Caribbean Food and Drink Industry Update Quarter 4 2011

  • August 2014
  • -
  • Business Monitor International
  • -
  • 159 pages

Taken as a whole, the Caribbean consumer segment remains challenging, with the region hit hard by the global economic downturn. Industries such as Jamaica, the Bahamas and Puerto Rico were among the first to enter recession and have also been some of the slowest to recover. This has put downwards pressure on the propensity to spend and has led to a drop in demand for discretionary and non-discretionary goods across the region.
That said, we believe the region will turn a corner in 2011, with all of the countries covered in our Caribbean food and drink report posting positive economic growth. There are also several industries, including the Dominican Republic and Trinidad and Tobago, which were much more resilient during the global crisis and have bounced back much more swiftly. Within the region there remain significant pockets of opportunity.

Headline Market Data
2011 food consumption per capita/ projection 2011 growth/forecast compound annual growth rate (CAGR) to 2015 (all in US Dollar terms):

* Bahamas: US Dollar 1,817/+1.7%/+2.3%

* Barbados: US Dollar 1,250/+2.4%/+2.5%

* Dominican Republic: US Dollar 240/+9.6%/+9.2%

* Jamaica: US Dollar 295/+2.1%/+5.2%

* Puerto Rico: US Dollar 1,222/+1.7%/+2.5%

* Trinidad and Tobago: US Dollar 1,118/6.6%/+5.5%
Key Firms Trends
Wisynco’s Push Into Ice Cream Will Benefit From Economic Growth And Rising Tourist Numbers: In July 2011, Jamaican food industry player Wisynco Group signed a deal with Nestlé Jamaica to become the exclusive distributor of the latter’s ice cream products, including the Nestlé Blue, Nestlé Gold, Buckingham and Edy’s brands. The move is part of a push by Wisynco into frozen food and the firm said its frozen business could double its revenues within the next year.
Jamaica Exporters’ Association Predicts Loss Of Industry Share Under New US Food Law: Also in July, the Jamaica Exporters’ Association (JEA) predicted a loss in industry share following the introduction of the new Food Safety Modernisation Act (FSMA) in January in the US, one of the association’s biggest industries. Under the act, exporters are required to develop a food safety plan and present a hazard analysis, as well as be able to track backward and forward linkages. André Gordon, vice president of the JEA, urged the country’s consumer product exporters to comply to prevent the potential loss of up to JMD6.9bn (US Dollar 81mn) in income.

Key Risks To Outlook
Different Prospects for Individual Caribbean Industries: Given that the Caribbean is not a homogenous food and drinks industries, risks are on both upside and downside in relation to individual countries surveyed. 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 Gross Domestic Product growth and thus also for consumer outlook. Furthermore, on the domestic front, this is likely to encourage greater investment into both hotel and transport infrastructure from the private segment . On the other hand, in Puerto Rico, one of the largest regional food and drinks industries, while huge structural reforms have dramatically improved the island’s fiscal outlook, growth is set to remain weak, especially as the authorities aim to rein in public segment spending.

Table Of Contents

BMI Market View ... 6
Industry SWOT Analysis 9
Caribbean Food Industry Environment and Risk Analysis .. 9
Caribbean Drink Industry Environment and Risk Analysis 10
Caribbean Mass Grocery Retail Industry Environment and Risk Analysis 11

Environment Overview . 12
BMI’s Core World Market Views .. 12
Data : BMI’s Core Views For The Food and Drink Market 19
Macroeconomic Projections .... 20
Barbados .. 20
Data : Barbados Economic Activity, from 2006 to 2016 . 21
Cuba 22
Data : Cuba Economic Data, from 2007 to 2016 .... 23
Dominican Republic 24
Data : Dominican Republic Economic Activity, from 2009 to 2012 25
Puerto Rico ...... 26
Data : Puerto Rico Economic Activity, from 2009 to 2015 ..... 28
Jamaica.... 28
Data : Jamaica Economic Data, from 2009 to 2012 ....... 30
Trinidad and Tobago ....... 31
Data : Trinidad And Tobago Economic Activity, from 2006 to 2016 ....... 33

