The Caribbean Export Development Agency (Caribbean Export) has released a new report entitled Unlocking the profit potential of the Caribbean ahead of its virtual event on 17 and 18 November.
The report highlights a growing appetite for Caribbean food, beverages, natural, health and beauty products across Europe.
Sauces and condiments from the Caribbean have shown great potential, with the category achieving a value of £1.12 billion (€1.24 billion) and growing by 16.8% in the UK in 2019.
In Spain, it has grown around 55% to three million kilograms and over 29% in value to nearly €19 million.
Chilli sauces have seen a 125% spike in value since 2016, while German and Dutch consumers bought more hot and spicy condiments.
Natural, plant-based ingredients also witnessed the potential for further growth across Europe.
In 2018, the Netherlands emerged as the largest importer of cocoa beans. The tea category in the UK also witnessed growth and was valued at £561.3 million (€623.1 million).
The market for gluten-free flours in Germany grew by 30% in 2017, to £174 million (€193.16 million).
The Caribbean is famous for rum, and many of its islands produce brands with distinct styles.
Total rum sales in the UK, for example, were worth a massive £1 billion (€1.11 billion) last year, and Caribbean rum plays an important part, as more than half (51%) of the Top 10 Rum Brands sold in the UK are produced in the Caribbean.
In Spain, rum accounts for nearly 11% of all spirits consumed at home and is worth €42.3 million.
Rum, Arrak and Tafia form 10.9% of the spirits market in Germany, as well as forming just over a tenth (10.2%) of the Dutch spirits market.
Health And Beauty
In 2017, the European cosmetics market was valued at €77.6 billion, making it the largest cosmetics market in the world and natural cosmetics accounted for around 5% of this total.
The FMI has projected a CAGR of 4.9% to 2027 for the natural cosmetics market in Europe.