California Tree Nut Outlook: Record Exports Expand Global Demand Base

By Tanner Ehmke

April 14, 2021

Key Points

  • California tree nut growers harvested record-large crops of almonds, walnuts, and pistachios in 2020, following a year of ideal growing conditions on expanded bearing acreage.
  • The combination of lower nut prices and a weaker U.S. dollar have pushed exports to record-high volumes. This comes despite ongoing retaliatory tariffs in importing countries like China and India, and shipping logistics complicated by container shortages.
  • Despite improved exports, a surplus of almonds is expected at the end of the 2021 crop year as sharp supply growth exceeded demand growth.
  • Bearing acreage will continue to expand in years ahead. To handle future record crops, the sector will need to invest in shelling and hulling capacity and processing.
  • While tree nut growers and handlers are expected to struggle with low prices through 2021, the payoff is coming. Consumers around the globe are adding nuts to their diets, which will boost demand and propel export momentum.

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Disclaimer: The information provided in this report is not intended to be investment, tax, or legal advice and should not be relied upon by recipients for such purposes. The information contained in this report has been compiled from what CoBank regards as reliable sources. However, CoBank does not make any representation or warranty regarding the content, and disclaims any responsibility for the information, materials, third-party opinions, and data included in this report. In no event will CoBank be liable for any decision made or actions taken by any person or persons relying on the information contained in this report.

 
 
 
 

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