Bread market in Caribbean

Earlier Report Observations

The bread market in the Caribbean experienced substantial expansion from 2018 to 2023, with volume rising from 30 545 tons to 63 229 tons. This represented a more than doubling of market size over the five-year period, though the growth path was uneven, featuring a significant contraction in one year followed by a dramatic rebound.

After steady increases in 2019 and 2020, market volume declined by 11% in 2021. The following year, 2022, saw an extraordinary surge of 55%, adding nearly 20 000 tons to consumption. Growth continued in 2023 at a more moderate pace of 12%.

The overall market expansion was primarily supported by a major rise in imports, which grew from 49 139 tons in 2018 to 73 615 tons in 2023. Domestic bread production remained relatively stable, fluctuating between 4 600 and 5 900 tons annually throughout the period.

Production bread in Caribbean

In kind, 2017-2020, t

Top producers of bread, 2017-2020

World map of production of bread, 2017-2020

Bread production in the Caribbean has increased for the third consecutive year. In 2020, the region produced 5 944 tons of bread, representing a solid 11.5% increase compared to the previous year. Between 2017 and 2020, production grew by 32.1%, which translates to an annualized growth rate of 9.7%.

Annual dynamics of production in Caribbean in kind, 2017-2020, t

In value, 2017-2020, K $ US

The value of bread production in the Caribbean has risen for the third year in a row. In 2020, bread output was valued at 18 376 thousand US dollars, reflecting a 3.1% increase from the previous year. From 2017 to 2020, production value increased by 39.6%, equating to an annualized rate of 11.8%.

Annual dynamics of production in Caribbean in value, 2017-2020, K $ US

Exports bread from Caribbean

Exports in kind, t

Bread exports from the Caribbean have declined for the third consecutive year. In 2020, exports totaled 14 924 tons, down 19.4% year-over-year. Between 2017 and 2020, exports decreased by 39.1%, with an annualized decline rate of 15.3%.

Annual dynamics of product's exports from Caribbean in kind, 2017-2020, t

From 2017 to 2020, the United States, Guyana, and the United Kingdom were the key destinations for bread exports in kind. The United States accounted for 23.0% of exports, Guyana for 7.9%, and the United Kingdom for 5.6%, together representing 36.6% of total export flows.

Structure of product's exports in kind by countries, 2017-2020

World map of product's exports from Caribbean in kind, 2017-2020

Exports in value, M $ US

Bread export value from the Caribbean has declined for the second consecutive year. In 2020, exports amounted to 46.1 million US dollars, a reduction of 25.5% compared to the prior year. Over the period from 2017 to 2020, exports decreased by 35.7%, with a compound annual growth rate of -13.7%. The highest export value was recorded in 2018 at 74.0 million US dollars, which also saw the largest increase of 3.2%.

Annual dynamics of product's exports from Caribbean in value, 2017-2020, M $ US

Data from 2017 to 2020 show that bread exports in value terms from the Caribbean were not heavily concentrated on a few key destinations. The United States accounted for 23.1% of exports, Guyana for 7.6%, and the United Kingdom for 4.5%, together making up 35.2% of total export flows.

Structure of product's exports in value by countries, 2017-2020

World map of product's exports from Caribbean in value, 2017-2020

Imports bread to Caribbean

Imports in kind, t

Caribbean bread imports totaled 49 546 tons in 2020, up 0.9% year-over-year. From 2017 to 2020, imports increased by 21%, with a compound annual growth rate of 6.6%. The largest decline occurred in 2019 at 0.1%, while the largest increase was in 2018 at 20.0%.

Annual dynamics of product's imports to Caribbean in kind, 2017-2020, t

Between 2017 and 2020, three main markets—the United States, Colombia, and Peru—together absorbed 63.6% of total bread imports in kind to the Caribbean.

Structure of product's imports in kind by countries, 2017-2020

World map of product's imports to Caribbean in kind, 2017-2020

Imports in value, M $ US

After two years of growth, foreign bread supplies to the Caribbean declined. In 2020, import value stood at 156.2 million US dollars, marking a moderate decrease of 7.7% from the previous year. Between 2017 and 2020, imports increased by 6.6%, equating to an annualized rate of 2.2%. The peak import value was recorded in 2019 at 169.1 million US dollars, with the largest increase occurring in 2018 at 12.7%.

Annual dynamics of product's imports to Caribbean in value, 2017-2020, M $ US

From 2017 to 2020, three principal markets—the United States, Colombia, and Peru—together accounted for 66.0% of total bread imports in value terms to the Caribbean.

Structure of product's imports in value by countries, 2017-2020

World map of product's imports to Caribbean in value, 2017-2020