Market Projection Scenario ... 34
Regional Consumer Outlook .... 34
Food. 37
Data : Food Consumption In Selected Caribbean Industries, from 2008 to 2011 ....... 38
Alcoholic Drinks ...... 40
Data : Barbados Beer Industry, from 2007 to 2015 .. 41
Data : Dominican Republic Beer Industry, from 2007 to 2015 . 41
Data : Jamaica Beer Industry, from 2007 to 2015 .... 42
Data : Trinidad And Tobago Beer Industry, from 2007 to 2015 ....... 42
Soft Drinks ....... 43
Data : Barbados Carbonated Soft Drinks Industry, from 2007 to 2015 ..... 43
Data : Dominican Republic Carbonated Soft Drinks Industry, from 2007 to 2015 ... 44
Data : Jamaica Carbonated Soft Drinks Industry, from 2007 to 2015 ...... 45
Trade ....... 46
Data : Food and Drink Trade By Country, from 2007 to 2015 (US$mn) .... 49
Mass Grocery Retail 50
Data : Total Grocery Retail Sales In Selected Caribbean Industries, from 2007 to 2015 ... 50
Bahamas ..... 52

Market Projection Scenario . 53
Barbados..... 54

Market Projection Scenario . 55
Dominican Republic ... 56

Market Projection Scenario . 57
Jamaica ...... 58

Market Projection Scenario . 59
Puerto Rico . 60

Market Projection Scenario . 61
Trinidad And Tobago .. 61

Market Projection Scenario . 62
Food 63
Regional Overview ... 63
Data : Caribbean Imports Of Agri-food Goods From The US, from 2005 to 2009 (US$mn) ... 65

Key Market Trends And Developments .. 66
Wisynco’s Push Into Ice Cream Will Benefit From Economic Growth And Rising Tourist Numbers .. 66
JEA Predicts Loss Of Industry Share Under New US Food Law ... 68
Regional Players Expanding Supplies Of North American Industries .... 68
Foreign Investors Seeking Opportunities In The Sugar Market . 68
Ethanol Business Proves To Be Sluggish .... 71
Agricultural Diversification Underway....... 71
Drink ....... 74
Regional Overview ... 74

Key Market Trends And Developments .. 75
Club Caribe To Open Rum Distillery In Puerto Rico .. 75
Jamaican Coffee Reaches China . 75
Innovation And Collaboration Increasing In The Soft Drink Market . 76
Rum Poised To Perform Strongly ....... 76
Foreign Players Remain Interested In The Caribbean Alcoholic Drinks Industry . 78
Difficult Time For Beer ....... 79
Trademark And Promotion Disputes Increased As Economic Downturn Intensified Competition ....... 80
New Strategies For Growth Of Alcoholic Drinks Sales… ... 81
…But Those That Cannot Compete, Leave.. 82
Mass Grocery Retail ...... 83
Regional Overview ... 83

Competition Overview 85
Data : Key Players In The Caribbean Food Industry ... 85
Data : Key Players In The Caribbean Drinks Industry . 87
Data : Key Players In The Caribbean MGR Industry ... 89
Company Profiles .. 90
Food. 90
Seprod (Jamaica) 90
Canco Ltd (Jamaica) .. 92
Jamaica Producers Group (Jamaica) . 94
Jamaica Broilers Group (Jamaica)..... 96
Drink 98
Wisynco Group (Jamaica) .. 98
DandG/Red Stripe (Jamaica) 100
Salada Foods (Jamaica) ....102
Cervecería Nacional Dominicana (Dominican Republic) ..104
Angostura (Trinidad and Tobago) .....106
Mass Grocery Retail .......108
Wal-Mart (Puerto Rico) .....108
Supermercados Nacional (Dominican Republic) .......110
BMI Food and Drink Methodology .. 112
BMI Food and Drink Market Glossary ....112
BMI Food and Drink Projection ing And Sourcing .......114
Sourcing ..115

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