Pistachio prices have nearly doubled in Indian retail trade from a year ago, amid supply disruption linked to the West Asia war and lower production in the United States, while almonds have risen about 20 percent, dry fruit processors and importers told the Economic Times.
Soaring prices and falling supplies have led companies and retailers to replace pistachios in Diwali gift boxes with seeds and berries and to cut the quantity of almonds. Gifting volumes have still risen 5-7 percent year on year, industry executives said, and demand for pecans, macadamias, hazelnuts and flavoured cashews continues to grow in that niche.
Ravindra Mehta of the Nuts and Dry Fruits Council of India said prices from all origins, including Iran, Afghanistan and California, have increased. He said the current California crop is expected to be only about 40 percent of last year's, which has lifted wholesale pistachio prices by 50 percent and retail prices by more.
Prices across the wider nuts and dry fruits basket are up 25-40 percent on the year, traders said, because of lower global production after weather disruption, higher shipping costs, reduced supplies from Iran and Afghanistan and a weaker rupee.
The season matters. Industry estimates put 30-35 percent of India's estimated Rs 75,000 crore annual nuts and dry fruits sales in the Diwali period.
Reporting by Jayashree Bhosale for the Economic Times.
Photo: Scott Bauer, USDA / Wikimedia Commons (Public domain)
Source: Economic Times Agriculture/Food
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