The Sacramento Bee reports that Blue Diamond Growers, a cooperative of more than 3,000 almond growers, recently laid off 38 corporate employees to stay cost-efficient.
The company’s net almond sales dropped by 21% in 2023, which President and CEO Kai Bockmann attributed to an oversupply of almonds, inflation, recessed market prices and shifts in consumer shopping patterns, according to The Bee‘s report.
“The current market prices are admittedly not sustainable,” Bockmann told The Bee in 2023. “Even though the industry continues to move tremendous amounts of almonds, we need to further reduce the existing inventory to rebalance supply and demand.”
