In 2025, almond prices experienced significant volatility across global markets. Early in the year, prices in Uzbekistan rose sharply due to strong international demand and the risk of crop failures in Turkey. Exporters faced tight supplies, and assembling large shipments became challenging, which pushed domestic and international prices higher. Both local and imported varieties saw their price gaps narrow, as strong demand lifted all types to similar levels.
In the United States, the market experienced unusual instability. The release of the annual objective forecast by the Almond Board of California in mid-year caused a sudden price drop, as estimates for production were widely off from actual outcomes. This led to one of the largest single-day losses in recent history and caused widespread concern among growers. While production per acre was lower than expected, supply from existing stocks remained available, which helped moderate some of the losses, but the overall market remained uncertain for several months.
Buyers and processors benefited from the unexpected price movements, while growers faced financial strain. The sudden shifts highlighted the influence of trade policies, such as tariffs, and environmental factors, like frosts in major producing regions, on price dynamics. Overall, almond prices moved sharply up in early 2025 but faced sudden declines mid-year, ending the year with a cautious sentiment across major markets.