Unlocking the Profit Potential of the Caribbean - 2nd Edition

Chocolate and Natural Products

Categories and Producers

From chocolate to tea and gluten free flours, natural products are big business for the Caribbean, with potential for further growth in key export markets. Chocolate In the UK chocolate is a £4.5bn category 8, and plain / dark chocolate grew by 309% in the pandemic, impacted by perception of being a healthier product which boosts immunity 9. The production of cacao is globally concentrated in the regions between 10 degrees north and 10 degrees south of the equator, namely Central and South America, West Africa and the Caribbean. The Caribbean is held in high regard as a cacao-producing region because it yields a fine, aromatic bean. In fact, fine flavoured cacao accounts for only 5% of the world production. The popularity of dark chocolate throughout the world has surpassed just being a flavour of the month with rapid growth in demand for fine flavour cocoa, primarily used in the sought- after dark chocolate. Latin America and the Caribbean produce 80% of the world’s fine flavour cocoa and, with six of the recognised 17 countries in the world that produce and export the exotic product come from the Caribbean.

The total chocolate category is worth £4.5bn in the UK and continues to grow by 1% YOY10. Tea The UK is famous for its love of tea and the category is worth £562.7m11. Fruit and herbal teas are showing promising growth, up 10.5%, according to Kantar, with further success being driven by health and immunity interest during the pandemic. With 47% of UK consumers drinking herbal teas 12, there’s a wealth of opportunity for Caribbean producers. Gluten Free Flour The Free From market is growing across Europe as awareness of food intolerances rise. Not only do those with intolerance seek out alternative products but many are choosing Free From products as part of their lifestyle. The UK Free From market is worth £3.17bn. Ambient bakery products including flour grew by 9.6% adding nearly £19m in the MAT to April 2022 (Kantar). The Caribbean offers a range of gluten free flours using inputs such as breadfruit, cassava or sweet potato.

The total chocolate category is worth £4.5bn in the UK and continues to grow by 1% YOY.

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8 Nielsen IQ June 2022 9 IRI data to 16-05-20 10 Nielsen IQ June 2022 11 Nielsen Sept 2021 12 UK Tea & Infusions Association, Qual Research, May 22