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1.2 Size of market
The US is the third largest country with a population of over 313 million, making it one of the largest consumer markets. In addition to the population, the economy contributes to this factor, and even more favourable for the Caribbean is its proximity and historical trade ties. The US food and beverage industry has many suppliers making it very competitive, especially once importers are included. This industry, for food safety, consumer protection and other reasons is also heavily regulated. For the Caribbean's comparatively smaller firms to compete they need to build strengths in quality and in the uniqueness of what they offer.
1 The research was conducted in July 2010 by Mintel International and Toluna USA based on an online survey of 1,500 adults
The global economic and financial crises which began in 2007 have significantly impacted the US economy. However, its economy remains the single biggest economy in the world as well as the most technologically powerful. The US market is also extremely consumer driven which makes it a prime target for exporters from around the globe.