The Hazelnut Market

Hazelnuts are one of the most popular nuts worldwide, packed with protein and healthy fats. Their appeal spans generations, perhaps thanks to their close association with chocolate, but their distinct, rich flavour is beloved in its own right.

Today, Turkey produces more than 70% of the world’s hazelnuts. Despite consuming an impressive 60,000 metric tons annually, the country remains the largest global exporter. Given Turkey’s dominance in hazelnut production, we closely monitor internal market shifts that impact trade. Currently, three key factors are driving price fluctuations.

In December 2024, the Turkish government raised the minimum wage by 30%, prompting producers to raise raw materials costs to offset this sudden increase in production costs. This event also then prompted a depreciation of the Lira by around 3-5% due to uncertainty in the market.

Suppliers that are lucky enough to currently have a surplus of stock are capitalising on market volatility, further driving up prices. Meanwhile, Turkish hazelnut exports are at an all time high, putting strain on the raw material stock. The risk of frost damage during the winter months adds additional pressure, further contributing to price instability. 

Rest assured we are working with our trusted suppliers to mitigate these fluctuations where possible, so that you can continue rely on NFTC for your hazelnut supply.