Latest news with #MattJoyner
Yahoo
11-04-2025
- Business
- Yahoo
Iconic American beverage brand on brink of collapse amid series of setbacks: 'Cornucopia of challenges'
Shifting environmental conditions and plant diseases are posing a threat to the orange industry. Meanwhile, evolving consumer habits are reducing demand for orange juice, putting the iconic orange juice brand Tropicana in a tough spot, CNN reported. Tropicana has been dealing with sales and profit drops in recent years, and now it could be headed for bankruptcy. The company's revenue dropped by 4% last quarter, and income fell by 10%, according to Debtwire data cited by CNN. Tropicana is struggling with a "cornucopia of challenges," said Beverage Digest publisher Duane Stanford, per CNN. The company is facing financial difficulties amid a crisis in the orange juice industry. There are various factors hitting the orange juice industry hard. Rising temperatures, unpredictable weather conditions, and plant diseases like citrus greening are affecting orange production, leading to supply shortages and price hikes. For instance, Florida experienced a decline in orange production due to Hurricane Milton last year. Per CNN, a scientific analysis revealed that the storm was strengthened by the shifting weather patterns. The storm affected "probably 70% of the most productive citrus acreage" in the state, according to Florida Citrus Mutual CEO Matt Joyner. The industry is also affected by changing consumer habits. Consumers are now more mindful of their sugar intake and exploring other beverages like energy drinks, sparkling water, and teas. While there is less demand for orange juice, the industry is experiencing price hikes due to supply shortages. According to the Bureau of Labor Statistics, the average price of a 12-ounce orange juice bottle was $4.50 as of January, nearly double the price from January 2020, which was $2.30. The orange juice industry is worth billions of dollars, with its market size expected to be worth $7.29 billion by 2029, according to the Orange Juice Global Market Report 2025 by The Business Research Company. Its decline could lead to job losses, supply shortages, and price hikes. Beyond rising prices and job losses, the orange industry crisis also draws attention to the rising global temperatures, which make it difficult to grow oranges and other crops. According to the Environmental Protection Agency, agriculture relies heavily on water, soil, and other natural resources easily affected by climate. The warming climate could also affect the production of other crops, leading to supply shortages of other agricultural produce as well. Citrus greening disease significantly impacts orange production, and there is no cure for it, but researchers are exploring ways to prevent it. Scientists at the University of Florida are looking into genetically modifying citrus trees to make them resistant to it. Do you think America has a plastic waste problem? Definitely Only in some areas Not really I'm not sure Click your choice to see results and speak your mind. The best thing individuals can do is to explore critical climate issues and find ways to support sustainable farming, like supporting citrus research and buying sustainably grown oranges. These actions can make a big difference and help agriculture thrive amid the changing climate. Join our free newsletter for good news and useful tips, and don't miss this cool list of easy ways to help yourself while helping the planet.
Yahoo
01-04-2025
- Business
- Yahoo
Florida's orange juice industry squeezed by disease, hurricanes as orange crop hits 95-year low
March 31 (UPI) -- Florida's orange juice industry is getting squeezed by hurricanes, citrus disease and changing consumer tastes as the state reveals what is expected to be its smallest crop in 95 years. Florida's crop for the 2024-2025 season is predicted to be the smallest since before World War II, with orange juice consumption plummeting more than 50% since 2000, according to new data from the U.S. Department of Agriculture. The most recent forecast for the season is 522,000 tons, which is down 35% from last season's total of 808,000 tons due to weather events and ongoing citrus disease. "Citrus greening is still an existential threat to Florida's orange juice production," according to Bill Castle, Florida citrus expert. "We're losing trees faster than we can replant them." In October, Hurricane Milton tore through the Florida peninsula and destroyed millions of dollars of prime citrus-producing land. The storm blew fruit off branches and damaged trees. "Regardless of how this season overall ends up, regardless of what the ultimate loss of fruit is in this season, it'll be a multi-year process for these trees to get back to pre-hurricane production. That's how trees react to stress, and it's very difficult than row crops that you plow under at the end of year," Matt Joyner, executive vice president and chief executive officer of Florida Citrus Mutual, the state's largest citrus growers' trade association, told UPI in October. Brazilian growers are seeing their citrus production rise this year with improved rainfall since October, which has created more global competition. While the orange juice industry in the United States faces an uncertain future, citrus prices at grocery stores have started to drop as market forces help to ease pressure. Overall, juice brands have watched earnings fall with industry leader Tropicana saying it has "experienced depreciation in its value due to the evolving market and declining demand for orange juice."
