reaching 164.7 thousand metric tons (mt) due to improved weather conditions. The association also anticipates that the annual almond output will exceed 200 thousand mt within the next three to five years. To support this growth, the local government actively invests to expand processing capacity, including building a new facility with a processing capacity of 17.5 thousand mt. Additionally, the association is also working diligently to increase demand in high-value export markets like China, India, Europe, the United Kingdom (UK), the Middle East, and Southeast Asia.

Additionally, during the 2023/24 season, almond exports in Australia as of Nov-23 amounted to 112.10 thousand mt, reflecting an increase of 8% year-on-year (YoY). Meanwhile, domestic sales saw a rise of 5% YoY. It's worth mentioning that despite some improvements in the past few years, global almond prices are still relatively low.

Emphasizing the Importance of Promoting Quality of Locally Produced Nuts

Italy’s Minister of Agriculture, Food, and Forestry Policies (MASAF) highlighted the importance of promoting the quality of Italian nuts, including almonds from Avola. Despite the higher cost compared to imported nuts, the superior quality and the commitment to environmental and labor protections add value to locally produced nuts.

India's Removal of Fees Boosts Prospects for Growing US Almond Exports in 2024

India's elimination of additional fees on American almonds represents a positive shift. Analysts from the Almond Board of California (ABC) note the tangible effects of removing trade barriers in the Indian market. The United States (US) export projections for 2024 indicate a promising outlook, with expectations of increased exports.

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