From a reputation as a high-end food, reputedly enjoyed by an entire generation who splashed their cash, the avocado is now readily affordable.
New research forecasts it is set to remain that way over coming years amid a glut of the fruit in Australia.
A record-breaking 139,000 tonnes of avocados will be grown this year, with that figure forecast to continue increasing in the future, a report by agribusiness banking specialist Rabobank says.
READ MORE: Kamala Harris holds slim lead over Donald Trump in new poll
While it is good news for consumers enduring a cost-of-living crisis, farmers are staring down an oversupply crisis when 4000 hectares of planted trees start to bear fruit over the next five years.
Rabobank says demand for avocados remains high among Australian shoppers, but plentiful stocks are keeping prices low.
Analyst Pia Piggott says prices remain at about the same level as last year.
“But in the past year, there has been a lot of volatility in avocado prices, reflecting periods of fluctuating seasonal supply,” she said.
There may be an increase in prices in the summer months as Western Australian avocado production is in an “off year”, with crops bearing less fruit.
“But after this, supplies will again start to increase and prices are expected to decline,” Piggott said.
The export market, which accounts for 13 per cent of Australia’s total avocado production, has brought some relief to the oversupplied local market.
Hong Kong, Singapore and Malaysia remain key markets, but there has also been significant growth in volumes to Japan and other nations.
Before the 2020 pandemic, the term “smashed avocado on toast” was used by some economic commentators to pan the apparent spending habits by millennials who they claimed were putting cafe meals ahead of saving for a home deposit.
Watch every moment, every medal of the Olympic Games Paris 2024 live and free on Channel 9 and 9Now. Plus, every event ad-free and in 4K on Stan Sport.
links to content on ABC
9News
