Business Monitor International


Caribbean Food & Drink Report

Published 31 October 2014

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Caribbean Food & Drink Report

Though signs of growth are beginning to return to Caribbean states, many economies within the region continue to feel the spill-over effects of the 2009 financial crisis, which strongly shook the region's key industries of tourism and finance. Though the tourism industry is slowly regaining momentum in the region, we believe that it will take some time for pre-financial crisis growth. Furthermore, many regional economies continue to be heavily indebted which limits general investment. With this in mind, we forecast relatively slow food consumption growth in a majority of the Caribbean markets. Despite these difficulties, some markets, most notably Trinidad & Tobago, Jamaica and the Dominican Republic, are expected to outperform over the forecast period. We highlight Puerto Rico and Barbados as the most precarious economies, which therefore have the greatest downside risks to our food & drink consumption forecasts.

Headline Industry Data 

Forecast 2014 food consumption growth (local currency):

  • Bahamas: +1.3%

  • Barbados: +1.4%

  • Dominican Republic: +4.9%

  • Jamaica: +6.6%

  • Puerto Rico: +3.5%

  • Trinidad & Tobago: +2.7%

Forecast food consumpti on compound annual growth rate 2013 to 2018 (local currency):

  • Bahamas: +1.8%

  • Barbados: +2.5%

  • Dominican Republic: +6.1%

  • Jamaica: +6.3%

  • Puerto Rico: +4.0%

  • Trinidad & Tobago: +3.3%

Key Company Trends

Heineken To Invest USD100mn In Haiti Production Plant: Netherlands-based brewer Heineken announced in April 2014 that it will invest USD100mn in its Prestige lager producing production plant at Port-au-Prince, Haiti. The new investment involves construction of a second 24,300 square foot production line started in December 2013, in the same facility, utilising around one-fifth of the investment. The new production line will enable the company to double the output for Prestige and other beverages, along with launching a 16-ounce bottle of Prestige. The remaining amount will be invested to further boost lager...

