Spur Tree Spices Ltd aims to cross $2 billion in annual revenue for the first time, but achieving it requires growing by at least 13 per cent over the second half of last year.
“Our goal for this year is to hit the $2-billion revenue milestone,” Chief Executive Officer Albert Bailey told shareholders at the company’s annual general meeting on August 11, held in hybrid format at The Courtleigh Hotel & Suites in New Kingston.
The agro-processor generated $797 million in revenue over the first six months of 2026, leaving $1.2 billion still to earn. Since Spur Tree typically books more revenue in the final two quarters — when ackee harvesting peaks — the figure remains within reach, as long as second-half sales grow by roughly 13 per cent over the $1.06 billion earned in the same period last year.
Full-year 2025 revenue was $1.79 billion, itself a 15 per cent increase over the prior year despite Hurricane Melissa disrupting harvesting in the fourth quarter.
Bailey said the company is focused on reaching untapped pockets of its existing export markets rather than chasing new territories. About 90 per cent of revenue comes from exports, with 70 per cent of that going to the United States — a market now complicated by tariffs that have forced Spur Tree to discount some shipments at a time when contract farmers are demanding price increases of up to 30 per cent.
The company’s 200-acre farm at Bernard Lodge in St Catherine supplies roughly half its pepper and 40 per cent of its scallion, providing a buffer against input cost pressures. The remainder comes from contract farmers, an arrangement Bailey said he wants to maintain.
“The more people are farming, the better it is for us and the industry,” he said.
Bailey said discussions with regional distribution partners are under way to establish a stronger presence for the brand across the Caribbean. Also, there’s a push to increase local consumption from 10 per cent incrementally by adding new wholesales and shops to its local distribution.
luke.douglas@gleanerjm.com
