A significant maturing of avocado trees in the past season resulted in a bumper crop, causing a national oversupply and pushing retail prices to a record low of $1 each.
While shoppers are facing significant price hikes of everyday items at the grocery checkout, avocados are in oversupply helping to keep prices at record lows.
RaboResearch associate analyst Pia Piggott who penned a new report on the avocado industry said while the low prices have been great news for consumers facing, they have put pressure on grower margins, already squeezed by increasing input costs and labour shortages. Industry forecasts domestic avocado production will expand by 40 per cent in the next five years, reaching 173,000 tonnes in 2026, the report said.
Ms Piggott said, locally, smashed avocado and avo smoothies remain popular menu items, and the rise of avocado consumption in Asia – as a growing middle-class looks to healthy options for snacks – presents an export opportunity helping to support growers.
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