The turnover of the three largest Georgian hazelnut exporters amounted to over GEL 90 million in 2021.
The three largest companies - GTJ Plas, Georgian Products Renaissance Ltd (GPR Nuts) and Global Export LLC are engaged in raw and whole nuts exports. The companies also carry out exports of roasted and crushed nuts, hazelnut flour and shells. Georgian nuts are used by companies as an ingredient for further processing in both confectionery and other products.
The largest hazelnut processing plants are located in western Georgia, the raw material suppliers are mostly local farmers.
In 2018-2021, the average annual growth of the three leading companies was as follows: GTJ Place LLC +41%; Georgian Products Renaissance LLC +45%; Global Export LLC +14%.
The total rate of profit in hazelnut exports is rather low and ranges within 4% - 8%. Georgian hazelnut producers are not involved in pricing even though when Turkey (the world's largest exporter) competes with Georgian hazelnuts by both quality and price.
Along with a low total rate of profit, the share of operating expenses is also small (1-4%).
The currency strengthening is one of the problems faced by the companies, as they sell hazelnuts for dollars and receive less profit.
