{"id":80941,"date":"2019-07-22T16:18:02","date_gmt":"2019-07-22T16:18:02","guid":{"rendered":"https:\/\/www.bahamastradeinfo.gov.bs\/buy\/?p=80941"},"modified":"2019-07-22T16:18:02","modified_gmt":"2019-07-22T16:18:02","slug":"the-agro-processed-food-and-natural-ingredient-sectors-and-the-creative-industries-keys-to-the-caribbeans-expansion-in-the-european-market","status":"publish","type":"post","link":"https:\/\/www.bahamastradeinfo.gov.bs\/buy\/2019\/07\/22\/the-agro-processed-food-and-natural-ingredient-sectors-and-the-creative-industries-keys-to-the-caribbeans-expansion-in-the-european-market\/","title":{"rendered":"The agro-processed food and natural ingredient sectors and the creative industries: keys to the Caribbean\u2019s expansion in the European market"},"content":{"rendered":"

\"CariforumFollowing two years of uninterrupted growth, goods exports from Latin America and the Caribbean (LAC) have fallen in the first months of 2019, due to a decline in the volume of exports as well as a drop in the prices of raw materials. The Caribbean countries \u2013 Dominican Republic, Haiti, Jamaica, Barbados and Suriname \u2013 together with Mexico, Ecuador and Costa Rica, are the only ones to record positive developments from January to March. However, the slowdown is marked and for this reason the countries in the region are making a concerted effort to foster their overseas commercial relationships in order to counter the drop in demand.<\/p>\n

The Caribbean Export Development Agency (Caribbean Export) in cooperation with the European Union and the Deutsche Gesellschaft f\u00fcr Internationale Zusammenarbeit GmbH or GIZ in short is holding the\u00a0fourth CARIFORUM-EU business forum\u00a0from the 26 to the 28 September 2019 in Frankfurt, with the aim of improving commercial relationships between fifteen (15) Caribbean countries (CARIFORUM) and Europe, and increasing awareness of the private sector of business opportunities in the European market. Caribbean Export has identified the agro-processed food and natural ingredient industries and the cultural and creative industries as the sectors with the highest potential for growth in Europe.<\/p>\n

Rum and seasonings, the Caribbean\u2019s booming products<\/h3>\n

The Caribbean is world-famous as the home of rum. Global rum exports have increased by 26.86% over the last three years to reach a value of 1.45 million euros, and the countries in Latin America and the Caribbean are its major producers.<\/p>\n

In Europe, consumption in this market is led by Germany and Spain. In Spain, rum consumption makes up 14% of the spirits market, and in 2018 over 68% of global imports of rum came from the European market.<\/p>\n

\u201cOver the last decade, the production of rum has diversified to include a wide range of flavours, including apple, pineapple, mango and passionfruit,\u201d comments Damie Sinanan, Manager for Competitiveness and Export Promotion at Caribbean Export. \u201cWith these changing trends and increased demand, we hope to see a more diverse range of Caribbean rum available in the European market.\u201d<\/p>\n

In addition, there is a noticeable increase in imports of spices and seasonings from developing countries to Europe (97% of the total import volume). This owes to the healthy lifestyle trends, interest in new flavours and sustainability. In fact, the global spice market is forecast to grow by 5.1% from 2017 to 2021, according to Eurostat.<\/p>\n

Natural ingredients, Caribbean treasure<\/h3>\n

Europe\u2019s love for natural plant-based ingredients combined with the region\u2019s efforts to promote sustainability is fueling the demand for natural products, in different industries such as the cosmetics market.<\/p>\n

The Caribbean has an abundance of naturally grown produce that can be used within the nutraceutical and natural cosmetics market. Coconuts for example can be used in a wide range of products including cosmetics and the FMI reports that the natural cosmetics market is projected to grow at 4.9% volume CAGR through 2027. In 2017, the European cosmetics market was valued at \u20ac77.6 billion, making Europe the largest cosmetics market in the world and natural cosmetics accounts for around 5% of total market. Among the European countries, Germany has the largest market for cosmetic products, valued at \u20ac13.6 billion, followed by France (\u20ac11.3 billion), the UK (\u20ac11.1 billion), Italy (\u20ac10.1billion) and Spain (\u20ac6.8 billion).<\/p>\n

Another interesting segment is gluten-free foods & beverages. Approximately, Europe accounts for 25% of global gluten free product demand.<\/p>\n

\u201cEuropean consumers are increasingly concerned by their health and diet, which has a positive impact on the demand for naturally sourced products found in the Caribbean including those believed to have health benefits,\u201d explains Sinanan. \u00a0Wheat based flour contains varying levels of the protein gluten which has gained significant notoriety over the past decade due to increasing prevalence of gluten related health complications and a general switch by consumers to more health-conscious options across the board. Furthermore, the gluten free market is expected to grow to the value of \u20ac29 billion by 2025.<\/p>\n

Potential for growth of creative industries<\/h3>\n

The increase in demand for Caribbean music is reflected in the huge popularity of festivals featuring this genre of music in European countries, such as Summerjam reggae festival in Germany, Ibiza Soca festival in Spain and Reggae Sun Ska Festival in France, along with many others.<\/p>\n

\u201cOne of the aims of this forum is to promote Caribbean cinema and animation as well as music, and animation in particular as we know that it is one of the most widely-circulated categories in Europe,\u201d indicates Damie Sinanan of Caribbean Export.<\/p>\n

For more information about the 4th CARIFORUM-EU Business Forum visit:\u00a0http:\/\/www.carib-export.com\/businessforum\/<\/a><\/strong><\/p>\n

Source<\/strong>: Caribbean Export Development Agency<\/p>\n","protected":false},"excerpt":{"rendered":"

Following two years of uninterrupted growth, goods exports from Latin America and the Caribbean (LAC) have fallen in the first months of 2019, due to a decline in the volume of exports as well as a drop in the prices of raw materials. The Caribbean countries \u2013 Dominican Republic, Haiti, Jamaica, Barbados and Suriname \u2013 […]<\/p>\n","protected":false},"author":16,"featured_media":80942,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"","_relevanssi_noindex_reason":"","footnotes":""},"categories":[1],"tags":[],"class_list":["post-80941","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"yoast_head":"\nThe agro-processed food and natural ingredient sectors and the creative industries: keys to the Caribbean\u2019s expansion in the European market - Buying from the Bahamas<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bahamastradeinfo.gov.bs\/buy\/2019\/07\/22\/the-agro-processed-food-and-natural-ingredient-sectors-and-the-creative-industries-keys-to-the-caribbeans-expansion-in-the-european-market\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The agro-processed food and natural ingredient sectors and the creative industries: keys to the Caribbean\u2019s expansion in the European market - Buying from the Bahamas\" \/>\n<meta property=\"og:description\" content=\"Following two years of uninterrupted growth, goods exports from Latin America and the Caribbean (LAC) have fallen in the first months of 2019, due to a decline in the volume of exports as well as a drop in the prices of raw materials. 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