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GraceKennedy Restricted (GK) is ready to launch its Catherine’s Peak bottled water model within the Cayman Islands later this yr, following the completion of 100 per cent possession of the enterprise.
The choice to increase Catherine’s Peak’s footprint past Jamaica’s shores marks a major step in GK’s purpose to determine itself because the main Caribbean meals and beverage powerhouse.
On Thursday, GK shared information of the acquisition of the remaining 30 per cent stake in Catherine’s Peak Bottling Firm from Spike Industries Restricted with shareholders through the Jamaica Inventory Trade. Which means that GK now has full management of the enterprise, setting the stage for aggressive market penetration past Jamaica.
“Our acquisition of Catherine’s Peak completely aligns with GK’s technique to personal main Jamaican manufacturers that deeply resonate with customers and have important world market potential, as we work in the direction of attaining our imaginative and prescient of being the primary Caribbean model on this planet by 2030,” stated Frank James, CEO of GK Meals – Home, in a press launch.
Catherine’s Peak, sourced from Jamaica’s Blue Mountains, has lengthy been a staple within the premium bottled water class, largely interesting to health-conscious customers. GK can leverage its intensive distribution networks and market insights to place the model to compete in high-growth regional markets, beginning with the Cayman Islands, the place demand for premium bottled water has been steadily rising.
“This acquisition is one other important step in our bold development technique for each Catherine’s Peak and our meals enterprise. We’re wanting ahead to introducing modern merchandise below the Catherine’s Peak model and are actively exploring extra alternatives to increase our market attain,” James stated.
“Consistent with these efforts, we’re presently finalizing plans to launch Catherine’s Peak exports to the Cayman Islands in 2025 and anticipate additional development into new territories sooner or later,” he added.
Efforts by the Jamaica Observer to realize additional perception into why GK selected the Cayman Islands as its first offshore location for growth weren’t profitable as much as press time. Nonetheless, analysis into the market signifies that the Cayman Islands’ bottled water trade is characterised by a mixture of native manufacturing and client preferences formed by environmental concerns.
The market options established native manufacturers akin to Flowers Bottled Water and H2Only. Flowers Bottled Water, working since 1974, prides itself on being the primary supplier of purified ingesting water in five-gallon bottles within the Cayman Islands. The corporate positions itself as a convenience-driven service with residence and workplace deliveries.
Equally, H2Only presents purified water by a singular extraction course of, making certain high-quality ingesting water. The corporate gives bi-weekly deliveries and caters to each residential and industrial shoppers.
GraceKennedy’s introduction of Catherine’s Peak into the Cayman market would require strategic positioning. Emphasising the model’s premium high quality, distinctive sourcing from Jamaica’s Blue Mountains, and dedication to sustainability may resonate with each health-conscious and environmentally conscious customers.
Jamaica’s bottled water trade has skilled heightened competitors, with worldwide manufacturers and native start-ups vying for client consideration. Nonetheless, Catherine’s Peak has remained resilient, leveraging its pure purity, excessive mineral content material, and powerful model recognition.
Nonetheless, because the market shifts in the direction of premium health-focused drinks, GK is trying to modernise and increase its product choices.
James reaffirmed the corporate’s market place, stating, “Since GK’s preliminary funding in 2018, Catherine’s Peak has been a key a part of the GK Meals portfolio.”
GK’s full acquisition of Catherine’s Peak is only one half of a bigger company transformation geared toward strengthening its footprint within the beverage section. The corporate has actively expanded its product traces, launched new distribution fashions, and optimised its logistics and provide chain infrastructure to help regional and worldwide development.
GK is testing the waters for additional Caribbean and North American market penetration with the Cayman Islands launch later this yr. Given the model’s sturdy gross sales efficiency in Jamaica, with projections nearing J$1.5 billion, the corporate expects comparable traction in export markets.
— Karena Bennett
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