The steadily growing Nigerian bitters beverage market is seeing entry of more market players who are ready to compete in the over N32.5 billion industry.
The latest entry is Grand Oak who made additional investment of over $1 million for the production of Korect Bitters product which officially hit the market last weekend.
The number of bitters brand entering the Nigerian has increased in the last 15 years and this is triggered by growing change in taste especially by large youth population who believe that ingredients in bitters drink help to strengthen immune system, virility in men and it is a purifier.
Speaking at the introduction of Korect Bitters in Lagos, Olofin Olubusiyi, director , Fountain Business Unit of Grand Oak highlighted that belief when he said bitters is synonymous with healthy living and “you have to be healthy to face challenges in life. For us it is that part of health and wellness and lifestyle”.
He said over the last four years, Grand Oak has invested $10 million in production and “we will continue. We are not leaving Nigeria as we are here to stay. For the production of Korect Bitters, he said the company upgraded its production facility and made extra investment of about $1 million dollars.
The company is introducing the product in various sizes for different categories of consumers. Olubusiyi further said that the brand will compete in packaging and price.
On the local content of the product, he said the packaging is sourced locally and the roots and herbs are from the local farmers.
Also speaking at the event, Simi Ogunwale, the brand manager for Korect Bitters said bitters drink is growing at 16 percent annually it is occupies about 40% of spirit drink market.
At the event, Grand Oak unveiled Bolanle Ninalowo, Nollywood actor as Korect bitter brand ambassador to assist in pushing the brand in the market