July 24th 2024.
The avocado has come a long way from its reputation as a luxurious food only enjoyed by the wealthy. It is now easily affordable for all, thanks to a surplus of the fruit in Australia. According to a recent report by Rabobank, a whopping 139,000 tonnes of avocados will be produced this year, with the number expected to rise in the future.
This is great news for consumers who are struggling with the rising cost of living. However, it presents a challenge for farmers as the 4000 hectares of planted trees are expected to bear fruit over the next five years. The demand for avocados remains high among Australian shoppers, but the abundance of supply has led to lower prices.
Pia Piggott, an analyst at Rabobank, explains that prices have remained relatively stable compared to last year. She also mentions the fluctuating seasonal supply as a factor in the volatility of avocado prices. The summer months may see a slight increase in prices as avocado production in Western Australia is predicted to be lower this year. However, prices are expected to drop again as supplies increase.
The export market has provided some relief for the oversupplied local market, with 13% of Australia's avocado production being sent overseas. Hong Kong, Singapore, and Malaysia are the main markets, but there has been significant growth in exports to Japan and other countries.
In the past, some economic commentators used the term "smashed avocado on toast" to criticize millennials for spending money on cafe meals instead of saving for a home deposit. However, with the upcoming 2024 Olympic Games in Paris, people can now enjoy every moment of the event on Channel 9 and 9Now, and in 4K on Stan Sport, without any advertisements.
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