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THE ALMOND BOARD
2022 State of the Almond Industry: Tough Times, but Indicators Point to Turnaround
After undoubtedly one of the most difficult years almond growers have faced in decades, Almond Board of California (ABC) president and CEO, Richard Waycott, and Board of Directors chair, Alexi Rodriguez, discussed the reality of current industry challenges, while offering hope and a plan of action during the State of the Almond Industry presentation at the 50th annual Almond Conference. Between water scarcity, high product carry-in, logistical and supply chain issues, and rising interest rates, the almond community’s resiliency was certainly tested over the past 12 months, and “the combination has created this perfect storm that’s really had a profound impact on our industry,” Rodriguez said. To provide an overview of current supply and demand trends, David Magaña, senior analyst at RaboResearch Food and Agribusiness, reiterated that almonds are becoming an increasingly popular product among
consumers. While this development is certainly welcomed, inflation is also the highest in four decades, pinching the pockets of consumers, driving up production costs for growers and increasing costs throughout the supply chain. Reassuringly, experts predict demand-driven inflation will subside within the next two years, and because container shortages have diminished, transportation logistics are improving, Magaña explained. Almond Acreage and Production Down It’s no secret that production numbers for the current harvest year are estimated to decrease and acreage numbers have decreased for the first time in more than a quarter of a century. However, Bryce Spycher, ABC Senior Manager of Marketing Order Services, stated that as a whole, we continue to see massive increases in pounds by the millions about every nine years.
ABC Chair Alexi Rodriguez and President and CEO Richard Waycott update attendees about the state of the almond industry at The Almond Conference 2022.
ABC Chair Alexi Rodriguez and President and CEO Richard Waycott discuss the current financial environment for the almond industry with RaboResearch’s David Magaña at The Almond Conference 2022 in Sacramento.
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ALMOND FACTS
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