Vanilla: Prices are about to turn

May 24, 2018 at 9:39 AM , Der AUDITOR
Papa New Guinea is set to replace Indonesia as second largest producer in 2018.
Papa New Guinea is set to replace Indonesia as second largest producer in 2018.
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BRUSSELS. Vanilla prices have surges over the last few years and demand in Europe has dropped significantly. The market may, however, witness the long-awaited decline in prices in 2018.

 

High prices put off buyers in the EU

The high prices for vanilla have put off buyers. Ice cream producers and the bakery industry have either stopped using vanilla or have switched to mixtures and synthetic aromas. There is also a noticeable impact on imports to the EU. Shipments to the EU have decreased considerably over the last three years. While as much as 1,262 mt were imported in 2016, as little as 1,034 mt were imported in 2017. Contrary to this, the import value has sextupled over the last five years. In 2013 the EU purchased 1,891 mt of vanil

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