Orange juice prices have climbed to fresh all-time highs amid persistent supply constraints, forcing some makers to consider alternative fruits.
Prices of the breakfast staple have been climbing rapidly in recent years, partly driven by declining output in Florida — the main producer of orange juice in the U.S. — and climate-fueled extreme weather in the main orange producing areas of Brazil.
Harry Campbell, a commodity market data analyst at research group Mintec, said that soaring orange juice prices have forced manufacturers and blenders to adapt to the situation by considering alternative fruit juices."A lot of them will be changing the quantities of juice they are putting in their blends to drop the orange juice and increase other juices, such as pear juice, apple juice, grape juice, so they are less reliant on the orange juice," Campbell told CNBC via telephone.
In a report published on May 10, the citrus growers organization forecast that Brazil was set to produce 232.4 million boxes of oranges in the 2024 to 2025 season. That represents a 24% decline when compared to the previous cycle. A citrus disease known as greening, a tree disease with no known cure that results in bitter, stunted fruit, has been another headwind for orange farmers. Analysts have warned that the problem is likely to wreak havoc in orange groves across the world for some time to come.
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