Table of Contents

BMI Industry View
7
SWOT
10
Food
10
Drink
12
Mass Grocery Retail
14
Industry Forecast
16
Consumer Outlook
16
Food
18
Food Consumption
18
Table: Caribbean Food Consumption - Historical Data & Forecasts, 2011-2018
20
Meat
22
Table: Jamaica- Bacon, Ham & Sausage, 2011-2018
22
Oils & Fats
23
Table: Barbados - Margarine, 2011-2018
23
Table: Dominican Republic - Crude Soya-Bean Oil, 2011-2018
23
Table: Trinidad & Tobago - Crude Soya-Bean Oil, 2011-2018
25
Dairy
26
Table: Dominican Republic - Dairy, 2011-2018
26
Drink
27
Alcoholic Drinks
27
Table: Barbados - Beer - Historical Data & Forecasts, 2011-2018
27
Table: Dominican Republic - Beer - Historical Data & Forecasts, 2011-2018
28
Table: Jamaica - Beer - Historical Data & Forecasts, 2011-2018
28
Table: Trinidad & Tobago - Beer - Historical Data & Forecasts, 2011-2018
29
Table: Barbados - Spirits - Historical Data & Forecasts, 2011-2018
30
Table: Dominican Republic - Spirits - Historical Data & Forecasts, 2011-2018
30
Table: Jamaica - Spirits - Historical Data & Forecasts, 2011-2018
30
Soft Drinks
31
Table: Barbados - Carbonated Soft Drinks - Historical Data & Forecasts, 2011-2018
31
Table: Dominican Republic - Carbonated Soft Drinks - Historical Data & Forecasts, 2011-2018
32
Table: Jamaica - Carbonated Soft Drinks - Historical Data & Forecasts, 2011-2018
33
Mass Grocery Retail
34
Bahamas
34
Barbados
35
Dominican Republic
36
Jamaica
37
Puerto Rico
38
Trinidad & Tobago
39
Table: Caribbean - Total Sales Via Grocery Retail Outlets, 2011-2018
39
Trade
42
Table: Caribbean Food & Drink Trade Balance - Historical Data & Forecasts, 2011-2018 (USDmn)
42
Macroeconomic Forecasts
43
Barbados
43
Trinidad & Tobago
46
Table: Economic Activity (Trinidad & Tobago 2009-2018)
51
Dominican Republic
51
Table: GDP By Expenditure (Congo (DRC) 2011-2018)
59
Jamaica
60
Table: Jamaica - Gdp By Expenditure
64
Puerto Rico
65
Table: Puerto Rico - Gdp By Expenditure, Real Growth %
69
Industry Risk Reward Ratings
70
Latin America Risk/Reward Ratings
70
Table: Latin America Food & Drink Risk/Reward Ratings Q414
71
Table: Latin America Food & Drink Risk/Reward Sub-Factor Ratings Q414 (scores out of 10)
74
Market Overview
75
Food
75
Drink
77
Mass Grocery Retail
79
Industry Trends And Developments
80
Food
80
Key Industry Trends And Developments
80
Drink
83
Key Industry Trends And Developments
83
Competitive Landscape
91
Table: Key Players In The Caribbean Food Market
91
Table: Key Players In The Caribbean Drinks Market
92
Table: Key Players In The Caribbean Mass Grocery Retail Market
94
Company Profile
95
Seprod (Jamaica)
95
Canco Ltd (Jamaica)
97
Jamaica Producers Group (Jamaica)
99
Jamaica Broilers Group (Jamaica)
101
Wisynico Group (Jamaica)
104
D&G/Red Stripe (Jamaica)
106
Salada Foods (Jamaica)
108
Cervecer-a Nacional Dominicana (Dominican Republic)
110
Angostura (Trinidad & Tobago)
112
Walmart (Puerto Rico)
115
Supermercados Nacional (Dominican Republic)
118
Global Industry Overview
120
Table: Select Food Companies - R&D And Advertising Financials
126
Table: Food And Drink Core Views
127
Demographic Forecast
129
Bahamas
129
Table: Bahamas' Population By Age Group, 1990-2020 ('000)
130
Table: Bahamas' Population By Age Group, 1990-2020 (% of total)
131
Table: Bahamas' Key Population Ratios, 1990-2020
132
Table: Bahamas' Rural And Urban Population, 1990-2020
132
Barbados
133
Table: Barbados' Population By Age Group, 1990-2020 ('000)
134
Table: Barbados' Population By Age Group, 1990-2020 (% of total)
135
Table: Barbados' Key Population Ratios, 1990-2020
136
Table: Barbados' Rural And Urban Population, 1990-2020
136
Dominican Republic
137
Table: The Dominican Republic's Population By Age Group, 1990-2020 ('000)
138
Table: The Dominican Republic's Population By Age Group, 1990-2020 (% of total)
139
Table: The Dominican Republic's Key Population Ratios, 1990-2020
140
Table: The Dominican Republic's Rural And Urban Population, 1990-2020
140
Jamaica
141
Table: Jamaica's Population By Age Group, 1990-2020 ('000)
142
Table: Jamaica's Population By Age Group, 1990-2020 (% of total)
143
Table: Jamaica's Key Population Ratios, 1990-2020
144
Table: Jamaica's Rural And Urban Population, 1990-2020
144
Puerto Rico
145
Table: Puerto Rico's Population By Age Group, 1990-2020 ('000)
146
Table: Puerto Rico's Population By Age Group, 1990-2020 (% of total)
147
Table: Puerto Rico's Key Population Ratios, 1990-2020
148
Table: Puerto Rico's Rural And Urban Population, 1990-2020
148
Trinidad & Tobago
149
Table: Trinidad & Tobago's Population By Age Group, 1990-2020 ('000)
150
Table: Trinidad & Tobago's Population By Age Group, 1990-2020 (% of total)
151
Table: Trinidad & Tobago's Key Population Ratios, 1990-2020
152
Table: Trinidad & Tobago's Rural And Urban Population, 1990-2020
152
Glossary
153
Food & Drink
153
Mass Grocery Retail
153
Methodology
155
Industry Forecast Methodology
155
Sector-Specific Methodology
156
Sources
156
Risk/Reward Rating Methodology
157
Table: Food & Drink Risk/Reward Rating Indicators
158
Table: Weighting
159

The Caribbean Food & Drink Report features Business Monitor International (BMI)'s market assessment and independent forecasts for food and drink expenditure, consumption, sales, and imports/exports and forecasts for the mass grocery retail sector. The report also includes analyses of major regulatory developments, the background macroeconomic outlook and competitive landscape comparing national and multinational companies by leading products and services, sales, investments, partners and expansion strategies.

