Jamaica: New 24 Karat beer quickly gaining market share

New entrant in the alcoholic beverage market, 24 Karat beer is moving to significantly increase its market share as it sets a precedent for growth in Jamaica over the next few years, the Jamaica Observer reported on August 24.

Manufacturer and entrepreneur Peter Bovell and his business partner Richard Lee are the co-founders and owners of the local start-up company, Two Jamaican Dem, which produces the beer.

Bovell said their aim is to penetrate the local market with an "all natural, no preservatives added, smooth-tasting beer" as the company positions itself to secure ground in a market controlled by big-name players Red Stripe, Heineken, and Guinness.

"If within the next two-three years we can carve out 10 per cent of the market, I think we would be doing very well. To get our products out there we are going to be engaging the wholesales and then restaurants, supermarkets, hotels, and other distributors. We have already started to work with a number of wholesales and the response so far has been satisfying," Bovell told the Jamaica Observer.

"We see an opportunity and we are taking a long-term approach to penetrate a very mature market [now controlled by the dominant players]. In order to do so, we know that it's going to be a serious and long uphill battle. Many have tried and failed so our approach is to be in it for the long haul as we slowly work to take away whatever market share we can get," he stated.

24 August, 2022