AvoIntel™: A 2024 Mid-Year Review: Avocados and Mangos Soar in Q2
As we hit the halfway point of the year, it’s clear the produce industry is making its mark in Q2: record-hitting avocado dollar sales, year-over-year mango volume growth, and... the biggest spike in overall produce volume sales since the early days of COVID-19!1
Rising prices may be the reason for this positive result. In June, price increases were 3% higher for food-away-from-home than food-at-home year-over-year.2 And in Numerator’s June 2024 Consumer Sentiment Tracker, 41% of respondents reported to be saving money by cooking at home.3
So, it’s no surprise the industry is seeing strong demand at retail, especially for our favorite produce items: avocados and mangos. This month’s AvoIntelTM brings you the gist on the strong avocado and mango market performance in Q2 (April-June).
Avocados (Unexpectedly!) Hit A Record-Breaking Quarter:1
- Avocado dollar sales in Q2 hit a record $938.1 million– a 19% increase from Q2 2023!1
- Despite prices being up 21% from last year, demand was down by only 1%.1 In Q2, prices per avocado averaged $1.20.1
- Volume Sales reached 354 million pounds of avocados,1 the equivalent of the amount of water it takes to fill more than 64 Olympic-sized swimming pools!4
- A California Summer: The California avocado crop exceeded expectations this year! As the strongest crop since 2019, the California Avocado Commission (CAC) projects California to ultimately reach 316 million pounds during the 2024 season– an increase of over 50% from the initial crop projection.5
A Sweet Surge in the Mango Market:
- Mango dollar sales also hit a record high of $155.4 million in Q2, up 4% from Q2 2023.1
- Compared to Q1, Q2 volume sales rose by a whopping 162% for a total of 101.4 million pounds of mangos sold.1
- Following record-high mango pricing in 2023 Q4 and 2024 Q1, pricing stabilized in Q2.1 In April, prices steadied at around $1/each, coming down from high retail prices of $1.75 in February.1
- Up and Coming Variety: Honeys, also known as Ataulfos! The sweet and sour mini mango contributed 20% of mango volume in Q2, up by 16% year-over-year!1 While Honey mangos are highly seasonal (with peak availability from March to May), retail saw an additional 2.6 million pounds of Honeys in Q2 compared to the prior year.1
Looking to the Second Half of 2024
Moving past Q2's strong category performance, the outlook for avocados and mangos in the second half of the year remains bright. The sustained demand for these fruits highlights their importance in consumers' diets and their versatility in home-cooked meals. We anticipate exciting developments in both categories, so stay tuned to AvoIntel™ for the latest updates and insights on your favorite fruits.
1Circana, Total U.S. MULO+, Q2 2024.
2Bureau of Labor Statistics.
3Numerator. June 2024 Consumer Sentiment Tracker.
4Calculated using the assumption that 1 Olympic-sized swimming pool holds 660,000 gallons of water.
5California Avocado Commission.