Vanilla is so valuable that it's been called "green gold." Uganda is quickly emerging as vanilla's next big player.
Vanilla is so valuable that it's been called "green gold." At its peak in 2017, prices reached nearly $600 per kilo, making it the second-most expensive spice in the world. But by 2024, prices had crashed to roughly $50 per kilo.
That volatility stems from one major factor: The world depends heavily on Madagascar, which has historically supplied about 80% of natural vanilla. When storms, theft, early harvesting, or policy changes hit Madagascar's crop, the entire global market feels it.
Now, buyers are looking for another source — and Uganda is quickly emerging as vanilla's next big player. With two harvest seasons a year, improved quality controls, and growing demand from major brands like Ben & Jerry's and Nielsen-Massey, Uganda could help stabilize and make natural vanilla more affordable.
So, why is vanilla so expensive? And can Uganda step in to help stabilize global prices?
Vanilla is so valuable that it's been called "green gold." At its peak in 2017, prices reached nearly $600 per kilo, making it the second-most expensive spice in the world. But by 2024, prices had crashed to roughly $50 per kilo.
That volatility stems from one major factor: The world depends heavily on Madagascar, which has historically supplied about 80% of natural vanilla. When storms, theft, early harvesting, or policy changes hit Madagascar's crop, the entire global market feels it.
Now, buyers are looking for another source — and Uganda is quickly emerging as vanilla's next big player. With two harvest seasons a year, improved quality controls, and growing demand from major brands like Ben & Jerry's and Nielsen-Massey, Uganda could help stabilize and make natural vanilla more affordable.
So, why is vanilla so expensive? And can Uganda step in to help stabilize global prices?
Every time publishes a story, you’ll get an alert straight to your inbox!
Look out for an alert in your inbox the next time publishes a story!
Every time a new story is published, you’ll get an alert straight to your inbox!
Look out for an alert in your inbox the next time a new story is published!
By clicking “Sign up”, you agree to receive emails from Business Insider. In addition, you accept Insider’s Terms of Service and Privacy Policy.