Henley Bridge welcomes reduction in Madagascan vanilla prices
UK ingredients supplier Henley Bridge has welcomed key news that prices of Madagascan vanilla have seen notable reductions after a period of inflated rates that had caused concern within the wider market.
The company, which is the exclusive UK distributor for the Prova Gourmet range of vanilla products, claims a bumper harvest coupled with a lifting of export price restrictions is responsible for the falling cost of the commodity.
Madagascar is the world’s leading producer of vanilla and, after vehement protests, the Madagascan government has bowed to pressure and lifted price restrictions, putting an end to the minimum price of $250/kg.
Prova Gourmet is a French, family-owned business specialising in the production of vanilla extracts and flavours, offering cost-effective and time-saving solutions for busy chefs, bakers, mixologists, ice cream makers and chocolatiers with 25 game-changing products on offer.
The company’s latest Vanilla Market Report advises: “It now seems inevitable that, regardless of origin, vanilla prices will see a downward correction. This downward trend already started during the ‘green vanilla’ season in July-August 2023 and looks set to continue throughout 2024.”
As a consequence, Henley Bridge has passed on the vanilla price reductions for the Prova Goumet product range, which includes vanilla pods, extracts, flavourings, sugars and pastes, with immediate effect.
As the company noted, in other countries, Uganda and Indonesia face challenges in maintaining their market share against competition from Madagascan vanilla.
Meanwhile, Papua New Guinea’s vanilla, despite lower quality, remains attractive to manufacturers seeking a different flavour profile, and Tahitian vanilla’s niche positioning ensures steady demand and production levels.
Furthermore, the Comoros, like Madagascar, experienced a drop in vanilla purchase prices and needs to align with Madagascan market prices to remain competitive.
