Nutella could be facing a huge price hike because the cost of delicious, delicious hazelnuts has skyrocketed.
Whether you want to admit it or not, on more than one occasion, probably this week alone, you've come back into the house and then spent the rest of the evening dipping anything from bananas to lumps of chocolate into a jar of Nutella. It might not be the world's healthiest diet, but it is tasty.
Well you might have to curb that habit if the latest news is to be believed, because the delicious spread could be facing a price hike after the supply of hazelnuts dwindled this year, causing their cost to skyrocket.
Turkey, which is the main growing area in the world for hazelnuts according to Business Week was hit by some pretty intense hail earlier in the year which damaged the crop, and could force prices up by as much as 60%.
The Ferrero Group, who make Nutella, consume nearly 25% of the entire world's supply of hazelnuts, so their constant demand could have an impact on prices too, and while they apparently haven't made any statement regarding the news yet, they may be too busy basking in all their success, as in the last decade global sales of Nutella have nearly doubled in value, from $1.3 billion to nearly $2.5 billion at last count.
That's all good news for them, as is the fact that they recently bought one of the world's leading hazelnut suppliers in Oltan group, which may help shield them from the effect of the prices going up, but we're still headed to the supermarket to fill our trolley with the stuff before it all kicks off.
Via Business Week. Main pic via App.com
