In Turchia il price of hazelnuts, essential for Ferrero chocolates and spreadable creams (including the very popular Nutella)has almost doubled since the beginning of the summer, after aspring frost and a pest epidemicthey reduced the quantity available, and the Italian confectionery group suspended purchases. This was reported by the Financial Times, according to whichFerrero, which consumes about a quarter of the world’s hazelnut productionis drawing on its supplies and has turned toChile and the United States.
In a normal year – writes the online version of the newspaper – theTürkiye harvests between 600,000 and 700,000 tons of hazelnutsalmost two thirds of the world supply, which amounts to approximately 1.1 million tonnes. This year, traders believe that theTurkish production it could fall to 500,000 tons or lessnarrowing amarket that is already limited in itself. Compared to official Turkish forecasts of aharvest of 450,000 tons“I don’t think the actual figure will exceed 300,000,” explained Cemil Temiz, president of the cooperative’s Ulubey branchFiskobirlik, the first and largest hazelnut sales association in Türkiye.
Causes of the increase in hazelnut prices
Una late frostin the eastern Black Sea and an infestation of theAsian bedbugknown locally as “sputnik”, have further reduced usable yields. In June theprice of natural hazelnuts– seeds without shell – rose from approx$9,000 a ton to 18,000according to Hacking. TheTurkish Grain Board (Tmo)which establishes aminimum price for hazelnutsincreased its support level by about 20% this season, but the market quickly surpassed it.
Ferrero’s strategy
Despite thedecrease in inventories, Ferrero expects a drop in hazelnut prices. “This year we have onevery broad coverageand we are in no rush to buy,” Marco Botta, general director of, told the Financial TimesFerrero Hazelnut Companythe internal division of the group that deals withhazelnut procurement and processing. So there is no need to worry about supplies of chocolates and especially Nutella. The production of spreadable gianduia cream best-selling in the world (365,000 tons per year), in fact, should not slow down.
Diversification of production
Ferrero has spent the last two decades developing thehazelnut production in Chile and the United Stateswhich now produce approx100,000 tons per year ciascuno. La diversification of suppliesof the company, which also includesSerbia and Italyallowed her to avoid periods ofvolatilityBotta said. “It gives us theopportunityto manage years like this, in which there has been afrost in Türkiye and a period of droughtduring the summer,” he explained to Ft. Nonetheless, theTürkiye rimane il hub of the supply chainof the group.
Concern for Nutella lovers
The Onege