Apr 9, 2024ABC’s CEO provides 100 day in office update on the state of the industry
In an April 9 news conference, Clarice Turner, CEO of the Almond Board of California (ABC), addressed various aspects concerning the almond industry, shedding light on both challenges and opportunities.
The state of the almond industry was a focal point of Turner’s discussion, highlighting the hardships faced by almond growers over the past two years. Despite a challenging environment, there were glimmers of hope.
State of the industry
Turner mentioned the potential softening of inflation and hinted at a probable reduction in interest rates by the Federal Reserve, which could provide some relief.
Addressing concerns about food inflation, Turner acknowledged that while there has been a decrease in food inflation rates, the relief has not been fully passed on to consumers. However, she expressed optimism about potential price adjustments, citing examples such as Trader Joe’s lowering prices by a dollar per bag of almonds.
Turner also delved into the status of almond crops, noting improvements such as healthier snowpacks in the Sierras and full reservoirs. However, she cautioned that farmers’ limited cash reserves might impact crop yields due to challenges in affording fertilizers and nutrients for the trees.
Despite the challenges, Turner remained optimistic about crop yields, albeit with a cautious reminder of the unpredictability of Mother Nature. She emphasized the importance of the almond industry’s resilience and its ability to adapt to various conditions.
Opportunities
One of the key highlights of the press conference was the discussion on opportunities for industry growth. Turner revealed that ABC had enlisted Deloitte, a professional services network that provides consulting services, to identify potential avenues for expansion, focusing on domestic and international markets.
DOMESTICALLY
Domestically, Turner emphasized the need for innovation, particularly in diversifying almond products. She expressed a desire to see more creative formulations and highlighted the potential of almond-based products with extended shelf lives. Turner’s personal enthusiasm for the prospect of almond pasta gaining traction was evident, reflecting her dedication to fostering innovation within the industry.
She identified “14 form factors” of almonds. “We really have not in this country gone as far as other countries in formulating different products,” Turner said.
GLOBALLY
Internationally, Turner identified India as a promising market due to its youthful demographic and increasing focus on health post-COVID. Other countries such as Indonesia, Turkey and Morocco were also highlighted as potential areas for growth.
Turner reiterated ABC’s commitment to tirelessly pursue opportunities in markets like China.
She announced the elimination of tariffs in the UK, amounting to approximately $4 million in relief for the industry.
Environmental stewardship
Environmental stewardship emerged as another key theme of the conference, with Turner underscoring the industry’s long-standing commitment to sustainability. She highlighted the significant strides made in water efficiency and carbon sequestration, emphasizing the importance of telling the positive environmental story of almonds to consumers and markets.
In conclusion, Turner elaborated on the recent tariff reduction in the UK and the significant role almonds play in food formulations globally. She expressed confidence in the future of the almond industry, citing ongoing efforts in environmental stewardship and innovation. Turner’s closing remarks reflected optimism about the industry’s prospects moving forward.
“The foundation looks good and it is as good as a crystal ball gets,” she said.
