(Jamaica Gleaner) Jamaica has missed out on a rare half-billion dollar (US$6 million) a year opportunity to supply ginger to a United States-domiciled drinks company listed in the NASDAQ, the world’s largest stock exchange by market capitalisation.
The island currently fills only 10 per cent of its potential export demand, which underscores missed market opportunities for this unique local crop.
US-based Chris Reed, founder and CEO of REED’s, told the Financial Gleaner in an interview on Monday that he attempted to utilise authentic Jamaican ginger, but found no consistent supplier.
His company boasts a line of brew, including its flagship ‘Jamaican style’ ginger ale, although the name is not consistent with using products from Jamaica, given that he imports most of the raw material from South America.
“We have tried in the past to get supplies from Jamaica, but couldn’t find a reliable supplier,” he said. “Additionally, there was an issue with exporting the fresh ginger,” Reed recalled, adding that “we approached two or three groups and at one point had an issue getting a licence.”
Ginger accounts for some US$10-US$15 million in annual sales for the company, he reasoned. Over nine months ending September this year, REED’s earned US$17.7 million in revenues, up 23 per cent year on year, according to latest financials to shareholders.
