Global Hazelnut Demand Expected to Increase 6.75% Annually
We have some interesting global headlines to follow from the recent meeting of the International Nut and Dried Fruit Congress held in Boca Raton. First the good news, Global demand is on pace to increase at a steady 6.75% annual rate. The challenging news is that global supply is expected to increase 14% in the 2019 crop year. Overall growth in the mid to high single digits is an extremely healthy number. When we digest these numbers at HGO it supports the strategy of building a robust domestic market that values Oregon crop handled in our new, SQF level 3 facility.
Focusing on carving out a domestic market will allow us to accelerate consumption growth well beyond the global rate. We will also be able to insulate the new market from foreign competitors by tailoring our message and offering to the quality and safety-conscious US food industry. We respect the challenges currently facing the industry but find this information to be a reassuring data point that we remain on the right track for the long haul.