Almond Prices are Expected to Increase in 2024 amid Growing Demand and Less Stocks

Almond prices are anticipated to see an uptrend in 2024 amid the growing pressure to ramp up production globally. Considering the dearth in the production which rallied through 2022 and 2023, almond stocks are currently at its lowest in the last four years. Hence, the supply-demand equation is significantly disbalanced and prices are clearly expected to be inclining in 2024. Moreover, the augmenting demand for almond on a global scale is going to accelerate the price uptick for almond.

While experts are predicting almond farms will produce more almonds than ever in the next five years, people and companies buying them are also expected to increase. One reason for more sales, especially to other countries, is that India has made it cheaper to bring in almonds by cutting taxes. This is good news for almond sellers in the US and Australia.

Almonds are becoming more popular for several reasons: they're seen as a healthy food option, fit well into diets that favor plant-based foods, more people have money to spend, and there's been a lot of effective advertising. Plus, general price increases (inflation) have been relatively low, making almonds an attractive choice for consumers.

However, selling almonds isn't without its challenges. Political issues between countries, problems with shipping and transportation, and the unpredictable cost of energy (like gas and electricity) can make it hard to predict how well almonds will sell. There's also more competition from other types of nuts, which can affect almond sales.

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According to Procurement Resource, almond prices are set to rise in 2024 due to increased global demand and recent production shortages, resulting in the lowest stock levels in four years. This imbalance between supply and demand signals higher prices ahead. Additionally, international demand, boosted by factors like India reducing import taxes, is expected to further drive-up prices. Despite the challenges of geopolitical tensions, logistical issues, and energy cost unpredictability, the outlook for almond sales remains positive, supported by health trends and effective marketing.