The Turkish hazelnut market faced serious problems after the Italian company Ferrero, known for the production of the famous Nutella chocolate cream, temporarily suspended the purchase of this nut.

The reason, as the Financial Times writes, is the significant drop in yields and the drastic increase in the price of hazelnuts, caused by the frosts and pests that hit Turkish plantations earlier this year.

Turkey usually produces between 600,000 and 700,000 tonnes of hazelnuts per year, accounting for nearly two-thirds of the global supply. However, this year’s production, according to estimates by the Turkish Ministry of Agriculture, may fall below 500,000 tons, while some local sources claim that the actual amount may be less than 300,000 tons.

Because of this, the price of shelled hazelnuts has increased from 9,000 to even 18,000 dollars per ton since July, confirmed to the Financial Times Giles Hacking, founder of London-based company CH Hacking & Sons, which specializes in importing hazelnuts.

Small producers in Turkey refuse to sell at what they claim are Ferrero’s very low prices. At the same time, the Italian company is postponing the purchase, waiting for the stabilization of the market.

Marco Botta, head of the hazelnut procurement department at Ferrero, compared the situation to Beckett’s famous novel “Waiting for Godot”, saying that “Ferrero has become Godo to the hazelnut kings of Turkey”.

Botta confirmed that Ferrero is currently supplied with hazelnuts from Chile and the United States, where production capacity has been expanded in the last two years. Despite the pause in purchases, the company says it remains committed to long-term investment in Turkey.

Analysts have warned that this situation could lead to an increase in the price of Nutella and other hazelnut-based products in the global market.

Ferrero declined to comment on the possibility of a price increase, but acknowledged that current supply difficulties could affect future production planning.

Turkey, although the main producer of hazelnuts in the world, still mainly exports raw materials, while countries such as Chile have emerged as serious competitors. “Turkey has acted as a European subcontractor for years, not as a brand,” said Bakici of Poyraz Fındık, one of Turkey’s largest exporters. /tesheshi.com/

Kaynak: prizrenpost