Analysis of Fresh Fruit and Vegetable Sales at Retail

“August is always an interesting month to understand what the remainder of the year may look like. Robust dollar, unit and pound sales growth during weeks without any impact from holidays bodes well, especially seeing that both fruit and vegetables contributed to these gains. Additionally, we’re seeing strength in the produce powerhouses and smaller commodities contributed for year-over-year gains.

Meanwhile, the cucumber salad trend is taking social media by storm. Countries around the world are reporting cucumber shortages and the impact of “cucumber guy” Logan Moffitt is felt in U.S. retail sales as well. In August, pound growth accelerated into he double digits —providing an important lesson of the power of social media.”

August 2024

What's New

Growth in Food Insecurity

The August 2024 Consumer Sentiment Index by the University of Michigan reflects continued concern. At 67.9 points, Americans’ current day sentiment remained far below the neutral rating of 100. Consumers continue to point to impact of high prices and perceive substantial uncertainty in the trajectory of the economy, per the August findings.

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USDA’s Economic Research Service released the 2023 Food Security numbers. In 2023, 13.5% of households were food insecure at least some time during the year. Per the ERS, this is a statistically significant increase from the 12.8% in 2022.
This concern has resulted in fewer restaurant visits and a greater share of food dollars flowing into retail in recent months. When shopping for groceries, consumers also apply a wide range of money-saving measures.
While consumers are focused on price and promotions, it is rarely the only consideration going into the purchase. There are no linear consumer purchase patterns, which makes the marketplace complex but also ripe with opportunities for growth when addressing consumers’ daily puzzle between budget, time, health, etc..
Value-added and deli-prepared sales are strengthening, reflecting a continued need for convenient solutions, while younger shoppers in particular continue to drive the importance of sustainable choices. Limiting food waste has become a very popular financial measure in addition to having environmental and social implications.
August also reflected back-to-school for states across the nation, which signals big changes for many departments around the store. Lunchbox convenience and time-saving solutions for breakfast and dinner become of greater importance.

State of Produce

August 2024	Price/Lb.	$ Sales	$ vs. YA	Lbs. vs. YA
Fresh Fruits	$1.57 \| +0.8%	$4.8B	+2.7%	+1.9%
Fresh Vegetables	$2.00 \| -1.6%	$4.1B	+1.7%	+3.3%

Top Growth Commodities (NEW $)

Absolute $ gain vs. YA

Grapes	+$55.3M
Avocados	+$47.8M
Berries	+$46.5M
Onions	+$30.2M
Mandarins	+$23.0M
Tomatoes	+$21.6M
Cucumbers	+$19.1M
Peppers	+$12.0M
Carrots	+$11.1M
Sweet Potatoes	+$6.8M