Around 88% of the world's vanilla is grown in Madagascar which means that any changes there ,either social, political or climatic have a huge impact on vanilla prices.
Prices start rising a few ago when allegedly criminal elements whom were illegally logging sandalwood started buying up the vanilla crops as a way of laundering their proceeds. Then in early 2017 a cyclone hit the country with devastating consequences taking over 100 lives and decimating the vanilla crop in its path.
The price of vanilla has now soared tenfold from its 2012 price which lead to crops being harvested too early and an outbreak of crop rustling resulting in poor product entering the market.
It is still too early to forecast if the 2018 crop will drop in price but it has lead to a rise in synthetic vanilla so if the ice cream cornet that you are eagerly tucking in to on the beach this summer does not seem as nice as it was when you were a child then it is probably not "Sentimentality" but "Synthesis" !
Prices start rising a few ago when allegedly criminal elements whom were illegally logging sandalwood started buying up the vanilla crops as a way of laundering their proceeds. Then in early 2017 a cyclone hit the country with devastating consequences taking over 100 lives and decimating the vanilla crop in its path.
The price of vanilla has now soared tenfold from its 2012 price which lead to crops being harvested too early and an outbreak of crop rustling resulting in poor product entering the market.
It is still too early to forecast if the 2018 crop will drop in price but it has lead to a rise in synthetic vanilla so if the ice cream cornet that you are eagerly tucking in to on the beach this summer does not seem as nice as it was when you were a child then it is probably not "Sentimentality" but "Synthesis" !
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