Are you thinking of making a pecan pie for Thanksgiving? You may want to stock up the nut now—industry insiders predict that the price of pecans will skyrocket this holiday season.
Forbes reports that the experts predict grocery store prices of pecans will increase by several dollars per pound in late November due to growing Chinese demand and lower American pecan production. Currently, you might be able to purchase a one-pound bag of pecan halves for about $9 at your local grocery store, but wait a few weeks and the prices may potentially jump to $11 or $12 per pound.
Last year's ample harvest of pecans, which produced 350 million pounds of nuts, sharply drove down prices, and consumers can still get a good deal because the nut surplus has been kept in cold storage and slowly released into the market. However, growers estimate that this year's pecan production in the United States will be much smaller, at around 230 million pounds, due to a less bearing year in the pecan crop cycle and too much rain in Georgia, the country's largest pecan producer, last summer.
Check out the slideshow above to discover why China craves these buttery, sweet nuts and how businesses will cope with higher prices.