IndexBox has just published a new report: ‘U.S. – Almonds – Market Analysis, Forecast, Size, Trends and Insights’. Here is a summary of the report’s key findings.
U.S. almond exports hit a record high of approx. $1.1B in 2020, which was equal to 296K tonnes. An increase in harvested area, especially in California, led to a higher almond output that enabled to propel exports. India became the main importer of American almonds, accounting for 74% of the total export volume.
U.S. Almond Exports
In 2020, U.S. shipments abroad of almonds increased by 38% to 296K tonnes (IndexBox estimates), rising for the second consecutive year after two years of decline. In value terms, almond exports totaled $1.1B in 2020.
India (218K tonnes) was the main destination for almond exports from the U.S., accounting for a 74% share of total exports. Moreover, almond exports to India exceeded the volume sent to the second major destination, China (32K tonnes), sevenfold. The third position in this ranking was occupied by Hong Kong SAR (12K tonnes), with a 4% share.
From 2007 to 2020, the average annual growth rate in terms of volume to India totaled +15.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (+33.1% per year) and Hong Kong SAR (+3.0% per year).
In value terms, India ($808M) remains the key foreign market for almond exports from the U.S., comprising 74% of total exports. The second position in the ranking was occupied by China ($110M), with a 10% share of total exports. It was followed by Hong Kong SAR, with a 3.7% share.
The average almond export price stood at $3,676 per tonne in 2020, down by -24.3% against the previous year. Average prices varied noticeably for the major foreign markets. In 2020, the highest prices were recorded for prices to India ($3,708 per tonne) and the United Arab Emirates ($3,602 per tonne), while the average price for exports to Turkey ($3,248 per tonne) and Hong Kong SAR ($3,387 per tonne) was amongst the lowest.
Source: IndexBox Platform