Italian Hazelnut Prices Creep Higher as Input Costs Fall, but Consumer Demand Remains Weak

Hazelnut kernel prices in Europe have steadily increased since bottoming out in September/October 2022, reaching the highest price in 13 months at USD 14.29/kg in May. Lower input costs have enabled buyers to raise prices when purchasing raw materials, while still protecting their profit margins. However, ample global supplies will keep increases in check in the short term, as European demand and imports remain weak. A return in consumer demand is projected over the medium to term and could accelerate the price recovery.