The price of vanilla is ever-changing, and the vanilla market is currently cooling down after years of exorbitant prices. Unlike several other businesses, who are unfortunately not adhering to a specific code of conduct, we are following and respecting the minimum price guidelines that have been set out by the government; this is despite us still holding a large stock, due to the pandemic! The Malagasy government has published an official price floor for vanilla of $250 per kilo, which we are following! However, a few other competitors are selling their vanilla at a lower price than has been set out, making it hard for us to compete in a fair manner, and making it harder for us to move the stock that we could not sell. Yet, we are committed to selling you our Vanilla at a fair price, even if that means we have to lose out!
But why should YOU care? Simply put, you should care because it’s unfair! Austhachcanada ( http://www.austhachcanada.com/juin-2021/ ) explain that, despite the issue of ‘cheating’ having been brought up numerous times, the class actions were completely disregarded when they were investigated! For them, they do not think that it is a big issue, but, they simply do not understand the ins-and-outs of the vanilla market, or the impact that it has on small businesses, such as ourselves! In addition, the current vanilla market is valued “at $866.6 million USD in 2020, BUT is expected to reach $312.6 million USD by the end of 2026!! This will be a huge problem for farmers who are absolutely dependent on the current value of vanilla. Farmers could be left with excess product, and poverty could increase further as a result of this” (source: https://www.allthingssupplychain.com/how-the-pandemic-is-impacting-the-vanilla-supply-chain/ ).
However, we can cross our fingers and toes, as, hopefully, demand will continue to grow, now that we are finally leaving behind the COVID-19 pandemic (albeit, rather slowly). Furthermore, as laws are tightened, manufacturers are less likely to ignore pure vanilla labelling, when exploring their products, which is, ultimately positive!