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Vanilla shortage threatens ice cream prices this summer

A price surge could be coming to a freezer near you.

Following a poor harvest in Madagascar last year, the cost of vanilla beans has surged, threatening many ice cream manufacturers, according to The Guardian.

"The market price of vanilla has risen over the past 12 months, and sharply over the last 12 weeks," Silver Spoon, the distributor of the American Nielsen-Massey vanilla brand in the United Kingdom, told the publication. "This has been driven largely by a poor quality harvest in Madagascar. Our hope is that vanilla prices will return to a more stable level in the future."

The price of vanilla has more than doubled since February for Charlie Thillier, founder and managing director of ice-cream brand Oppo. His company was paying around $40 per liter of the spice. Now it pays more than $85, he told The Guardian.

These soaring prices could impact more than just the ice cream industry. Vanilla is utilized by companies who manufacture soft drinks, perfumes and even medications.

Read the full article from The Guardian.