Turkey’s Competition Authority has announced the conclusion of its investigation into the alleged hazelnut market monopoly by the Italian company Ferrero, according to a statement released today.
The investigation, prompted by complaints from Turkish farmers who claimed Ferrero was manipulating hazelnut prices to their disadvantage, has been resolved with commitments from Ferrero’s Turkish subsidiary, the statement revealed.
Ferrero, renowned globally for its Nutella spread and Ferrero Rocher chocolates, was accused of purchasing hazelnuts from Turkish farmers at low prices and then selling its products at significantly higher rates.
Responding to the closure of the investigation, Ferrero emphasized its dedication to operating in Turkey by committing to purchase hazelnuts at prices not below the intervention reference point.
The Turkish Competition Authority initiated the investigation in 2022 following concerns that Ferrero was exploiting its dominant position in the hazelnut market. The inquiry aimed to assess potential violations of competition laws throughout the hazelnut supply chain, from production to export.
Employing over 1,000 individuals in Turkey and sourcing hazelnuts from the country for more than three decades, Ferrero plays a significant role in the world’s largest hazelnut-producing nation.
In 2023, Turkey exported over 280,000 tonnes of hazelnuts valued at $1.86 billion, as reported by the trade association.