In W40 in the hazelnut landscape, the global hazelnut market is forecasted to experience significant growth from 2022 to 2030. The market size is projected to increase from USD 14.94 billion in 2022 to USD 40.6 billion in 2030, demonstrating a compound annual growth rate (CAGR) of 9.9% over the period.
A shortage of hazelnuts in Turkey, the source of approximately 70% of the world's supply, has led to a 40% price increase over eight weeks ending in September, with prices ranging between USD 0.98 to 1.41 per pound (lb). Factors contributing to the shortage include low rainfall in some regions of the country, insect infestations, and climate change affecting critical nut development periods.
Lastly, in Spain, the hazelnut market saw increases of USD 0.2 to 0.4/lb in the Reus Market, with prices ranging from USD 1.87/lb (EUR 1.76 per kilogram) for San Giovanni variety to USD 2.28/lb (EUR 2.15/lb) for Negreta DOP hazelnuts. Hazelnut production is also up 54.57%, primarily in Catalonia and Aragon.