A decision to cut interest rates and a resulting currency crash in Turkey is making hazelnut farmers and Nutella lovers very nervous…
Imported seed and fertilizer prices are skyrocketing, making the upcoming crop look more like a dream than reality.
Digits: The Turkish hazelnut industry produces 70% of the world’s hazelnuts and employs 4M people. And it’s worth noting that Nutella-maker Ferrero buys around one-third of Turkey’s hazelnut exports.
Soundbite: “The world is on the verge of hazelnut shortage. If you are a Nutella fan, you better stock up at your next food-shopping visit,” noted Turgan Zülfikar, a U.S.-based consultant.
The More You Know: Nutella, the spread that made hazelnuts famous (CBS Sunday Morning)