Caribbean Food and Drink Report Q1 2013
Report description
Food consumption is expected to experience steady but unspectacular growth over our forecast period in all of the Caribbean markets covered in this report. While food consumption experienced a slowdown in between 2009 and 2011 due to the economic downturn, which led to a reduction in purchasing power and a drop in tourist numbers, consumption figures are expected to bounce back moving forward. Food consumption value growth – albeit relatively marginal in the short term at least – will be driven by increased affluence accompanied by a growing predilection for processed foods, which typically carry a higher value than basic traditional foods. On the export front things are more promising, particularly in the spirits sector, with Campari’s acquisition of Jamaican rum producer Lascelles DeMercado demonstrating the continued appeal of Caribbean brands to global players.
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
Campari Acquires Caribbean Rum Producer: In September 2012, Italian spirits group Campari announced the acquisition of Jamaican rum producer Lascelles DeMercado in a deal worth up to US$415mn. Campari will pay US$338mn to acquire the 81% stake owned by CL Financial and will make a public tender offer for the remaining shares. The deal gives the firm exposure to the buoyant rum category and affords the firm two of the strongest rum brands in the Caribbean: Appleton and Wray & Nephew. The move continues Campari's strategy of buying neglected brands that it can bolster with its strong distribution system and marketing expertise.
Caribbean Rum-Makers Say Trade Standards Favour US: In September 2012, rum-producing states in the Caribbean will have to adhere to international trade and marketing standards. Nations including Jamaica and Antigua claim that the system is rigged in favour of the US due to the level of subsidies, which threatens to push Caribbean brands out of business. Distillers have reportedly lodged a complaint with the World Trade Organization.
Key Risks To Outlook
Different Prospects for Individual Caribbean Markets: Given that the Caribbean is not a homogenous food and drinks markets, 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. On the domestic front, this is likely to encourage greater investment into both hotel and transport infrastructure from the private sector. While huge structural reforms in Puerto Rico, one of the largest regional food and drinks markets, 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.
Table of contents
Chapter - BMI Industry View
Chapter - SWOT Analysis
Caribbean Food Industry SWOT
Caribbean Drink Industry SWOT
Caribbean Mass Grocery Retail Industry SWOT
Chapter - Business Environment
BMI's Core Global Industry Views
Table: Core Views
Chapter - Macroeconomic Forecasts
Bahamas
Table: Bahamas – Macroeconomic Data & Forecasts
Barbados
Table: Barbados – Macroeconomic Data & Forecasts
Dominican Republic
Table: Dominican Republic – Macroeconomic Data & Forecasts
Puerto Rico
Table: Puerto Rico – Macroeconomic Data & Forecasts
Jamaica
Table: Jamaica – Macroeconomic Data & Forecasts
Trinidad & Tobago
Table: Trinidad & Tobago – Economic Activity
Chapter - Industry Forecast Scenario
Regional Consumer Outlook
Food
Table: Caribbean Food Consumption – Historical Data & Forecasts, -
Table: Barbados – Margarine
Table: Trinidad & Tobago – Margarine
Table: Dominican Republic – Oils & Fats
Table: Trinidad & Tobago – Oils & Fats
Table: Dominican Republic – Dairy
Table: Jamaica – Meat
Drink
Alcoholic Drinks
Table: Barbados – Beer
Table: Dominican Republic – Beer
Table: Jamaica – Beer
Table: Trinidad & Tobago – Beer
Soft Drinks
Table: Barbados – Carbonated Soft Drinks
Table: Dominican Republic – Carbonated Soft Drinks
Table: Jamaica – Carbonated Soft Drinks
Mass Grocery Retail
Table: Caribbean –Grocery Retail Sales, -
Bahamas
Barbados
Dominican Republic
Jamaica
Puerto Rico
Trinidad & Tobago
Trade
Chapter - Food
Regional Overview
Key Industry Trends And Developments
Nestlé Invests In Jamaican Milk Energy Brand
Fast-Food Sector Growing In Caribbean
Wisynco To Benefit From Economic Growth And Rising Tourist Numbers
Chapter - Drink
Regional Overview
Key Industry Trends And Developments
Pernod Ricard Moving On From Havana Club Battle
ABI Set To Dominate Beer Market In The Dominican Republic
Wray & Nephew Gives New Look To Appleton Estate
Heineken Goes After Frontier Markets With Investment In Haiti
US Red Stripe Stripped Out Of Jamaica
Chapter - Mass Grocery Retail
Regional Overview
Chapter - Competitive Landscape
Table: Key Players In The Caribbean Food Market
Table: Key Players In The Caribbean Drinks Market
Table: Key Players In The Caribbean Mass Grocery Retail Market
Chapter - Company Profiles
Food
Seprod (Jamaica)
Canco Ltd (Jamaica)
Jamaica Producers Group (Jamaica)
Jamaica Broilers Group (Jamaica)
Drink
Wisynco Group (Jamaica)
D&G/Red Stripe (Jamaica)
Salada Foods (Jamaica)
Cervecería Nacional Dominicana (Dominican Republic)
Angostura (Trinidad & Tobago)
Mass Grocery Retail
Walmart (Puerto Rico)
Supermercados Nacional (Dominican Republic)
Chapter - Demographic Outlook
Barbados
Table: Barbados's Population By Age Group, - (‘)
Table: Barbados's Population By Age Group, - (% of total)
Table: Barbados's Key Population Ratios, -
Table: Barbados's Rural And Urban Population, -
Bahamas
Table: Bahamas' Population By Age Group, - (‘)
Table: Bahamas' Population By Age Group, - (% of total)
Table: Bahamas' Key Population Ratios, -
Table: Bahamas' Rural And Urban Population, -
Dominican Republic
Table: The Dominican Republic's Population By Age Group, - (‘)
Table: The Dominican Republic's Population By Age Group, - (% of total)
Table: The Dominican Republic's Key Population Ratios, -
Table: The Dominican Republic's Rural And Urban Population, -
Jamaica
Table: Jamaica's Population By Age Group, - (‘)
Table: Jamaica's Population By Age Group, - (% of total)
Table: Jamaica's Key Population Ratios, -
Table: Jamaica's Rural And Urban Population, -
Puerto Rico
Table: Puerto Rico's Population By Age Group, - (‘)
Table: Puerto Rico's Population By Age Group, - (% of total)
Table: Puerto Rico's Key Population Ratios, -
Table: Puerto Rico's Rural And Urban Population, -
Trinidad & Tobago
Table: Trinidad & Tobago's Population By Age Group, - (‘)
Table: Trinidad & Tobago's Population By Age Group, - (% of total)
Table: Trinidad & Tobago's Key Population Ratios, -
Table: Trinidad & Tobago's Rural And Urban Population, -
Chapter - Risk/Reward Ratings Methodology
Table: Rewards
Table: Risks
Weighting
Table: Weighting
Chapter - BMI Food & Drink Industry Glossary
Food & Drink
Mass Grocery Retail
Chapter - BMI Food & Drink Forecasting & Sourcing
How We Generate Our Industry Forecasts
Sourcing
Related market research by market
Antigua and Barbuda (in North America), Bahamas (in North America), Barbados (in North America), Cuba (in North America), Dominica (in North America), Dominican Republic (in North America), Grenada (in North America), Haiti (in North America), Jamaica (in North America), St Kitts and Nevis (in North America), St Lucia (in North America), St Vincent and the Grenadines (in North America), Trinidad and Tobago (in North America)
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