We have some bad news: a global vanilla shortage will inflate ice cream prices.
Analysts expect the price of vanilla ice cream to go up by 10 percent to preserve profit margins, Management Today reports.
In Mexico alone, production of the spice has fallen by 90% in the past year, according to data from Mintec. Panic buying has now begun in earnest. Widespread stockpiling of Madagascan vanilla, the only full crop remaining, has pushed up prices even further. Around 40% of the world’s supply of black vanilla – some 1,000 tonnes – was recently shipped out of Madagascar following a sudden jump in orders.
After saffron, vanilla is the second most expensive spice because it is labor intensive to grow and harvest.
Image: allie bishop pasquier/Creative Commons