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Key Takeaways From the Latest Almond Crop Outlook

By Rabobank|December 31, 2025

Roland Fumasi, Head of RabobResearch Food & Agribusiness – North America, has revealed findings from his new report: Five-year California Almond Outlook.

He sums up the new report as follows: “Californian almond growers have faced tough economic times in recent years, but prices have drastically improved over the past 18 months and are poised to go even higher over the next five years. However, it will not be a straight line up.

“Yield improvements and slower-than-historic demand growth will cause carry-in to rise, and will keep a ceiling on price potential in 2026-2027 and 2027-2028. However, an upcoming reduction in bearing acreage due to the aging-out of trees will tighten supplies.

“Carry-in will start to come back down, while demand growth will stabilize but continue. Grower prices will then start to increase again.”

RELATED CONTENT: Reasons Why California Almond Crop Estimates Are Changing

To download the Five-Year California Almond Outlook report, visit Rabobank.com.

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From its cooperative and agricultural roots, Rabobank has grown to become the world's leading financial services provider for the food & agribusiness sector. This role has been made possible in part by the bank's extensive knowledge of the many links in the food chain. This knowledge is generated, enhanced and distributed by the RaboResearch Food & Agribusiness department. See all author stories here.