Weather
Locations
Careers
Login
Almond and pistachio updates
2025 crops are progressing well.
Average almond prices fell about 8% in June, but remain up 23% year over year. Demand from key markets is down. Europe has sufficient inventories following efforts to frontload imports prior to tariffs taking effect. In India, supply is reportedly strong and demand down due to excessively hot temperatures impacting consumer behavior and a weakening rupee relative to the dollar. The Almond Board’s latest Position Report showed monthly and year-to-date shipments were down 4.3% and 10% in May, respectively. Slower than expected domestic shipments coupled with falling prices are incentivizing some prospective buyers to pause purchases for the time being. Exports were relatively flat in May, though the per unit value has increased over the last three months due to higher prices. Weather conditions have been favorable and the 2025 crop is progressing well, though anecdotal reports suggest USDA’s initial crop estimate of 2.8 billion pounds could be slightly high. Hull split is occurring in early varieties, and growers who have reduced orchard management activities to lower costs may experience greater Navel Orangewood (NOW) pressure. NOW is a pest that reduces almond yields and quality. These orchards may also increase pest pressure for neighboring properties.
The 2025 pistachio crop is progressing well. While the industry does not yet have an official size estimate, most expect a large crop due to alternative bearing. Shipments to retailers picked up slightly in May. Domestic markets have played a larger role this season than last, increasing from 19.6% of total shipments to 23.7%.
Profitability
June 18, 2025Almonds: Slightly profitable - Neutral 12-month outlook
Pistachios: Slightly profitable - Neutral 12-month outlook
Almond prices surged over the last year and greatly improved profitability. While May bucked the trend, the latest crop estimate, along with current inventory levels, suggest supply should be fairly balanced with demand for the 2025 crop.
Pistachio prices have held relatively stable. While the 2025 crop will likely come in larger than the 2024 crop, inventory levels are down significantly from this time last year, suggesting supply should be fairly balanced with demand next season.
Exports are important to both almond and pistachio industries, making up 70% - 80% of domestic production. India has a long history of nut consumption and is the largest foreign market for almonds, taking almost exclusively in-shell nuts. China is the biggest market for pistachios, the result of a decade-long trend of younger generations shifting towards healthier diets. Europe has a long history of nut consumption and represents the second largest market for both U.S. almonds and pistachios. The Middle East is increasingly important due to rising demand in the United Arab Emirates and Turkey. The U.S. dominates global almond production, making it perhaps less sensitive to retaliatory tariffs than other specialty crops. The U.S. imports a very limited amount of almonds and pistachios.
Almond production, exports, carry-over and imports
Almond Board July Position Reports. U.S. Census Bureau. Crop year is from August to July.
Pistachio production, exports, carry-over and imports
Administrative Committee for Pistachios Shipment Reports. U.S. Census Bureau. Crop year is from September to August.
Tariff tracker - Tariff rates applied to U.S. trade partners are consistenly updated to reflect policy changes. The World Trade Organization (WTO) tracks duties and tariffs on almonds and pistachios. For your convenience, the following links will take you to data for top export markets, including India, China and European Union (shelled almonds and inshell pistachios). WTO also tracks rates for almond imports to the U.S. Please consult with a trade lawyer or professional for detailed and up-to-date insights on tariff rates and their application to almonds and pistachios.
For guidance on interpreting duty and tariff rates, please refer to our Tariff Guide.
Almond and pistachio updates
2025 crops are progressing well.
Average almond prices fell about 8% in June, but remain up 23% year over year. Demand from key markets is down. Europe has sufficient inventories following efforts to frontload imports prior to tariffs taking effect. In India, supply is reportedly strong and demand down due to excessively hot temperatures impacting consumer behavior and a weakening rupee relative to the dollar. The Almond Board’s latest Position Report showed monthly and year-to-date shipments were down 4.3% and 10% in May, respectively. Slower than expected domestic shipments coupled with falling prices are incentivizing some prospective buyers to pause purchases for the time being. Exports were relatively flat in May, though the per unit value has increased over the last three months due to higher prices. Weather conditions have been favorable and the 2025 crop is progressing well, though anecdotal reports suggest USDA’s initial crop estimate of 2.8 billion pounds could be slightly high. Hull split is occurring in early varieties, and growers who have reduced orchard management activities to lower costs may experience greater Navel Orangewood (NOW) pressure. NOW is a pest that reduces almond yields and quality. These orchards may also increase pest pressure for neighboring properties.
The 2025 pistachio crop is progressing well. While the industry does not yet have an official size estimate, most expect a large crop due to alternative bearing. Shipments to retailers picked up slightly in May. Domestic markets have played a larger role this season than last, increasing from 19.6% of total shipments to 23.7%.
Profitability
June 18, 2025Almonds: Slightly profitable - Neutral 12-month outlook
Pistachios: Slightly profitable - Neutral 12-month outlook
Almond prices surged over the last year and greatly improved profitability. While May bucked the trend, the latest crop estimate, along with current inventory levels, suggest supply should be fairly balanced with demand for the 2025 crop.
Pistachio prices have held relatively stable. While the 2025 crop will likely come in larger than the 2024 crop, inventory levels are down significantly from this time last year, suggesting supply should be fairly balanced with demand next season.
Exports are important to both almond and pistachio industries, making up 70% - 80% of domestic production. India has a long history of nut consumption and is the largest foreign market for almonds, taking almost exclusively in-shell nuts. China is the biggest market for pistachios, the result of a decade-long trend of younger generations shifting towards healthier diets. Europe has a long history of nut consumption and represents the second largest market for both U.S. almonds and pistachios. The Middle East is increasingly important due to rising demand in the United Arab Emirates and Turkey. The U.S. dominates global almond production, making it perhaps less sensitive to retaliatory tariffs than other specialty crops. The U.S. imports a very limited amount of almonds and pistachios.
Almond production, exports, carry-over and imports
Almond Board July Position Reports. U.S. Census Bureau. Crop year is from August to July.
Pistachio production, exports, carry-over and imports
Administrative Committee for Pistachios Shipment Reports. U.S. Census Bureau. Crop year is from September to August.
Tariff tracker - Tariff rates applied to U.S. trade partners are consistenly updated to reflect policy changes. The World Trade Organization (WTO) tracks duties and tariffs on almonds and pistachios. For your convenience, the following links will take you to data for top export markets, including India, China and European Union (shelled almonds and inshell pistachios). WTO also tracks rates for almond imports to the U.S. Please consult with a trade lawyer or professional for detailed and up-to-date insights on tariff rates and their application to almonds and pistachios.
For guidance on interpreting duty and tariff rates, please refer to our Tariff Guide.
