In December of 2017, a market report was released by a European company that has been in the vanilla business for more than 100 years and is known for their honest and reliable industry assessments. The report addressed the complicated conditions on the ground in Madagascar as well as an update on other major vanilla bean producers such as Papua New Guinea, Indonesia, East Africa, Mexico, Polynesia and India. Countries such as Papua New Guinea and Indonesia have increased production considerably and will hopefully continue to do so and to create better quality vanilla beans overall.
In late March I received an e-mail from Simran Sethi requesting an interview regarding the cyclone that struck Madagascar two weeks earlier and how it would impact the already troubled vanilla market. I responded that I would be happy to talk and a date and time were set. What happened next was serendipity. Within a few minutes of our meeting, Simran and I realized we have been traveling the same path with the same concerns and seeking the same outcomes on behalf of those who grow the foods we all love that are becoming endangered in ways that most of the world is unaware.
It appears that saffron is a flavor we either love or loathe. I’m in the love camp, and thoroughly enjoy a good, earthy paella and tagine as well as freshly baked saffron bread tinted a delicate shade of yellow and with the slightly bitter flavor of this valuable stigma of the autumn crocus. I also drink saffron as a decaffinated tea, as it contains numerous health benefits, and a well made ice cream, redolent with saffron is a rare treat.
Have you noticed that the cost of cookies, cakes and ice creams have been creeping up? Most desserts use vanilla, and vanilla prices have skyrocketed since 2014. Could that be it? Absolutely! And why is vanilla so expensive now? The answer may surprise you. Read on.
Like everything else, the cost of vanilla is affected by supply and demand, and today the vanilla supply is down – WAY DOWN. The reasons will surprise you!
Tropical farmers who grow coffee, cacao, vanilla, sugar and a few other crops, constantly face fluctuating prices for their crops due to supply and demand. And because vanilla is by far the smallest of the tropical luxury crops, the vanilla industry faces dramatic fluctuations.