US pistachio market: steady growth in export demand, increasing inventory pressure
Supply situation of pistachios in the United States
Production: The pistachio production season in the United States begins in September each year, and the production for the 2024 season is approximately 480000 tons.
Inventory: The inventory carried over from the previous quarter to the new quarter is 50000 tons.
Export performance:
Asia: about 73000 tons, mainly exported to Chinese Mainland, Vietnam, India, Hong Kong, Thailand and Taiwan, China.
Europe region: Approximately 28000 tons, mainly sold to Germany, Spain, Italy, Poland, the United Kingdom, Luxembourg, and the Netherlands.
Middle East and Africa: about 12000 tons, mainly sold to Türkiye, the United Arab Emirates, Saudi Arabia, Jordan and Israel.
American pistachios sold approximately 146000 tons in the first three months, of which approximately 117000 tons were exported.
Distribution of export regions:
Export to China:
The export volume of the United States to China was 35326.6 tons, unchanged year-on-year, accounting for 30% of its total export volume.
Iranian pistachio market: strong export growth and increasing demand in major markets
Supply situation of pistachios in Iran
Production: Iran's pistachio production season begins on September 22nd every year, and this year's available for sale pistachio production is about 200000 tons, a decrease from the same period last year.
Inventory: Iran's inventory is 30000 tons.
Export performance:
Out of 230000 tons of inventory, Iran has sold approximately 91000 tons, of which 83000 tons are for export and 8000 tons are for the domestic market.
Main export markets:
China: Iran's export volume to China was 24089 tons, a year-on-year increase of 1.5 times, accounting for 33% of its total exports.
The Indian subcontinent, including countries such as India, Pakistan, and Afghanistan, has an export volume of 12000 tons from Iran.
Far East and Middle East: Iran's exports are mainly concentrated in China, Kazakhstan, Kyrgyzstan, Türkiye and other countries.
Inventory and Future Supply: Global Supply Still Facing Tightness
Inventory status:
As of the end of the third month of this season, the inventory balance of pistachios in the United States was about 390000 tons, and the inventory balance of pistachios in Iran was 140000 tons (dried pistachios with shells).
At the beginning of this season, the inventory of the United States and Iran has been depleted by about 30%, and the remaining 530000 tons of pistachios will be supplied to various markets in the next 9 months.
Outlook for the 2024/25 Production Season:
It is expected that inventory in the United States and Iran will continue to decrease in the remaining production season and face the risk of supply shortages in the coming months.
Despite the expected stable harvest, the overall market remains tense, especially with the tight supply of nuts, and price increases have become a trend
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Supply shortage: The reduction of inventory and the increase in export demand in the United States and Iran have led to a tight supply situation in the global pistachio market. The demand in the Chinese market has significantly increased, especially with Iran's exports to China increasing by 1.5 times year-on-year, indicating market changes.
Price increase: Due to insufficient supply and strong demand, it is expected that prices will continue to rise in 2025, especially in the nut market.
Market outlook: In the coming months, with the uncertainty of the flowering period, market demand will continue to grow strongly, but supply may not be able to meet the sustained growth in demand.
