Planning a Cinquo de Mayo festival today? Get ready to shell out some serious pesos.
Americans will eat more than 87 million pounds of avocados during the Mexican celebration, making it one of the largest avocado consumption days of the year after the Super Bowl.
However, the price of avocados has nearly doubled compared to this time last year, Bloomberg reports, amid surging demand and reduced crops in California and Mexico, the world’s largest producer of avocados.
Two-thirds of American consumers purchased avocados to use at home last year, drawn to their perceived health benefits, with 60 percent purchasing the vegetables twice a month or more, according to the Haas Avocado Board. Demand is also growing in other parts of the world.
Avocados are one of the trendy foods of the moment, with avocado toast becoming the breakfast of choice among hipsters worldwide. Some Brooklyn entrepreneurs have even recently opened Avocaderia, which claims to be the world’s first avocado bar. “In sweet smoothies, fresh salads, and savory toasts, our meals eliminate the compromise between healthy and tasty,” they promise.
The high demand and increased cost has hit the bottom line at already troubled burrito chain Chipotle. CFO John Hartung said in a conference call last week the company was operating in a “short supply environment” for avocados, which is putting some pressure on costs. So don’t expect them to waive that extra guac charge any time soon.