Not long ago, they were the symbol of millennial excess, but now a bumper season is about to see avocado prices plummet across Australia.
Forecasts published by Rabobank are predicting production is up 20 per cent for 2023-24, representing an extra 139,000 tonnes of avocados this year.
Pia Piggott, analyst at Rabobank, says the bumper crop is just the start, with production expected to continue rising through the second half of this decade.
“In the next five years we’ve got over 4000 additional hectares of orchids [reaching maturity],” she said.
Expect avocados to fall below $1each in most places, as the glut of supply makes its way to supermarkets and fruit and veg shops. The excess is so great, there are simply not enough customers in Australia to consume all those avocados, so the majority will end up going overseas.
So time to break out that guacamole recipe!
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