Boston, MA -- (SBWIRE) -- 05/30/2014 -- Though signs of growth are beginning to return to the Caribbean, economies within the region continue to feel the spillover effects of the 2009 financial crisis, which strongly shook the region's key industries of tourism and finance. With this in mind, we forecast relatively slow food consumption growth in a majority of the Caribbean markets. Despite these difficulties, some markets, most notably Jamaica and Dominican Republic, are expected to outperform over the forecast period.
Headline Industry Data
Forecast 2014 food consumption growth (local currency):
- Bahamas: +1.3%
- Barbados: +1.4%
- Dominican Republic: +4.9%
- Jamaica: +6.6%
- Puerto Rico:
- Trinidad & Tobago: +2.7%
Forecast food consumption compound annual growth rate (CAGR) 2013 to 2018 (local currency):
- Bahamas: +1.8%
- Barbados: +2.5%
- Dominican Republic: +6.1%
- Jamaica: +6.3%
- Puerto Rico: +4.0%
- Trinidad & Tobago: +2.8%
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Key Company Trends
UNIVEG Acquires Stichting Behoud Bananen Sector: Belgium-based supplier of fresh produce Univeg completed the takeover of Suriname-based banana exporter Stichting Behoud Bananen Sector (SBBS) in January 2014, completing the privatisation process of SBBS. Under the terms of the deal, UNIVEG will own a 90% stake in SBBS, while Suriname's agriculture ministry will hold the remaining 10%. SBBS will start operating under the name of Food and Agriculture Industries (FAI). The privatisation process took place under an International Tender Rule process where the EU acted as an observer. The acquisition is in line with UNIVEG's ongoing strategy to secure long-term sourcing requirements to optimally service its retail customers, according to Univeg's CEO Francis Kint.
Destileria Serralles To Raise Production Capacity: Puerto Rico-based Destileria Serralles unveiled plans in April 2014 to increase its rum production capacity over the next few years. As part of its expansion plan, the firm will add around 8mn gallons to its existing capacity. The expansion is in line with agreements signed between the distillery and private investors to produce distilled spirits for sale in the US.
Nestle Invests CHF12.9mn In Carnation Milk Factory: Switzerland-based food group Nestle is investing CHF12.9mn (USD13.23mn) in the expansion of its Carnation Milk dairy facility in the Dominican Republic, the second biggest economy in Central America and the Caribbean. Nestle is installing new milk evaporation equipment in the plant, primarily to produce Carnation evaporated milk. The plant processes milk that arrives daily from 44 milk collection centres in 11 different provinces of the country.
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