Almonds, the beloved snack that recently overtook peanuts as the most consumed nut in America, might have gotten a little too popular for their own good.
After years of steady price increases, thanks in large part to sky-rocketing demand, the protein-packed nut has suddenly become much cheaper. Almond prices, which reached record highs early last year, have fallen by roughly 25 percent since late 2014.
“They dropped a lot faster and further than anyone had expected,” said Vernon Crowder, who is a senior analyst Radobank, a food and agribusiness research firm. “Last year, the average price was about $4 per pound. I would guess that’s down to around $3 today.”
The price plunge, while a welcome bit of news for almond eaters, is putting a strain on the industry dealing with suddenly lower prices. And it’s also exposing the complicated and often unpredictable circumstances that dictate why certain nuts cost what they do.