Yahoo
26-03-2025
- Business
- Yahoo
Florida's orange industry is decaying — here's how it could impact your wallet
If there's one agricultural staple Florida is known for, it's oranges. Polk County, Florida, houses more acres of citrus than any other county in Florida. But in 2023, more people moved to Polk County than any other county in the country, leaving less room for citrus growers to do what they do best. I'm 49 years old and have nothing saved for retirement — what should I do? Don't panic. Here are 5 of the easiest ways you can catch up (and fast) Nervous about the stock market in 2025? Find out how you can access this $1B private real estate fund (with as little as $10) Americans with upside-down car loans owe more money than ever before — and drivers can't keep up. Here are 3 ways to cut your monthly costs ASAP However, the problem isn't limited to Polk County. The combination of population growth, extreme weather and citrus greening disease have battered the Florida orange industry. Many citrus growers across the state are shutting down operations and making the tough decision to sell groves that have been in their families for generations. And not just farmers and businesses reliant on oranges stand to lose. If this trend continues, consumers could also feel the impact. Citrus greening disease, also known as Huanglongbing (HLB), has been devastating Florida citrus crops since it was first detected in 2005. It has ripped through the state, reducing citrus production by 75% and more than doubling production costs. Florida's citrus industry was already in poor shape when Hurricane Irma hit in 2017. In its aftermath, a major freeze followed, along with additional hurricanes that further exacerbated the situation. A tree that loses branches and foliage in a hurricane can take up to three years to recover. All told, these events have contributed to a 90% decline in Florida's orange production over the past two decades. The state's citrus industry footprint has also shrunk from 832,000 acres to just 275,000. 'This industry is ... so ingrained in Florida. Citrus is synonymous with Florida,' said Matt Joyner, CEO of trade association Florida Citrus Mutual. Alico Inc., one of Florida's biggest growers, announced plans this year to wind down its citrus operations across 53,000 acres. That decision has ripple effects for producers like Tropicana, which rely on Alico to produce orange juice. Meanwhile, U.S. orange juice consumption has also been declining for two decades. But natural disasters aren't the only challenge. Booming real estate is also taking a toll. Florida's population increased by more than 467,000 people last year, reaching 23 million and making it the third-largest state in the nation. But more people mean more homes — homes that encroach on orange groves. The good news is that researchers are developing a genetically modified tree that can kill the tiny insects responsible for citrus greening. However, those trees are still at least three years away from being planted. Read more: Gold just hit a historic high of $3,000/ounce on Trump's tariff moves — while US stocks got slaughtered. Here's 1 simple way to prevent more pain within minutes The cost of orange juice has been rising steadily since the pandemic, with prices soaring in 2023 and 2024. In March 2020, a 12-ounce can of frozen orange juice concentrate cost $2.28. By February 2025, the price had jumped to $4.49. The reason is simple: supply and demand. When supply dwindles, prices rise. If Florida's citrus output continues to shrink, consumers may have to pay even more for orange juice and related products. But that's problematic. According to the Consumer Price Index, grocery prices were up 1.9% year over year as of February 2025, and many Americans are struggling to keep up. Rampant inflation has been hurting consumers for years. A Swiftly survey in October found that 70% of consumers were having difficulty affording groceries. Meanwhile, Northwestern Mutual's 2025 Planning & Progress Study found that 43% of respondents cited rising grocery prices as a significant financial burden. If U.S. citrus production continues to decline, the country may need to rely more on imports. However, recent tariff policies and international trade tensions could drive prices even higher. There's also the issue of job losses. As of 2021, Florida's citrus industry contributed $7 billion to the state's economy and supported more than 32,000 jobs. If citrus production continues to decline, many workers — especially those with long histories in agriculture — could find themselves unemployed. Whether they'll be able to pivot successfully into new industries is unclear. Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan 'works every single time' to kill debt, get rich in America — and that 'anyone' can do it Rich, young Americans are ditching the stormy stock market — here are the alternative assets they're banking on instead Protect your retirement savings with these 5 essential money moves — most of which you can complete in just minutes This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
Yahoo
05-03-2025
- Business
- Yahoo
Disease, Hurricane, and Trump's Tariffs Are to Blame for Orange Juice Getting Way More Expensive
Everything is getting more expensive — Including your favorite morning juice. In mid-2024, Food & Wine alerted readers about the increasing cost of orange juice due to ongoing environmental factors. The price of a 12-ounce bottle has already risen from $2.30 in 2020 to nearly double that at $4.50 in January, according to the Bureau of Labor Statistics. Now, with President Donald Trump's new tariffs in effect, the outlook for this vitamin C-rich beverage and the entire industry surrounding it looks even bleaker. Here's what you need to know about the escalating cost of orange juice. As Food & Wine previously reported, in the 2024–2025 study by Fundecitrus, a research association in Brazil formed by the nation's citrus growers and manufacturers, the orange forecast is, quite bluntly, depressing. According to the report, citrus production in the South American nation — the leading producer of oranges in the world — is down due to citrus greening, pests, and severe drought. "The data shows that, once again, the climate emerges as the main cause of the significant drop in production," the findings report. "Since June 2023, the citrus belt has been