Going nuts for Nutella: Italian confection maker Ferrero consumes 25% of the world's hazelnuts. Photo: Fotolia Once an exotic European treat, Nutella is now so popular around the globe that almost a quarter of the world’s hazelnuts are used to make the chocolate spread.
The world’s insatiable demand for Nutella has made Italian confection maker Ferrero the biggest customer for hazelnuts, with the company now consuming 25 per cent of the global supply to help make its chocolate spread and other treats, according to the Guardian.
The price of hazelnuts is also at a 10-year high after shooting up 60 per cent this year following bad weather that devastated crops in Turkey, the world’s leading producer, but it’s probably too soon to start hoarding Nutella. That’s because Ferrero bought a leading Turkish hazelnut supplier in July and is therefore more insulated from market ups and downs.
Other chocolate companies like Cadbury, which uses hazelnuts in some of its candy bars, may be in a but more trouble.
Nutella, like many inventions, was born out of necessity. Italian pastry maker Pietro Ferrero, who founded the Ferrero company, used hazelnuts during the 1940s to make his chocolate go further amid severe wartime rationing. The workaround proved popular, though, and the company kept making the chocolate spread well after the war. Today, 180,000 tons of Nutella are consumed each year.
Michele Ferrero, son of Pietro and current company owner, is Italy’s richest man with a net worth of US $26 billion.
- This video will make you think twice about eating Nutella
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