That's nuts! Bad weather causes Nutella shortage
Digital News Editor
Friday, August 15, 2014, 9:26 AM -
Hail storms and March frosts destroyed hazelnut flowers growing on Turkey’s Black Sea coast, an area that produces 70% of the world’s hazelnut supply.
Although the extent of the damage to the crops is not yet known, suppliers are estimating that there could be a shortfall of 260,000 tonnes of hazelnuts this season.
CHOCOLATE SHORTAGE: Soaring cocoa prices could turn chocolate into a 'luxury' item .
This has pushed up the price of hazelnuts from $7,000 per tonne in February to $11,400 per tonne, which could cause further problems for snack manufacturers already struck by rising prices. The price of cocoa has also rocketed in recent months to a three-year high, caused in part by increasing demand for chocolate in countries like China and India.
Ferrero, which makes Ferrero Rocher and the popular hazelnut spread Nutella, uses 25% of the world’s hazelnut crop.
Nutella was created to solve a shortage of cocoa after the Second World War, with a pastry maker using a hazelnut paste and small amounts of precious cocoa to make it go further.
Nowadays, it’s hugely popular around the world: the amount of Nutella consumed globally in one year could build Big Ben 22,000 times.
Fans of the spread may start stocking up as the price of hazelnuts continues to rise. The biggest jar of Nutella available is a massive 5kg jar – that would certainly last a while, but makes quite a statement on the breakfast table.