Recently published research from Business Monitor International, "Caribbean Food & Drink Report Q2 2013", is now available at Fast Market Research

Boston, MA -- (SBWire) -- 03/15/2013 --BMI Industry View

The outlook for the consumer sector in the Caribbean region remains subdued, as the region was especially hard hit by the global economic downturn. The Caribbean countries are particularly dependent on tourism levels to maintain their growth, leaving them especially vulnerable to economic weakness in major Western markets. Markets such as Jamaica, the Bahamas and Puerto Rico were among the first to enter recession and have been among the slowest to recover, which has put downwards pressure on the propensity to spend and has led to a drop in demand. However, the region is slowly showing signs of recovery, and all of the countries covered in the Caribbean Food & Drink report were expected to have registered positive economic growth in 2012. There are also several markets, including the Dominican Republic and Trinidad & Tobago, which were much more resilient during the global crisis and have bounced back much more swiftly, with significant pockets of opportunity remaining in the region.

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Headline Industry Data (US$)

2012 food consumption per capita:

- Bahamas: US$1,799
- Barbados: US$1,216
- Dominican Republic: US$236
- Jamaica: US$306
- Puerto Rico: US$981
- Trinidad & Tobago: US$903
Forecast 2013 food consumption per capita growth: - Bahamas: +0.8%
- Barbados: +4.3%
- Dominican Republic: +2.5%
- Jamaica: +3.8%
- Puerto Rico: +2.6%
- Trinidad & Tobago: 1.4%

Forecast food consumption per capita compound annual growth rate (CAGR) 2012 to 2017:

- Bahamas: 1.0%
- Barbados: +3.3%
- Dominican Republic: +2.6%
- Jamaica: +4.6%
- Puerto Rico: +3.5%
- Trinidad & Tobago: +3.0%

Key Company Trends

Salada Looking Abroad For Growth: In February 2013, Jamaica's largest coffee processing firm Salada Foods announced that it is now focusing on increasing exports as an integral part of its growth strategy, with exports forecast to grow by at least 20% in 2013 alone based on new distributorships the company is seeking. The company identified China as a market that has experienced significant growth in recent years, and offers strong potential. Salada also plans to target other Asian countries for growth. In 2013 the company is also planning to launch two new products under the Jamaican Ginger Tea label - one with sugar added, and a sugar-free alternative to attract health-conscious consumers.

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