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Boston, MA — (SBWIRE) — 06/25/2013 — While the outlook for the consumer sector in the Caribbean region remains bearish, as the region was especially hard-hit by the global economic downturn, the region is starting to show signs of economic recovery, with all the of the markets covered in the Caribbean Food & Drink report expected to register positive economic growth in 2013. The Caribbean countries are particularly dependent on tourism to maintain their growth, leaving them especially vulnerable to economic weakness in major Western markets. Countries 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, there are also several markets, including the Dominican Republic and Trinidad & Tobago, that were much more resilient during the global crisis and have bounced back much more swiftly, with significant pockets of opportunity remaining in the region.

 

 

 

 

View Full Report Details and Table of Contents at: http://www.fastmr.com/prod/607119_caribbean_food_drink_report_q3_2013.aspx

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):

– Bahamas: 2.1%

– Barbados: +3.6%

– Dominican Republic: +6.5%

– Jamaica: +6.3%

– Puerto Rico: +3.7%

– 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 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.

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