Market briefing No. 01 · October 2026
Madagascar vanilla prices sit near the cycle low as intervention returns
Madagascar's average vanilla export value fell by about 40% in a year as oversupply weighed on the market. Grade premiums have compressed, the island is intervening again through stock buying and a green-vanilla floor, and UK import duty depends on the origin.
Released 19 October 2026 · 8 min full edition
- Madagascar (SAVA)
- Uganda
- Indonesia
- Papua New Guinea
- Tahiti
Public data point
Madagascar average vanilla export value, Q4 2025
-40% year on year, USD/kg.
Source: Central Bank of Madagascar data, reported by Agence Ecofin on 23 June 2026. Average export values, not contract prices for a specific grade.
Free excerpt
1. Executive summary
- Prices near the bottom of the cycle — Madagascar's average vanilla export value fell to $38/kg in the fourth quarter of 2025, from $63.60/kg a year earlier, according to Central Bank of Madagascar data reported by Agence Ecofin. Aust & Hachmann's May 2026 report describes inflation-adjusted prices in Madagascar and Uganda as at historic lows.
- Oversupply is structural — A Council of Ministers report cited by Ecofin put Madagascar's 2023/24 exports at 4,300 tonnes against global demand of roughly 2,500 tonnes.
The preview stops here. The rest of the executive summary and every section after it are part of the full edition.
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- Procurement actions for buyers
- Full dated source list and the A4 PDF desk edition
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