This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at http://www.bbc.co.uk/news/business-39768480
The article has changed 2 times. There is an RSS feed of changes available.
Previous version
1
Next version
Version 0 | Version 1 |
---|---|
Avocado prices at record high due to reduced harvests | |
(about 1 hour later) | |
If you're a lover of guacamole, chocolate avocado shakes or smashed avocado on toast, get ready to pay more for your fix of the green fruit. | If you're a lover of guacamole, chocolate avocado shakes or smashed avocado on toast, get ready to pay more for your fix of the green fruit. |
Avocado prices have risen to a record due to surging global demand and reduced harvests from major producers Mexico, Peru and California. | Avocado prices have risen to a record due to surging global demand and reduced harvests from major producers Mexico, Peru and California. |
A 10-kilogram box of Hass avocados from Mexico's major wholesale producer sells for around 530 pesos (£21.78; $27.89). | |
That is more than double last year's price, according to Bloomberg data. | That is more than double last year's price, according to Bloomberg data. |
Analysts expect prices to remain at "elevated levels" after a growers strike in Mexico and drought in California led to a severe supply crunch last year. | Analysts expect prices to remain at "elevated levels" after a growers strike in Mexico and drought in California led to a severe supply crunch last year. |
Mexico supplies 82% of avocado shipments into the US, according to data from the Hass Avocado Board, but that is expected to drop. | Mexico supplies 82% of avocado shipments into the US, according to data from the Hass Avocado Board, but that is expected to drop. |
California production is forecast to be down about 44% this year. | California production is forecast to be down about 44% this year. |
Peru has also downgraded this year's crop forecast following severe flooding in its southern growing regions. | Peru has also downgraded this year's crop forecast following severe flooding in its southern growing regions. |
US shoppers have seen prices rise steeply, but not at the same rate as wholesale prices. | |
Food trend | Food trend |
Avocado consumption has grown dramatically after the fruit's taste and health properties turned it into a major food trend. | Avocado consumption has grown dramatically after the fruit's taste and health properties turned it into a major food trend. |
The avocado has the highest protein and oil content of any fruit. It is also believed to help reduce the risk of cancer and heart disease. | The avocado has the highest protein and oil content of any fruit. It is also believed to help reduce the risk of cancer and heart disease. |
There are two main varieties of avocado available on the market: Hass and Fuerte. The former make up 95% of all avocados eaten in the US. | There are two main varieties of avocado available on the market: Hass and Fuerte. The former make up 95% of all avocados eaten in the US. |
The US is the world's largest consumer and importer of avocados, but the "butter fruit" is also rapidly gaining fans in China. | The US is the world's largest consumer and importer of avocados, but the "butter fruit" is also rapidly gaining fans in China. |
Avocado exports from Latin America to China are growing by about 250% a year, according to the Financial Times. | Avocado exports from Latin America to China are growing by about 250% a year, according to the Financial Times. |
Chinese conglomerate Shenzhen Kondarl is also buying Australia's biggest avocado farm Primary Growth for up to 1bn yuan ($146m) to meet the burgeoning demand. | Chinese conglomerate Shenzhen Kondarl is also buying Australia's biggest avocado farm Primary Growth for up to 1bn yuan ($146m) to meet the burgeoning demand. |
In fact, demand for the fruit is so great there were even avocado thefts in New Zealand during last year's shortage. | In fact, demand for the fruit is so great there were even avocado thefts in New Zealand during last year's shortage. |
Major US restaurant chains were also affected. Subway was forced to stop serving fresh avocado on their sandwiches while Chipotle Mexican Grill said it squeezed their bottomline. | Major US restaurant chains were also affected. Subway was forced to stop serving fresh avocado on their sandwiches while Chipotle Mexican Grill said it squeezed their bottomline. |
There are also worries that avocados will get even more expensive if President Trump follows through with his threat to exit NAFTA or levy tariffs on Mexico. | There are also worries that avocados will get even more expensive if President Trump follows through with his threat to exit NAFTA or levy tariffs on Mexico. |
Previous version
1
Next version