Market Outlook
See the latest Fruit and Tree Nuts Outlook report.
Almonds Set for Near-Record Production in 2024
The 2024 California Almond Objective Measurement Report forecasts that 2.8 billion pounds of almonds will be harvested this fall. If so, the 2024 crop would be the third largest on record and 13 percent larger than the crop produced last year. The increase in production is due to a 13-percent year-over-year increase in yield. USDA, National Agricultural Statistics Service (NASS) projects the 2024 almond yield at 2,030 pounds per acre. This yield estimate is higher than the previous two seasons, but close to the 10-year average of 2,111 pounds per acre. Preliminary 2024 almond bearing acreage is unchanged from a year ago. If the bearing acreage estimate is realized, 2024 will mark the first year since 1995 that almond acreage does not increase year-over-year. In part, a slowdown in almond acreage is due to historically low almond prices that have tightened producers’ margins.
