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Caribbean Food and Drink Report Q4 2011 Published on August 2011
Report Summary Taken as a whole, the Caribbean consumer sector remains challenging, with the region hit hard by the global economic downturn. Markets 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 markets, 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 Industry Data 2011 food consumption per capita/ forecast 2011 growth/forecast compound annual growth rate (CAGR) to 2015 (all in US$ terms): * Bahamas: US$1,817/+1.7%/+2.3% * Barbados: US$1,250/+2.4%/+2.5% * Dominican Republic: US$240/+9.6%/+9.2% * Jamaica: US$295/+2.1%/+5.2% * Puerto Rico: US$1,222/+1.7%/+2.5% * Trinidad and Tobago: US$1,118/6.6%/+5.5% Key Company Trends Wisynco's Push Into Ice Cream Will Benefit From Economic Growth And Rising Tourist Numbers: In July 2011, Jamaican food company 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 sales within the next year. Jamaica Exporters' Association Predicts Loss Of Market Share Under New US Food Law: Also in July, the Jamaica Exporters' Association (JEA) predicted a loss in market share following the introduction of the new Food Safety Modernisation Act (FSMA) in January in the US, one of the association's biggest markets. 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$81mn) in income. Key Risks To Outlook Different Prospects for Individual Caribbean Markets: Given that the Caribbean is not a homogenous food and drinks markets, 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 GDP 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 sector. On the other hand, in Puerto Rico, one of the largest regional food and drinks markets, 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 sector spending.
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Table of Content BMI Industry View ... 6 SWOT Analysis 9 Caribbean Food Industry SWOT .. 9 Caribbean Drink Industry SWOT 10 Caribbean Mass Grocery Retail Industry SWOT 11 Business Environment . 12 BMI's Core Global Industry Views .. 12 Table: BMI's Core Views For The Food & Drink Industry 19 Macroeconomic Forecasts .... 20 Barbados .. 20 Table: Barbados Economic Activity, 2006-2016 . 21 Cuba 22 Table: Cuba Economic Data, 2007-2016 .... 23 Dominican Republic 24 Table: Dominican Republic Economic Activity, 2009-2012 25 Puerto Rico ...... 26 Table: Puerto Rico Economic Activity, 2009-2015 ..... 28 Jamaica.... 28 Table: Jamaica Economic Data, 2009-2012 ....... 30 Trinidad and Tobago ....... 31 Table: Trinidad And Tobago Economic Activity, 2006-2016 ....... 33 Industry Forecast Scenario ... 34 Regional Consumer Outlook .... 34 Food. 37 Table: Food Consumption In Selected Caribbean Markets, 2008-2011....... 38 Alcoholic Drinks ...... 40 Table: Barbados Beer Market, 2007-2015 .. 41 Table: Dominican Republic Beer Market, 2007-2015. 41 Table: Jamaica Beer Market, 2007-2015 .... 42 Table: Trinidad And Tobago Beer Market, 2007-2015 ....... 42 Soft Drinks ....... 43 Table: Barbados Carbonated Soft Drinks Market, 2007-2015 ..... 43 Table: Dominican Republic Carbonated Soft Drinks Market, 2007-2015 ... 44 Table: Jamaica Carbonated Soft Drinks Market, 2007-2015...... 45 Trade ....... 46 Table: Food & Drink Trade By Country, 2007-2015 (US$mn) .... 49 Mass Grocery Retail 50 Table: Total Grocery Retail Sales In Selected Caribbean Markets, 2007-2015 ... 50 Bahamas ..... 52 Industry Forecast Scenario . 53 Barbados..... 54 Industry Forecast Scenario . 55 Dominican Republic ... 56 Industry Forecast Scenario . 57
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>> Get this Report Now by email! Jamaica ...... 58 Industry Forecast Scenario . 59 Puerto Rico . 60 Industry Forecast Scenario . 61 Trinidad And Tobago .. 61 Industry Forecast Scenario . 62 Food 63 Regional Overview ... 63 Table: Caribbean Imports Of Agri-food Goods From The US, 2005-2009 (US$mn) ... 65 Key Industry Trends And Developments .. 66 Wisynco's Push Into Ice Cream Will Benefit From Economic Growth And Rising Tourist Numbers .. 66 JEA Predicts Loss Of Market Share Under New US Food Law ... 68 Regional Players Expanding Supplies Of North American Markets .... 68 Foreign Investors Seeking Opportunities In The Sugar Industry . 68 Ethanol Business Proves To Be Sluggish .... 71 Agricultural Diversification Underway....... 71 Drink ....... 74 Regional Overview ... 74 Key Industry 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 Industry . 76 Rum Poised To Perform Strongly ....... 76 Foreign Players Remain Interested In The Caribbean Alcoholic Drinks Market . 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 Competitive Landscape 85 Table: Key Players In The Caribbean Food Market ... 85 Table: Key Players In The Caribbean Drinks Market . 87 Table: Key Players In The Caribbean MGR Market ... 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 D&G/Red Stripe (Jamaica) 100 Salada Foods (Jamaica) ....102 CervecerĂa Nacional Dominicana (Dominican Republic) ..104 Angostura (Trinidad and Tobago) .....106
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>> Get this Report Now by email! Mass Grocery Retail .......108 Wal-Mart (Puerto Rico) .....108 Supermercados Nacional (Dominican Republic) .......110 BMI Food & Drink Methodology .. 112 BMI Food & Drink Industry Glossary ....112 BMI Food & Drink Forecasting And Sourcing .......114 Sourcing ..115
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