Reported about 1 year ago
Orange juice prices have hit record highs as disease and extreme weather devastate orange groves in Brazil, the top exporter. This year's harvest is predicted to be the worst in 36 years due to flooding and drought. In the U.S. and Spain, production has also dropped significantly. Scarce supplies have caused prices to skyrocket, leading to a 15-25% decline in global orange juice consumption as consumers seek alternative beverages. Limited supplies are expected to keep prices high, with some markets experiencing shortages and companies considering using alternative fruits in their products.
Source: YAHOO