affected by the El Niño phenomenon, classified by the World Meteorological Organization (WMO) as one of the five most intense ever recorded." The last El Niño event caused an 18% drop in production. However, it's not just Brazil that's been affected. Florida, a state beloved for its oranges, is also seeing far lower yields. The United States Department of Agriculture (USDA) reported it's forecasting U.S. production to be down 10% to 2.2 million tons for the 24/25 season, which is "the lowest level in 88 years." This, the USDA added, is due to "unfavorable weather and continuing disease problems, especially citrus greening in Florida." In Florida alone, production is expected to dip 33%. This is on top of some already abysmal statistics. According to the American Farm Bureau Federation orange production in Florida has dropped 90% since 2005, going from 150 million boxes to 16 million boxes in 2023. It's also decimated the industry there, with the number of citrus growers decreasing in Florida by 62% from 2002 to 2017. Related: These States Have the Cheapest Grocery Store Prices Right Now, According to a New Report Some Florida farmers are abandoning the crop altogether. CNN reported that Alico, a supplier to Tropicana, ended its citrus-growing operations, noting in a memo that 'growing citrus is no longer economically viable for us in Florida." The issues with growing in Florida were also compounded by Hurricane Milton in 2024. Matt Joyner, CEO of Florida Citrus Mutual, an advocacy group for growers, shared in an interview, 'Milton came across the center of the state and really impacted probably 70% of the most productive citrus acreage in Florida." Joyner added, "We'd already been struggling, three hurricanes in the last seven years, plus fighting citrus greening, one of the most detrimental diseases known to citrus worldwide for the past two decades, has really put this industry back on its heels for sure."Orange juice pricing: 12-ounce bottles moved from $2.30 in 2020 to nearly twice that at $4.50 in 2025. Orange juice demand: A 2024 study published in Agribusiness found that the average U.S. consumer has been drinking less orange juice over the last few decades, with consumption dropping more than 50% per capita since the mid-2000s. Where America's oranges come from: Most of America's oranges are grown domestically in California, Florida, Texas, and Arizona. California outpaced Florida in orange crop production for the first time in early February, President Donald Trump threatened to impose 25% tariffs on goods imported from Canada and Mexico, a move that almost every economist says will raise the price of goods. It appeared as though Trump was going to back off from this fight; however, on March 4, the president again moved forward and imposed the tariff. In return, Canada says it plans to retaliate with its own tariffs. Canada's Foreign Minister, Melanie Joly, informed reporters that they are "ready" to implement $155 billion in retaliatory tariffs on U.S. imports, with an initial $30 billion set to take effect immediately — which includes tariffs on Florida orange juice. In addition to new tariffs, Related: These Foods Will Likely Get More Expensive After Trump's Tariffs Take Effect Canada's leaders are also encouraging their citizens to buy local. In early February, Prime Minister Justin Trudeau said that tariffs "might mean checking the labels at the supermarket and picking Canadian-made products. It might mean opting for Canadian rye over Kentucky bourbon or forgoing Florida orange juice altogether." But losing Canada as a strong trade partner could further harm the industry and drive up prices for everyone. As Central Florida Public Media reported, 'Florida exports tens of millions of dollars worth of orange juice to Canada... About 60% of American orange juice sent to Canada comes from Florida.' However, if Canadians are still craving their OJ fix, they can always choose to import it from other sources like Brazil, China, or the European Union, the three largest orange producers in the world — although Brazil is currently battling its own greening disease epidemic. Aside from environmental concerns and tariffs, one major challenge for orange juice companies is the overall decline in demand. Stephanie Mattucci, an analyst at Mintel, a market research firm, toldd CNN that rising prices are discouraging customers from purchasing a gallon. In its 2023 report titled The Future of Juice and Juice Drinks, Mintel revealed that only 19% of U.S. consumers believe orange juice provides a "good value." Additionally, a 2024 study published in Agribusiness found that the average consumer in the U.S. has been drinking less orange juice over the past few decades, with per capita consumption dropping by more than 50% since the mid-2000s. In terms of what you can do about it, the reality is you can't do much. However, you could explore mixed juice options, including orange and mandarin blends, which many suppliers are increasingly adopting to maintain supply without customers noticing much of a taste difference. This is a strategy that the U.S. company Uncle Matt's implemented in 2024, along with others worldwide. Alternatively, you might just have to come to terms with paying more, which is likely the case from here on out. Read the original article on Food & Wine
Yahoo
06-02-2025
- Business
- Yahoo
Florida citrus growers say disease, weather impacts could spell end of the industry
Florida citrus production has dropped more than 90% in less than three decades, and growers want lawmakers to help. They want the state to keep providing research and advertising money. Florida Citrus Mutual said they need to fight a deadly citrus greening disease. Read: Florida's citrus industry struggles to bounce back after Hurricane Milton devastated crops Otherwise, they say nearly 1,500 citrus growers in Florida could exit the industry. 'Everybody thinks of beaches and Mickey Mouse in the state of Florida. But agriculture, citrus, and others are the heart of this industry,' said Florida Citrus Mutual CEO Matt Joyner. Read: Florida farmers face 'unprecedented financial strain' after Hurricane Milton The industry has also faced pressure from residential and commercial development, as well as from hurricanes and winter freezes. Click here to download our free news, weather and smart TV apps. And click here to stream Channel 9 Eyewitness News live.
