CCI Nuts Market Update: Hazels and Pistachios

According to a report by Bloomberg (1), hazelnut wholesale prices in Türkiye, which accounts for about two-thirds of global hazelnut output, have jumped by around 30% since April following the country’s worst spring frost in more than a decade. This situation feels like déjà vu, as hazelnut prices similarly surged in 2014-2015 due to similar frosty conditions.

The 2025 hazelnut crop estimate by the International Nut and Dried Fruit Council (INC) for Turkey stood at 609,000 metric tons in May. However, the Turkish Statistical Institute (TÜİK) has recently reduced its crop estimate to 502,000 metric tons. Following the recent appreciation of the euro, European importers—especially the largest buyer from Italy—can breathe a sigh of relief, albeit to a limited degree.

As an alternative supply to Türkiye, CCI APAC offers high-quality hazelnut kernels from Azerbaijan. We ship from the Zaqatala and Xaçmaz regions of Azerbaijan, according to the purchaser's specifications and requirements.

According to the local industry association, the Iranian 2024 pistachio crop is estimated at about 200,000 metric tons. Year-to-date (YTD) exports have reached 160,000 metric tons of in-shell equivalent pistachios, marking a 68% increase compared to the previous year. The YTD "export to opening inventory ratio" stands at 70%, indicating a promising export year for Iranian pistachios. The June 2025 conflict did not have a significant impact on pistachio exports from the Bandar Abbas ports.

Similar to hazelnuts, the Turkish pistachio crop and prices are subject to frost concerns. Fortunately, the frost did not affect Gaziantep, a major pistachio-growing region in southeastern Türkiye. In line with hazelnuts, a strong euro is keeping export prices in check.

The 2025 pistachio crop in Türkiye is expected to be an "off year," with only 143,000 metric tons, according to an INC estimate (compared to a whopping 415,500 metric tons for the 2024 Turkish pistachio crop). However, a large carry-over pistachio inventory of 243,400 metric tons into the new season should increase available pistachio supplies to 386,400 metric tons in 2025/2026. References 1. Nutella Fans Brace to Pay More as Frost Hits Turkish Hazelnut Harvest (July 4, 2025) https://www.bloomberg.com/news/articles/2025-07-04/nutella-fans-brace-to-pay-more-as-frost-hits-turkey-s-hazelnuts