Nestle adds new snack, aims to grow market share
Nestle Jamaica will introduce additional products under the Milo line to the local market by mid-2017 as it seeks a bigger slice of the snack market.
The conglomerate is aiming for 10 per cent of the local snack market in the next three years and has already launched a new Milo breakfast cereal with a chocolate cookie snack added in November.
"The first shipment (of cookies) sold out within a week. People were just taking them off the shelves," newly installed country manager, Daniel Caron, told Gleaner Business of the take up so far.
The "authentic Milo taste" has led to the positive market impact, he said.
By mid-next year, customers can expect even more Milo snack options, Caron said.
Nestle has operated in Jamaica for 75 years. Last year, under a deal with the Musson Group, the Swiss-owned company exited manufacturing and will now focus entirely on distribution and marketing of its brands.
The company, in June this year, broke ground for its new headquarters inside an industrial park being developed by the Cascade Group under a US$14-million (J$1.7 billion) arrangement between the companies. Its New Kingston head office will be relocated to the complex at Ferry when it is completed.
The new additions come as the company moves to leverage brand equity it has built over the years, Caron said.
"It's really about getting us (more) into the snacking category. It's about expanding our snacking options and building further on the power of the Milo brand," he said.
Speaking about the decision to introduce products under the Milo brand, Caron said: "Milo has a really rich and trusted history in Jamaica. People know Milo and most people I speak with have been enjoying it since they were children, and now give it to their children. It has a broad appeal across all lifestyles."
The Milo 30-gram single serve, which has been off the market for years, has also been reintroduced "and doing exceptionally well", he said.
The new products should "round out our portfolio", Caron added, noting that, among other changes, more ice cream novelty products will be added in the next couple of months.