Over the year 2024, the cost of orange juice has risen by 54.84%, signaling a substantial upward trend in pricing.
In September 2024, orange juice reached its all-time high at $589 per pound.
Throughout the previous 52 weeks, the price of orange juice has varied from a low of $289.75 to a high of $589.00.
The leading producers of orange juice include Brazil, the United States, the European Union, China, and Mexico.
An impressive 85% of the global market is shared between Florida and São Paulo. While Brazil exports 99% of its output, 90% of Florida's production is consumed domestically. To minimize the volume for trade, orange juice is often sold as frozen concentrated orange juice.
One factor contributing to the increase in orange juice prices is Brazil's overwhelming contribution, making up 70% of the world's production.
In 2024, the most productive state in Brazil’s citrus belt, São Paulo, endured a severe drought.
At the same time, the spread of citrus greening, an untreatable bacterial disease that causes oranges to become bitter and kills trees, significantly affected the region's orchards.
Futures prices for orange juice traded in New York, which beverage companies use to manage price fluctuations, reached record highs.
It will take years for new trees to produce fruit, even as consumers continue to seek out vitamin C through orange juice. Therefore, anticipate that the squeeze on prices will persist.
Orange Juice Crisis, made me think immediately of Trading Places.
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