After frost damaged the hazelnut crop in Turkey, concerns that the price of the beloved spread could go up
First, the price of limes in the U.S. soared this spring due to bad weather and disease thwarting Mexico’s lime industry. Now Nutella may be facing a similar crisis.
Earlier this year, frost damaged the hazelnut crop in Turkey, which supplies around 70% of the world’s hazelnuts, “leaving buyers scrambling for supplies,” the Financial Times reports. Hazelnut prices have increased 60%, a 10-year high, raising fears that the price of Nutella could go up because its parent company, Italian chocolatier Ferrero, is the leading buyer of hazelnuts worldwide. (Each 13-ounce jar of the addictive cocoa spread contains 50 hazelnuts.)
Ferrero may have ensured its supply of the nuts by purchasing the Oltan Group, Turkey’s top procurer and processor of hazelnuts, according to Businessweek. The Guardian argues that the price surge could also affect Cadbury, which makes a milk-chocolate candy bar with whole hazelnuts.
Nutella is so tasty that it wouldn’t hurt to stock up while it’s still affordable. Who knows whether college students will start stealing it again! But if the price does actually go up, you may want to consult NewsFeed’s ranking of Nutella alternatives.