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Bright future for U.S. almond industry
USAgNet - 02/22/2024

The U.S. almond industry appears to be on the cusp of a promising phase. According to RaboResearch Food and Agribusiness, ending stocks of unsold almonds are expected to dip below 500 million pounds, a significant improvement from previous years' 800 million.

This reduction in global stocks, now trending towards 700 million pounds, hints at a brighter future for growers, potentially stabilizing prices above $2 per pound.

This optimistic outlook is buoyed by a 12% increase in U.S. almond exports in the first half of the marketing year, contrasted with a slight 1% drop in domestic shipments. Key markets in the Asia-Pacific region and Europe have shown robust growth, contributing to a total shipment exceeding 1.38 billion pounds.

The industry faces its share of challenges. Projections of a three-billion-pound crop come amidst concerns over California's water regulations and the impact of pests on crop quality. Over 11,000 acres of almond orchards were reportedly abandoned in 2023 due to stress, with significant portions of the state's almond acreage in its prime.

Complications such as water limitations, geopolitical tensions, the rise of oat milk, shipping constraints, and competition from pistachios continue to pose threats to the industry's growth.

Despite these headwinds, the U.S. almond industry's outlook remains cautiously optimistic, signaling potentially better days ahead for growers and the market at large.

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