BMI's Caribbean Food & Drink Report provides industry professionals and strategists, sector analysts, business investors, trade associations and regulatory bodies with independent forecasts and competitive intelligence on the food and drink industry and the mass grocery retail market in Barbados, Bahamas, Jamaica, Trinidad & Tobago, Dominican Republic, Puerto Rico.

Key Benefits

  • Benchmark BMI's independent food and drink industry forecasts for Barbados, Bahamas, Jamaica, Trinidad & Tobago, Dominican Republic, Puerto Rico to test other views - a key input for successful budgeting and strategic business planning in the Barbadian, Bahamian, Jamaican, Trinidadian, Dominican, Puerto Rican food and drink market.
  • Target business opportunities and risks in Barbados, Bahamas, Jamaica, Trinidad & Tobago, Dominican Republic, Puerto Rico through our reviews of latest industry trends, regulatory changes and major deals, projects and investments.
  • Exploit latest competitive intelligence on your competitors, partners and clients via our Company Profiles (inc. SWOTs, KPIs and latest activity) and Competitive Landscape Tables.

Coverage

BMI Industry View

Summary of BMI's key industry forecasts, and views, covering food and drink manufacturing and consumption and the retail market.

Business Environment Rankings

BMI's Food & Drink Business Environment Rankings provide a country-comparative Risk-Reward Rankings index aimed at investors, food and drink manufacturers and mass grocery retailers.

The rankings methodology makes sophisticated use of over 40 industry, economic and demographic data points.

Industry SWOT Analysis

Analysis of the major Strengths, Weaknesses, Opportunities and Threats within the food, drink and mass grocery retail sectors, and within the broader political, economic and business environment.

Food Forecasts

BMI's food chapter is divided into sections such as Meat, Fish, Confectionary, Dairy and Canned Foods, and provides insight into a market's food industry, centred on a forecast to end-2018 for the sector. The chapter includes the following elements:

Industry Forecast Scenario - Historical data series and forecasts to end-2018 for growth of key indicators within a market's food industry. Including consumption, food consumption as % of GDP, canned food sales, confectionery sales and food and drink imports and exports, among others.

Industry Developments - A summary of corporate developments, including news on M&As, FDI, expansions, closures and financial results, in addition to analysis and explanation of the latest industry events and how these could influence further investment.

Market Overview - An overview of the structure of the market, introducing the key players and discussing underlying trends.

Drink Forecasts

Segmented the same way as BMI's food chapter, the drink section provides insight into the market's drink industry, centred on a forecast to end-2018 for the sector. Forecast indicators include alcoholic and soft drink sales by value, volume and sub-sector and tea and coffee sales, among others.

Mass Grocery Retail Forecasts

Segmented the same way as BMI's food and drink chapters, the mass grocery retail section provides insight into a market's grocery retail industry, centred on a forecast to end-201 for the sector. Forecast indicators include mass grocery retail sales by format (including supermarkets, hypermarkets, convenience and discount stores) and a breakdown for the organised retail sector versus the traditional sector, among others.

Competitive Landscape & Profiles

Illustration of the industry via rankings tables comparing revenues, number of outlets and number of employees. BMI analyses each company's market position, business strategies and investment potential.

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Testimonials

'An essential, multi-faceted research tool. BMI’s thorough understanding of the major market players enables an informed – and informative – review of the sector’s actual performance, together with useful insights into current industry issues, which are topped-off with detailed and invaluable forecasts of industry and macroeconomic trends.’

Senior Research Analyst, ABC International Bank plc