“With the size of the industry, getting a truly representative sample was just impractical, not to mention cost ineffective,” he said. After much deliberation and discussion with several stakeholders, on December 9, the decision was made by the Board of Directors who voted to cease funding for the Objective Measurement. The Subjective Forecast, however, will continue to be produced and released in May.
With 14 forms and uses, almonds continue to demonstrate exceptional versatility. This adaptability has performed well in the U.S. and Europe, where 50% of almond volume goes into ingredients used in manufactured products. Efforts to inspire new applications of almonds among food scientists, chefs and culinary students have also expanded. As a result, almonds remain the number one nut included in new products, appearing in over 9,000 new products throughout the last year. Earlier this year, the Almond Board unveiled a partnership with Smoothie King (2), the largest smoothie chain in the world, where they encouraged customers to add almonds to their drinks. The campaign was very successful, resulting in almonds being added to 70% more smoothies and creating a lasting impact. “Five months later, almonds have continued to be added to smoothies even after the promotion ended,” Turner reported. “We changed behavior, and that’s really hard to do.” Global bakery remains another key focus, with a projected category growth of 40% by 2030. ABC initiatives in this area have accelerated in emerging markets like China, Mexico, Turkey, and Morocco, promoting the use of almond ingredients in traditional baked goods. Momentum in Turkey and Morocco has also picked up significantly, thanks to a newly secured USDA grant awarding at least $13 million to bolster these initiatives. Healthy snacking, while still a top priority, has softened as consumers respond to higher prices. “All nuts are down (in the U.S.), including almonds at 8.7%, but the whole category is down by 6.2%,” explained Emily Fleischmann, ABC vice president, global market development.
Economic Outlook: What’s Driving Consumer Behavior
The challenges faced by almond growers over the last several years are not siloed to the almond industry alone. Across all sectors, farmers are facing hardships because of the broader economic landscape. Scott Clemons, partner and chief investment strategist at Brown Brothers Harriman, explained that over the past several months, a slow labor market has weighed on consumer sentiment, a key driver of spending, which accounts for 68% of U.S. gross domestic product (GDP). He attributes the decline in sentiment to three factors: expectations that the labor market will continue to weaken, rising inflation concerns among consumers and the increasing stress of household debt. Positively, consumer spending remains relatively healthy, and it is expected that the Federal Reserve will gradually reduce interest rates by 1% over the next year. While a slowdown in the economy can be expected, Clemons does not anticipate a recession, though consumer sentiment will ultimately be the deciding factor. Driving Demand: ABC’s Marketing Priorities Global market development remains top of mind for ABC’s strategy, accounting for 64% of the overall budget. This year was no different, with marketing efforts focused on four key areas: ingredient innovation, global bakery, emerging markets and healthy foods.
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