Turkish hazelnut prices crash nearly 50% amid bumper crop, weak demand

Turkish hazelnut prices have plummeted by almost half since their peak in October 2025, a sharp decline attributed to sluggish demand and optimistic forecasts for the upcoming 2026/27 harvest. The FOB price for Turkish hazelnuts has fallen to $910 per 100 kg, a significant drop from the $1,790 per 100 kg recorded just months prior.

The International Nut and Dried Fruit Council (INC) estimates Turkey's 2026/27 hazelnut production will reach 809,940 tons, a substantial 56% increase from the previous season. Coupled with an estimated initial stock of 150,000 tons, the total supply for the 2026/27 season is projected to reach nearly 960,000 tons. This anticipated abundance, alongside weak consumer demand, has driven market prices downward.

Global hazelnut giant Ferrero returned to the Turkish market in May, offering prices between $5.20-$5.84 per kilogram depending on nut size. However, the company procured only about 5,000 tons, citing insufficient existing stock to meet their quality standards. This move comes as Chile, another significant hazelnut producer, faces its own quality issues, with its 2026/27 production estimated at 120,000 tons, slightly down from the previous season.