New Food research report from Business Monitor International is now available from Fast Market Research
Boston, MA -- (SBWIRE) -- 09/25/2013 -- The Caribbean consumer outlook remains subdued as the region continues to strive towards economic stability post-global downturn. Challenges certainly persist as downwards pressure on consumer spending continues, with region-wide recovery still far from secure. However, despite obstacles faced by the consumer, pockets of opportunity continue to point to more positive gains over the medium to long term, with per capita food consumption growth forecast across the markets covered in this report.
Headline Industry Data
Forecast 2013 food consumption growth (local currency):
- Bahamas: +1.7%
- Barbados: +4.6%
- Dominican Republic: +5.7%
- Jamaica: +6.2%
- Puerto Rico: +2.5%
- Trinidad & Tobago: +2.6%
Forecast food consumption compound annual growth rate 2012 to 2017 (local currency):
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- Bahamas: +2.0%
- Barbados: +3.6%
- Dominican Republic: +6.5%
- Jamaica: +6.3%
- Puerto Rico: +3.8%
- Trinidad & Tobago: +3.6%
Key Company Trends
Angostura Introduces Ultra-Premium Rum: Trinidad & Tobago-based drinks company The House of Angostura (Angostura), one of the largest alcoholic drink producers in the Caribbean, has introduced a new ultra-premium rum. Legacy by Angostura, with only 20 limited edition bottles produced, will each sell for US$25,000. Angostura, a subsidiary of Trinidadian conglomerate CL Financial, has been looking to market the rum as a premium drink, while highlighting its Caribbean heritage.
Heineken Increases Investments in Haiti: In April 2013, global brewing giant Heineken announced that it will be investing over U$40mn in the coming years to upgrade and expand the Brasserie Nationale d'Haiti (BRANA) brewery in Port-au-Prince, Haiti. A part of the investment will include funding for regional programmes to build the capacity of smallholder farmers. Heineken employs more than 1,200 people in Haiti, and by 2018, the company plans to have given significant economic support to local farmers through sourcing their sorghum for use in packaging.
Key Risks To Outlook
Outlook Differs Throughout The Region: Given that the Caribbean is not a homogenous food and drinks market, there are both upside and downside risks depending on the country. For example, given that tourism continues to account for a significant proportion of economic activity in Jamaica, improved international perceptions of the island are likely to bode well for real GDP growth and thus also for consumer outlook.
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