Vanilla price hike predicted to level off by the end of 2016
(Posted on 09/02/16)
After consecutive increases over the past few years, another is expected to impact the large amount of consumers in 2016 for one the world’s most popular flavours.
What you need to know
- Vanilla bean pricing has increased by as much as ten times compared to just 5 years ago
- Pricing is predicted to increase for 2016 only, before levelling off at the end of the year and then decreasing in 2017
- Vanilla purchasers are encouraged to reduce the amount they use, as opposed to dropping it completely
- Applications are sensitive to the change in type used, ie synthetic vs natural. Ice cream, for instance, is particularly sensitive to these changes. With natural ingredients trending, it is worth bearing in mind that customers are particularly conscious of non-natural ingredients
- Harvesting of vanilla beans should begin in summer 2016, with finished products ready for early 2017
As early predictions indicate an improved harvest this year based on the crop flowering well however, suppliers are hopeful that 2016’s high prices will be a temporary measure.
For more information, please contact Rachel Fordham on 07801 638 030 or firstname.lastname@example.org