Imperial nuts are on a fast-track to the number one spot in the market in Australia’s supermarkets, as demand continues to grow in the face of rising costs and rising prices.
Domestic prices have been on a tear for a while, with a big jump from July to August.
The price of a 1kg jar of Imperial nut has soared by 60 per cent to AUD1,834.
The number of Imperial nuts sold has jumped by around 15 per cent from the same period last year, reaching around 50,000 tonnes.
Domestically, Imperial nuts have increased by about 50 per cent over the last two years, according to the Australian Bureau of Statistics.
In a statement, the Australian Imperial Nut Growers Association (AIMGA), the Australian industry body for Imperial nut growers, said the price of the nut had also gone up by over 20 per cent in August.
The group said it expected demand for Imperial nuts to continue to grow, as it continued to sell more nuts in the short term.
“The price of Imperial almonds will continue to rise in the future, which is expected to be driven by the global demand for the product,” the statement said.
In August, the price for a 1,000g jar of nut was $1,923.50, up from $1.919 in August 2016. “
We are very confident that we will be able to provide the demand for imperial almonds that will help drive our industry’s price increases.”
In August, the price for a 1,000g jar of nut was $1,923.50, up from $1.919 in August 2016.
The latest figures show that Imperial nuts were selling for around $1 a kilogram.
However, the AIMGA said demand had already picked up, with the number of people buying Imperial nuts more than doubling from January to August last year.
The price is expected “to continue to increase at a rapid pace in the coming months”.
In August 2016, the average Imperial nut sold was only 795g, and the number sold per jar was around 3.4, according the AISGA.
But the AASNAA said the number selling the nuts was up from 2,564 in July last year to 2,988 last month.
“There’s no doubt that demand is there, there’s no question that we’re seeing increased demand,” AIMAGA spokesman Chris Clements said.
The AISAGA said Imperial nuts continued to be the most expensive nut in the industry, despite the fact the market had grown in the past year.
“Demand for Imperial is higher than ever, but that growth is driven by a growing demand for almonds, with prices continuing to rise,” Clements told AAP.
“As a result, prices are expected to continue increasing in the next two to three years.”
Topics:industry,food-and-beverage,consumer-protection,consumer,nutrient-supply,alpine-4830,australia,bundaberg-4680,sydney-2000More stories from Western Australia