Vanilla Market Update - November 2025

The Madagascar vanilla sector is entering one of its most dynamic periods in recent years.

Here’s what’s shaping the market right now – and what it means for the 2025–2026 campaign:

• Strong 2025–2026 crop already harvested

Last season’s production fell by more than 30%, but the 2025–2026 crop has now been fully harvested and confirmed as strong, with volumes aligned with earlier expectations. Beans are currently progressing through the curing and conditioning stages.

• This season’s flowering is noticeably lower than last year - but it does not impact the current crop

  
  

Field observations across Sava (Sept–Oct 2025) indicate reduced flowering compared to previous seasons. However, this has no effect on the already harvested 2025–2026 crop.

• Large global carry-over continues to pressure prices

An estimated 2,680 tonnes remain across Madagascar, Europe and the United States - keeping bargaining power firmly with buyers.

• Two major policy shifts improving stability

- CNV has been dismantled - meaning the former 4 USD/kg fee no longer exists.

- U.S. import tariffs are now back to 0% - restoring duty-free access for vanilla entering the American market.

These changes reduce pressure on the supply chain and support healthier trading conditions as the sector advances through a strong 2025–2026 campaign.

Madagascar’s vanilla landscape continues to evolve - and all signals show that regulatory clarity and stable policies will be key for the months ahead.