Nutella Fans Brace to Pay More as Frost Hits Turkish Hazelnut Harvest
Ferrero takes around a quarter of Turkey’s hazelnut crop to make products like Ferrero Rocher chocolates and Nutella.
Photographer: Giuseppe Aresu/BloombergFirst olive oil, then cocoa and coffee. Now a fresh supply squeeze is set to hit another food pleasure — the hazelnuts that go into making the chocolaty Nutella spread.
Wholesale prices in Turkey, which accounts for around 65% of global hazelnut output, have jumped by around 30% since April following the country’s worst spring frost in more than a decade. And they are expected to continue rising, according to data from agricultural intelligence firm Expana.