Chocolate prices likely to soar after April frost damages Turkish hazelnut harvest
Istanbul (dpa)Wholesale hazelnut prices have jumped this harvest season due to frost damage in Turkiye, the world's leading producer.According to the Amsterdam-based commodity data platform Vesper BV, a metric ton of Turkish hazelnuts now costs around 9,400 euros ($10,900) - an increase of roughly 34% since the start of the year, Vesper told dpa.In April, a cold snap damaged Turkiye's crop, pushing prices higher even before the harvest began.Global prices for chocolate-hazelnut goods have been rising, in tandem, for some time.Turkiye's Agriculture Minister Ibrahim Yumakli called this year's frost one of the worst in the country's history. Experts have pointed to climate change, which they say is making extreme weather events more frequent, as the underlying cause.Around 60% of the world's hazelnuts grow primarily on the green mountain slopes along Turkiye's Black Sea coast, where the nut is called "green gold" because of its economic importance.Hamburg trading house Schlüter & Maack estimates that wholesale prices for Turkish hazelnuts have risen by about 40% since the cold snap. Surpluses from previous harvests and good yields in other producing countries have partly offset the losses.In Turkiye, the state grain board - a kind of market regulator - raised the minimum purchase price for hazelnuts just days ago. This year, the price is about 4.20 euros per kilogram. Measured in the local currency, the lira, which has been repeatedly devalued, this amounts to an increase of more than 50%.The last major frost-related crop failure in Turkiye occurred in 2014.
Chocolate-hazelnut Products Pricier Rising hazelnut prices have affected the prices of chocolate hazelnut products in markets across the world.A spokesman for Ritter Sport, the German makers of the iconic square chocolate bars, said the frosts in Turkiye and rising prices have had a tangible impact on the company. Ritter Sport processes several thousand tons of hazelnuts annually,mostly from Turkiye's Black Sea coast and partly from the UnitedStates."We are seeing a massive double burden on the raw materials side," he said, adding that the strain was not expected to ease up in the future.The price hikes will likely hit the world's largest hazelnut buyer the hardest: Nutella-maker Ferrero, which is estimated to source about one-third of all hazelnuts globally.
The Italian company declined to comment on prices when asked, but denies any supply disruptions. The company said it sources hazelnuts not only from Turkiye but also Italy, Chile, and the US, which ensures supply security.
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