Expert says shoppers should stock up on Nutella as a hazelnut shortage looms

• Turkey is the world's largest producer of hazelnuts.
• But its currency collapse is hurting this industry and could lead to shortages, the WSJ reported.

Turkey is experiencing a currency collapse that's making it more expensive to produce hazelnuts, which could lead to shortages in the global supply chain that would impact buyers such as Nutella-maker Ferrero.

Turkey is the world's largest producer of hazelnuts,

According to a new report from The Wall Street Journal, Turkish President Recep Tayyip Erdogan's decision to cut interest rates and the resulting crash in the value of the lira is having a knock-0n effect on hazelnut farmers. These farmers say it has become costlier to buy imported products such as fertilizer and seeds used to produce hazelnuts.

Because of this, some farmers are making fewer nuts, which could lead to shortages, the Journal wrote.

"The world is on the verge of hazelnut shortage," Turgan Zülfikar, a consultant based in the US that advises Turkish companies on entering the US market, told The Journal.

"If you are a Nutella fan, you better stock up at your next food-shopping visit," he said.

Nutella-maker Ferrero buys around one-third of Turkey's hazelnut exports. Its Kinder Bueno and Ferrero Rocher chocolates also use hazelnuts as a key ingredient.

Ferrero didn't immediately respond to Insider's request for comment. The company also did not respond to the Journal's requests for comment.

Higher costs for farmers could ultimately lead to higher consumer prices or see buyers head to other markets to source hazelnuts.

Italian-based company Ferrero has already been looking to shift its dependence away from Turkey to its home country. But while Italy is the second-biggest producer of hazelnuts, Turkey remains leagues ahead in this market.