Famous Brands (You Consume) in Trouble Due to Hazelnut Crisis
Nutella promotion led to clashes between desperate buyers. Photo: AFP
TL;DR
- Falling global hazelnut prices are causing financial ruin for small producers in the Black Sea region.
- Turkey, which dominates 70-80% of the world's hazelnut production, is heavily impacted by price drops.
- A spring frost in Turkey has reduced the expected hazelnut harvest by 22-35%, driving up product prices.
- Major commercial giants like Ferrero (manufacturer of Nutella, Kinder, Mon Chéri, and Ferrero Rocher) are significantly affected.
- Ferrero is diversifying its sourcing but notes that new sources do not fully compensate for the loss of Turkish supply.
- Consumers may face increased prices or reduced product sizes due to rising raw material costs.