Vanilla Price Trend and Forecast

Vanilla Regional Price Overview

Get the latest insights on price movement and trend analysis of Vanilla in different regions across the world (Asia, Europe, North America, Latin America, and the Middle East & Africa).

Vanilla Price Trend for the Year 2024

The 2024 vanilla market remained under pressure, marked by prolonged low prices and an oversupply of the commodity. Producers in major growing countries, particularly Madagascar and Uganda, faced significant financial stress due to persistently weak demand and accumulating unsold inventory. In Uganda, producers reported another year of losses, with many struggling to cover basic production costs such as pollination, irrigation, and theft prevention.
 

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In Madagascar, a spike in vanilla exports strained freight networks, reflecting aggressive industrial buying in the first half of the year. However, early entrants into the green vanilla market paid higher prices than those who purchased in bulk later, as market rates declined sharply thereafter. Although early concerns about cyclone-related damage raised fears of a reduced harvest, actual production exceeded expectations, further adding to the market surplus.

The chocolate industry's shift toward vanilla-flavored products—prompted by rising cocoa prices—generated a modest uptick in vanilla demand for bakery applications. Still, this limited growth did little to offset broader downward price pressure. Exporters in Madagascar and traders in Uganda were left with large inventories, much of which did not meet premium quality standards due to post-harvest handling issues.

Toward the end of the year, concerns grew among market observers over potential quality degradation linked to premature vacuum-packing and inconsistent curing practices. Throughout 2024, the vanilla market continued to reflect subdued demand, persistent oversupply, and a predominance of lower-grade material, all of which contributed to keeping prices at record lows.

Analyst Insight

According to Procurement Resource, the vanilla price curve is expected to remain on the lower end, as demand is projected to stay subdued in the coming months.

Procurement Resource provides latest prices of Vanila. Each price database is tied to a user-friendly graphing tool dating back to 2014, which provides a range of functionalities: configuration of price series over user defined time period; comparison of product movements across countries; customisation of price currencies and unit; extraction of price data as excel files to be used offline.