We may all be screaming for ice cream this summer.  The price of everyone's favorite summer treat could be on the rise after a shortage in the global vanilla supply.

Poor vanilla crops in Mexico and India --two major global producers --have led to a worldwide crisis in the crop of the pod-like staple. Madagascar, another major wholesale producer, has been taking advantage of the situation and stockpiling supplies.

As a result wholesale prices have risen by around 20 per cent in just two months, according to the Telegraph.

Financial experts say the shortage could hit thousands of food and drink manufactures, including ice cream makers. The price of ice cream may rise up to 10 percent in an effort to pass off the higher prices.

While the price per kilogram of vanilla has only increased by $5 (from $25 to $30), buyers are fearful of another serious shortage, similar to when hurricanes destroyed Madagascan crops in April of 2000 and vanilla soared to $550 per kilogram.

The skyrocketing prices of vanilla also impacts other goods, such as soft drinks, baked goods, perfume and even medicines.