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Caribbean Food and Drink Report Q3 2009
Business Monitor International, July 2009, Pages: 90
The Caribbean Food and Drink Report provides industry professionals and strategists, corporate analysts, food and drink associations, government departments and regulatory bodies with independent forecasts and competitive intelligence on the Caribbean's food and drink industry
The Caribbean continues to experience the fallout from the current global economic crisis. With tourist numbers falling and consumer confidence waning this quarter has seen little merger, acquisition or expansion activity in the region’s food and beverage industry. The report forecasts a regional real GDP growth of –0.6% for 2009 and this is likely to do little to entice investors in the short term.
However, despite the gloomy outlook a number of the region’s food processors remain positive. Most impressively Jamaican food producer Seprod announced strong figures for FY08; revenue climbed 50% year-on-year (y-o-y) to reach US$105mn while operating profit increased an incredible 56% to US$16.6mn. GK Foods also had positive results, announcing that for Q109 revenue had increased 4.8% y-o-y to US$96.9mn. The company is also launching a range of convenient ready-made vegetarian meals and hopes that as these will be cheaper than comparative meat products it will be able to take advantage of the difficult economic conditions by appealing to not just the health conscious but those on a budget. Staying with the food processing industry, irrespective of the recent dip in tourists, in late March 2009 US ice cream parlour operator Cold Stone Creamery signed an agreement with Trinidad-based Flavorite Foods to open a chain of 14 ice cream parlours in the Caribbean over the next five years signifying its confidence that the region is still an attractive investment opportunity in the long term.
Meanwhile, in the drinks industry, brewer Desnoes and Geddes (D&G), the producer of Red Stripe lager announced that for the six months to December 31 2008 domestic volume sales fell 18% y-o-y largely due to the declining purchasing power of consumers amid the financial crisis.
The mass grocery retail sector is also suffering with supermarkets in the Manchester area of Jamaica reporting a drop in sales in Q209 as consumers decide to forego luxuries. This is likely to be indicative of a wider trend as consumers cut spending during a time of economic uncertainty.
Although this quarter has seen some positive signs mainly within the food processing sector, the operating environment for the Caribbean’s food, drink and retail industries is likely to remain tough at least in the short term.
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