The price of hazelnuts, essential for Ferrero’s spreads and chocolates, has almost doubled since the beginning of the summer

after a spring frost and a pest epidemic in Turkey reduced the amount of hazelnuts available for the confectionery industry.

Ferrero, which consumes about a quarter of global hazelnut production , halted purchases, drawing on its own stocks and sourcing from Chile and the US.

London-based traders say prices have further inflated as Turkish middlemen have aggressively bought from farmers, betting that the world’s largest hazelnut consumer will soon be forced back into the market.

In a normal year, Turkey harvests between 600,000 and 700,000 tonnes of hazelnuts, almost two-thirds of the global supply of around 1.1 million tonnes.

The hazelnut situation, like that of cocoa or meat and milk, will create further inflation.

Drafted 31 October, updated 2 November 2025