Summary Of The Food And Beverage Industry

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CHAPTER – 2 INDUSTRY PROFILE INTRODUCTION Many companies in the domestic food and beverage industry were established during the post 1970′s, as part of the Government’s import substitution regime. The ISI or Import Substitution Industry model as it came to be known, focused on substituting foreign products with locally manufactured items. The Food and Beverage sector today boasts of global players with internationally recognized brands, e.g. Angostura Limited, Kiss Baking Industries, KC Confectionery, SM Jaleel, Chief Brand Products, and a large cadre of smaller companies specializing in Caribbean niche products. With approximately 420 registered firms, the industry is firmly established in the CARICOM and regional markets. Apart from its direct dependence on primary agriculture, the food and beverage industry is part of an established value chain, maintaining linkages with such areas as printing and packaging, research and development, and training; which all together support growth of the industry. SECTOR PROFILE The food and beverage sector continues to experience relatively high levels of expansion, with real GDP growth averaging 9 percent between 2003 and 2007 alone, exports of over TT$900 million, and employing approximately 9,000 persons. In terms of the future outlook for the industry, with the continued expansion of the local economy, the domestic food and beverage sector is expected to continue along its progressive track. In addition, expansion of the regional

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