U.S. Almond industry sees light at the end of the tunnel

Feb 22, 2024

By Farms.com

Recent analysis from Rabo Research indicates a potential upswing for the U.S. almond industry, with ending stocks expected to fall below 500 million pounds for the first time in years. This comes as global stocks also see a decrease, potentially leading to more favorable market conditions for growers, with prices anticipated to remain above $2 per pound. 

The first half of the marketing year showed a promising 12% increase in U.S. exports, despite a minor decrease in domestic sales. Notably, shipments to Asia-Pacific and Europe have surged, underscoring the global demand for U.S. almonds. 

Yet, the industry is not without its challenges. The potential for a record three-billion-pound crop faces skepticism due to issues like orchard removals and California's water regulation impacts. Pest damage and orchard abandonments add to the hurdles, with over 11,000 acres left unattended last year. 

The almond industry must navigate obstacles including water scarcity, geopolitical issues, alternative milk popularity, and increasing pistachio competition. However, with a significant portion of almond acreage entering its prime production years, prospects for yield and production increases are strong. 

Despite facing various challenges, the U.S. almond industry's outlook is improving. Lower ending stocks and growing export numbers paint a hopeful picture for the future, suggesting that better days may indeed be on the horizon for U.S. almond growers and the industry. 

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