Ice cream prices might increase worldwide
Experts have warned the prices of Vanilla ice cream may increase due to shortage of vanilla pods.Its market growth mainly in Madagascar, Mexico and India which is the most expensive and worlds favourite flavours are served.
Trade journal The Grocer said Mexico and India have suffered poor crops this year. That has paved the way for traders to stock up early on the unaffected crop from Madagascar, knowing the country now has a virtual monopoly, the Daily Mail reported on Tuesday.
Madagascar produces around 2,000 tonnes of black vanilla a year.
Opportunists are now stockpiling the spice, which is pushing up prices in commodity markets. Vanilla is pricier any other spice – except saffron – because of its time-consuming production. It is grown in pods on a particular variety of orchid.
The cost of the spice has already gone up from $25 to $30 per kg, after being stuck at about $25 a kilo for around six years.
Although it is most famously used for ice cream, vanilla is an ingredient in many other foods and is even used in medicines and perfume.
The vanilla market does not tend to move often but when it does the prices will be sky rocketing due to this reason buyers have right to be nervous as the grocer mentioned.