Inside Juan Cúneo's Hazelnut Expansion in Los Ríos
Juan Bautista Cúneo Solari is best known as a key shareholder of Falabella, but through his family office Liguria he has built a quieter agricultural portfolio in southern Chile. Alongside the Casas del Bosque winery led by his daughter Giorgianna Cúneo, Liguria controls agricultural operations under the Casas del Sur umbrella in the Los Ríos region.
In 2014, seeking to diversify away from dairy farming and wheat, the group chose European hazelnuts as a new crop. The project sits on Agrícola Casas de La Unión, a 193-hectare property, while two other farms totalling 1,100 hectares remain focused mainly on milk production for Quillayes Surtal. A corporate restructuring carved out Agrícola Los Avellanos Limitada, with Juan Cúneo holding 10% and daughters Paola and Giorgianna holding 45% each, according to public records cited by the report.
The first 90 hectares were planted in 2015 and are now in full production, yielding about 2,400 kilograms per hectare of Italian hazelnut varieties; 40 more hectares were added in 2022 and another 40 this year. Most of the output is sold to Ferrero Hazelnut Company, the Italian group behind Nutella, Kinder Bueno and Ferrero Rocher.
The timing looks favorable. Frosts and a pest problem have cut output in Turkey, the world's largest hazelnut producer, pushing benchmark prices to around US$6 per kilogram in 2025 and benefiting Chile and the US state of Oregon. Ferrero recently announced a third Chilean plant in Cunco, adding to Maule and Ñuble, while Grupo Hijuelas opened a processing facility in Osorno in June.
Why Hazelnuts Became Cúneo's Quiet Diversification Bet
From dairy and wheat to a stable Ferrero offtake
The Cúneo family's move into hazelnuts began as a risk-reduction exercise after years of dairy, beef and wheat production. Hazelnuts give the portfolio a longer-term crop with a direct industrial buyer, reducing exposure to milk price cycles. Associates quoted in the report say the business is profitable over a 10-year horizon and broadly comparable to dairy, but the current commodity cycle is unusually strong because of the Turkish supply shock.
Turkey's production problems are resetting global prices
Turkey normally sets the international price for hazelnuts. Two years of frost damage and pest pressure have reduced its harvests, and the 2025 benchmark of about US$6/kg illustrates the squeeze. That has opened a near-term window for the next-largest producing regions, namely Oregon and southern Chile, to capture higher margins and expand their role in Ferrero's global supply chain.
Chile's processing capacity is expanding around the crop
The industry build-out is tangible: Ferrero is adding a third plant in Cunco, La Araucanía, and Grupo Hijuelas opened a plant in Osorno in June. For growers, that means more local processing and buying options, and some industry voices already suggest Chile could become the world's main hazelnut supplier by 2035. Cúneo's operation is responding by concentrating investment on irrigation, drying and harvest technology rather than planting more hectares, an approach aimed at improving fruit quality and caliber.
What Cúneo's Hazelnut Play Signals for Agribusiness
For agribusiness owners, investors and suppliers following Chile's hazelnut chain, the Cúneo case offers concrete reference points.
- At the 2025 benchmark of about US$6/kg, the reported 2,400 kg/ha from 90 mature hectares implies roughly US$14,400 per hectare in gross production value, but new plantings take years to reach that stage.
- Ferrero's third plant in Cunco and Grupo Hijuelas' Osorno facility broaden processing demand in southern Chile, giving growers alternatives beyond a single buyer.
- The Cúneo family's stated focus on irrigation, drying and harvest capacity rather than acreage suggests the next value gains will come from fruit quality and caliber, not only volume.
- Two milestones to watch are the maturation of the additional 80 hectares already planted and whether Chile sustains progress toward becoming the world's leading hazelnut supplier by 2035.
Risk & Opportunity Assessment
| Commercial Risk | Medium | Revenue depends on global hazelnut prices that are currently elevated because of Turkey's frost and pest problems; a recovery in Turkish supply could reverse the US$6/kg 2025 benchmark. |
| Competitive Risk | Medium | Chile is expanding processing and planting capacity, including Ferrero's new Cunco plant and Grupo Hijuelas' Osorno facility, which may reduce early-mover advantages even though Cúneo has a Ferrero offtake. |
| Regulatory Risk | Low | The article reports no specific regulatory or subsidy changes affecting the operation; general agricultural permitting and water access would matter only if expansion resumes. |
| Reputation Risk | Low | No reputational controversy is present; the operation is deliberately low-profile and tied to a stable Ferrero supply relationship. |
| Technology Disruption | Low | No disruptive technology threat is identified; the group is investing in irrigation, drying and harvest technology to improve quality. |
| Commercial Opportunity | High | Turkish supply disruptions, strong prices and Ferrero's expansion in Chile create a favorable market window for established growers and processors. |
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