LAC Flavors Forum highlights the Amazon’s Food and Beverage export potential

MANAUS, Brazil – Small and medium-sized enterprises (SMEs) in the food and beverage sector from Latin America and the Caribbean and international buyers held more than 3,000 business meetings at the LAC Flavors 2024 forum, according to preliminary data by the Inter-American Development Bank (IDB).

The event showcased the rich culinary creativity, traditional foods and the vast array of innovative and sustainable products from the Amazon and the rest of the region.

During the forum, held on June 5 and 6, 300 industry SMEs from in the region met with 87 buyers from 29 countries, including seven from non-borrowing IDB member countries, such as the United States, Canada, Germany, Belgium, Spain, the United Kingdom and Israel, as well as other countries in Europe, Asia and the Middle East.

The forum is aligned with Amazonia Forever, the IDB’s holistic umbrella program to promote sustainable development in the Amazonian region.

Over 100 companies from the eight Amazon countries participated in the 12th version of the event, the largest business match-making forum for the food and beverage sector in Latin America and the Caribbean. In this edition, 52 percent of the export companies that participated are led or owned by women.

The event was organized by the IDB through the ConnectAmericas platform, the first business-oriented social network in the Americas, in collaboration with ApexBrasil, the Brazilian government’s export promotion agency. Twenty export promotion agencies from countries in the region also participated.

“Agri-food trade in our region not only has the potential to support global food security, but also drives local economic growth,” said Fabrizio Opertti, manager of the IDB’s Integration and Trade Sector. “The Amazon has a rich offering of culinary products that are both innovative and sustainable. It is essential that we expand and facilitate access opportunities to international markets for food and beverage SMEs in Latin America and the Caribbean, which significantly impacts the sustainable and economic development of the region.”

Latin American and Caribbean’s agri-food exports grew from 15 percent to 25 percent of total exports between 2000 and 2022. This industry employs an average of 15 percent of the workforce in the region and accounts for 6 percent, on average, of the GDP of the countries in the region.

Amazon countries have the potential to export forest-compatible products as an alternative to promote regenerative and low-carbon development. Between 2017 and 2019, the export of these products generated $295 million per year for the Amazon region.

In addition to one-on-one business matchmaking sessions, LAC Flavors 2024 offered workshops and panel discussions on topics such as sustainable sourcing and packaging, food technology, certifications, e-commerce and negotiation techniques. A special session with renowned local and international chefs explored the gastronomic treasures of Amazonian ingredients and their export potential.

Over the years LAC Flavors has facilitated more than 26,000 one-on-one business meetings, generating more than $1 billion in closed and prospective deals.