Daily & weekly commodity pricing
A simplified view of commodity Futures
A personalised hub of information
Enhanced forecasting with AI
Easy-to-use, integrated pricing models
An unbiased view on local & global markets
Access data on the go with the Vesper App
Set yourself up for success by scheduling a strategy demo with one of our experts.
Find out how Vesper can help you with more than 1900+ products
From raw milk and cheeses, to high-protein whey and more
From vegetable oil and animal fats to oleochemicals, feedstocks and more
From white sugar and crystal sugar to hydrous ethanol and more
From corn flour, wheats and oats to barley, rice and more
From beef, veal and chicken to wild boar, eggs, and more
From boxboard and paper waste to tin, aluminium and more
Set yourself up for success by scheduling a strategy demo with one of our experts.
Industry news & Vesper highlights
Learn how Vesper is transforming the industry
Stay informed with Vesper updates
Get to know everything about commodities
Get your hands on valuable whitepapers
Try free versions of our commodity calculators
Join industry tailored Whatsapp groups
Join our bi-weekly webinars
Expert insights on commodities.
Get your hands on the latest marketprices for a range of products including:
We're building the most user-friendly commodity intelligence platform
Get to know the people leading the way at vesper
Get in touch to discuss how Vesper can help you and your team
View our vacancies and join the team
Discover how you can become an official partner of Vesper
Join one of the fastest growing commodity tools in the market.
The global market for nuts has grown significantly over the past few decades, driven by rising demand for healthy snacks, plant-based nutrition, and sustainable food sources. Nuts such as cashews, walnuts, macadamia, pecans, and pistachios have all played crucial roles in international trade, food industries, and consumer preferences. Understanding historical data surrounding nut production, pricing, and market trends is essential for those involved in the nut industry, from buyers, sellers, and traders.
In this article, we will explore the long-term trends in global nut production, historical price movements based on supply and demand dynamics, and key events that have shaped the trade flows of nuts.
Global nut production has seen significant growth over the past few decades, driven by increasing consumer demand, technological advancements, and improved farming practices. Several key regions, including North America, West Africa, and Asia, have contributed to this surge. Let’s look at the specific trends for various nuts:
California is the world’s largest producer of almonds, contributing over 80% of the global almond supply. Between 2000 and 2020, almond production in California increased by 118%, rising from approximately 671,000 metric tons in 2000 to 1.47 million metric tons in 2020.
Despite challenges such as recurring droughts, the almond industry has managed to expand production, thanks to innovations in water management and irrigation technology. The introduction of drought-resistant varieties has also helped sustain production levels despite water shortages.
Impact on Prices: The surge in production has helped meet growing global demand, but the environmental challenges of water usage continue to affect pricing and production costs.
West Africa, particularly countries like Ivory Coast, Ghana, and Nigeria, has emerged as a key global supplier of cashews. Ivory Coast, the largest exporter of raw cashews, has seen its production more than double over the past decade, rising from 350,000 metric tons in 2010 to around 800,000 metric tons by 2020.
This growth is largely due to government initiatives and foreign investments aimed at boosting agricultural exports and capitalizing on rising demand for cashews in global markets, particularly in Asia and Europe.
Impact on Prices: The increase in production has helped stabilize global cashew prices, although factors like transportation costs and labor shortages continue to impact overall pricing.
The U.S., particularly California, is the world leader in pistachio production, accounting for 75% of the global supply. Between 2000 and 2020, U.S. pistachio production nearly tripled, increasing from 146,000 metric tons to 447,000 metric tons.
Innovations in harvesting techniques, pest control, and irrigation systems have enabled U.S. producers to significantly expand output.
Impact on Prices: Increased global demand, especially from China and Europe, coupled with the high-quality standards of U.S. pistachios, has kept prices stable and competitive despite the growing production volumes.
Turkey remains the dominant player in hazelnut production, responsible for 60-70% of global output. Turkey’s hazelnut production has experienced fluctuations due to weather-related challenges, but overall volumes increased from approximately 600,000 metric tons in 2000 to 800,000 metric tons in 2020.
Government subsidies and support for farmers have helped stabilize the industry, ensuring that Turkish hazelnuts remain competitive on the world market.
Impact on Prices: Weather disruptions, particularly frost, have caused periodic spikes in prices, but Turkish government support has helped mitigate some of these effects by providing financial assistance to affected farmers.
Nut prices have historically been influenced by a combination of environmental factors, trade policies, and global demand shifts. Several key events have significantly impacted nut prices:
As the world’s largest producer of almonds and pistachios, California’s frequent droughts have caused notable price spikes. During the severe drought of 2014-2015, almond prices surged due to reduced water availability and lower yields. Prices for almonds rose by nearly 50%, reaching an all-time high of $4.50 per pound. This caused concern among buyers worldwide, particularly in Europe and Asia, where California almonds are heavily imported.
West Africa, particularly Ivory Coast and Nigeria, has seen rapid growth in cashew production over the last decade. While this growth helped stabilize global prices, external shocks like the COVID-19 pandemic caused temporary disruptions in trade flows. In 2020, cashew prices dipped by 20% due to export delays and supply chain bottlenecks.
Global trade tensions, such as the U.S.-China trade war, have also affected nut prices. In 2018, China imposed tariffs on U.S. nuts, including almonds, pistachios, and walnuts, in retaliation for U.S. tariffs on Chinese goods. This resulted in a surplus of U.S. nuts on the domestic market and falling prices for U.S. growers, while buyers in China turned to alternative suppliers like Australia.
Turkey’s dominance in the hazelnut market means that any weather-related disruptions, such as frost or heavy rainfall, can lead to price volatility. In 2014, a severe frost event in Turkey led to a 60% reduction in the hazelnut crop, causing global prices to surge by nearly 70%, with prices reaching $10,500 per metric ton.
Consumer preferences for nuts have evolved over time, driven by increasing awareness of the health benefits associated with various types of nuts. In recent years, nuts like almonds, walnuts, and pistachios have become more popular as consumers seek out protein-rich, plant-based alternatives to meat and dairy products. This trend has led to an increase in both demand and prices for certain nuts.
In addition, the popularity of “clean eating” and gluten-free diets has bolstered the demand for nuts like cashews and macadamias, which are often used in vegan cooking and dairy alternatives, such as cashew milk and macadamia nut cheese. The rising demand for snack products, granola bars, and energy bars containing nuts has further contributed to the overall increase in nut consumption.
For industry stakeholders, including producers, traders, and retailers, understanding historical nut data is critical for making informed decisions in a complex and volatile market. By analyzing long-term trends in production, pricing, and trade flows, businesses can better anticipate supply shortages, shifts in consumer demand, and the effects of climate events on yields and prices.
Quickly navigate this page
Was this information useful?
Share: