A kilo of vanilla beans costs more than a kilo of silver.
Cultivated painstakingly over years from an orchid plant, vanilla is the second most expensive spice in the world, after saffron.
The price of black whole-bean Madagascar vanilla, the benchmark product, costs $520 per kilo. While this isn’t quite the spice’s record-high of $635 per kilo - reached after a ruinous cyclone in 2017 - it is still nearly six times the price of $87.50 per kilo in early 2015. General Mills, which sells Haagen-Dazs outside the United States and in the brand’s international ice cream parlors, said higher vanilla costs were forcing prices upward.
To protect their crop in Uganda, “farmers were sleeping in these fields and there were murders and beatings,” she said. “It was awful.” Bourbon vanilla, which McCormick sells, is by far the most popular variety in the world. Though it has historically been cultivated in Mexico, it mostly has been produced in Madagascar for the past century because many farmers elsewhere found it such a time-consuming, delicate crop, not worth the uncertainty and price fluctuations. Pratt said he doesn’t yet know how much Indonesia would have to produce to calm market prices.
Pinto told Reuters Ben & Jerry’s efforts in Uganda foundered, however, because eastern buyers - mainly from China - swooped in and “showed up to the village with a boatload of cash” ahead of the government-sanctioned harvest date.FILE PHOTO: Fresh vanilla pods are seen at a plantation in Ambavala, near Andapa, Sava region, Madagascar July 14, 2018. REUTERS/Clarel Faniry Rasoanaivo/File Photo
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