Boston, MA -- (ReleaseWire) -- 02/11/2014 -- Though signs of growth are beginning to return to the Caribbean, economies within the region continue to feel the spillover effects of the 2009 financial crisis, which strongly shook the region's key industries of tourism and finance. 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 Jamaica and Dominican Republic, are expected to outperform over the forecast period.
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 consumption compound annual growth rate (CAGR) 2013 to 2018 (local currency):
- Bahamas: +1.5% - - Barbados: +2.2% - - Dominican Republic: +5.1% - - Jamaica: +4.9% - - Puerto Rico: +3.3% - - Trinidad & Tobago: +2.8%
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Key Company Trends
Nestl? Invests CHF12.9mn In Carnation Milk Factory: Switzerland-based food group Nestl? is investing CHF12.9mn (US$13.23mn) in the expansion of its Carnation Milk dairy facility in the Dominican Republic, the second biggest economy in Central America and the Caribbean. Nestl? is installing new milk evaporation equipment in the plant, primarily to produce Carnation evaporated milk. The plant processes milk that arrives daily from 44 milk collection centres in 11 different provinces of the country.
Brasil Foods To Launch Poultry Operations In Haiti: Brazilian conglomerate Brasil Foods is opening up a poultry unit in the Caribbean country of Haiti, The Poultry Site reported in August 2013. The venture is backed by financier Mohammed Yunus. The project will see the company, in partnership with Grameen Bank, build a production plant for processing poultry. According to the company, all profits are to be reinvested into the local agricultural industry, helping the Haitian economy. The investment followed a feasibility study into the methods of rural and urban processing used in Haiti and research on animal genetics and feed.
Red Stripe Secures Land For Cassava Farm: Red Stripe Jamaica has gotten one step closer in its plan to replace imported American corn syrup with locally produced cassava in the production of its beer: the brewer has signed an agreement with the Agro-Investment Corporation to lease 36 acres of land at Bernard Lodge in St Catherine. Corn currently makes up 40% of the brewery's imported raw material input, with European malt making up the remaining 60%. The project aims to replace 20% of imported brewing raw material by 2016 with locally grown substitutes.
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