Vanilla prices to rise
Jan 16, 2006
VANILLA farmers can look forward to a more prosperous 2006, thanks to increased demand for natural vanilla on the international market.
By Vision Reporter
VANILLA farmers can look forward to a more prosperous 2006, thanks to increased demand for natural vanilla on the international market.
According to market research by the United States Agency for International Development- funded Agricultural Productivity Enhancement Programme (APEP) and the Association of Vanilla Exporters of Uganda, vanilla prices will tremendously improve this year.
Clive Drew, the managing director of APEP, said, “Demand has improved. The low prices in 2005 attracted many of the end users back to using natural vanilla, but not to previous levels since some will continue to use blends of natural and synthetic products.â€
He said extractors and end users had also partially re-stocked inventories that they were able to procure at low prices as a hedge against future natural or man-made disasters.
“The supply situation has tightened. Madagascar had a poor crop in 2005 largely because the vines had been stressed from the previous bumper crop,†Drew said.
VANILLA farmers can look forward to a more prosperous 2006, thanks to increased demand for natural vanilla on the international market.
According to market research by the United States Agency for International Development- funded Agricultural Productivity Enhancement Programme (APEP) and the Association of Vanilla Exporters of Uganda, vanilla prices will tremendously improve this year.
Clive Drew, the managing director of APEP, said, “Demand has improved. The low prices in 2005 attracted many of the end users back to using natural vanilla, but not to previous levels since some will continue to use blends of natural and synthetic products.â€
He said extractors and end users had also partially re-stocked inventories that they were able to procure at low prices as a hedge against future natural or man-made disasters.
“The supply situation has tightened. Madagascar had a poor crop in 2005 largely because the vines had been stressed from the previous bumper crop,†Drew said.