2024 Author: Jasmine Walkman | [email protected]. Last modified: 2023-12-16 08:29
Starting this summer, we can buy vanilla ice cream at higher prices due to the low yield of vanilla, which has significantly increased its price on international markets.
Vanilla growers around the world warn that Madagascar, the world's largest exporter of vanilla, has registered the weakest crop in years.
The price of the spice for one year has jumped by 120%. Five years ago a kilo of vanilla was traded for 14 pounds, and today it is sold for 155 pounds.
The reason for the big change is the weak flowering of vanilla in 2014. This greatly reduced yields in 2015 and, accordingly, exports in 2016 also decreased.
Vanilla is the second most expensive spice in the world after saffron, which requires much more effort to grow.
However, the more expensive prices of vanilla will not only affect vanilla ice cream, but also chocolate, pastries and some carbonated drinks, because it is one of the most used spices in the confectionery industry.
First, vanilla prices jumped for US markets, as the United States is the world's largest buyer of the spice. For its highest class, the spice reached $ 250 per kilogram, and only a year ago the price per kilogram was $ 80.
Cook Flavoring said that in 2012 they bought high-quality vanilla for $ 20 a kilogram. But last year they bought a lower grade of the spice for $ 210 a pound.
In addition to Madagascar, vanilla was also grown in China, Indonesia and Uganda, but in recent years the last three countries have shrunk their production, allowing Madagascar to raise prices.
However, the high values of vanilla are not expected to last long, and as soon as this year's harvest, they will fall.
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