Russia, the world's largest supplier of pine nuts, is implementing new measures to regulate their harvesting and export. As of August 1, 2023, pine nuts from Korean pine have been designated as strategically important goods, aiming to combat illegal exports. The new laws allow regional authorities to impose limits on nut collection for personal use, which may conflict with the Forest Code and complicate access for locals who rely on this vital source of income.
Pine nut producers are already facing challenges due to rising export duties. From August 1, 2024, the duty on unprocessed pine nuts will increase to 25%, reaching 50% by 2025. These measures add pressure on producers, as profit margins in the business are already low.
The global pine nut market shrank by 60% in 2023, totalling $585 million. Russia exported nuts worth $101 million, with China being the major buyer, actively purchasing and processing the nuts, thus creating competition for Russian companies.
Growth prospects lie in the advanced processing of pine nuts and expanding direct export channels.
Source: forbes.ru