The global pistachio market is experiencing an unprecedented surge, fueled by a glaring imbalance between supply and demand — boosted, notably, by the famous “Dubai chocolate”. According to the Financial Times, this ultra-popular delicacy has contributed to a worldwide shortage, driving up prices from $7.65 to $10.30 per pound in the space of a year.
Gaïles Hacking, a trader with CG Hacking & Sons, describes a “virtually non-existent” market, exacerbated by a high-quality, but scarce American crop, reducing volumes of shelled pistachios, essential in chocolate making. As a result, manufacturers of “Dubai chocolate” are raiding stocks, leaving the rest of the world in short supply.
The situation became even more complex after a poor harvest season in the United States, the world's leading producer. Iran, the sector's second-largest player, has increased its exports to the Emirates by 40% in six months, according to Iranian customs.
At the same time, Californian growers are switching from almond to pistachio trees, but the new trees will not be productive until September.
Added to this is an unprecedented cocoa crisis in 2024, linked to weather conditions and disease, tripling prices. Chocolate makers, already under pressure, are reducing the size of their products and reinventing recipes.
Finally, the Emirati brand Fix, often cited as the poster child for the “Dubai chocolate” phenomenon, warns of international counterfeiting. It points out that its products are only sold locally and for only two hours a day.
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