STEVIA: THE NEXT GENERATION OF · PDF fileSTEVIA: THE NEXT GENERATION OF SWEETENERS WORLD...

STEVIA:

THE NEXT GENERATION

OF SWEETENERS

WORLD HALAL

RESEARCH SUMMIT23rd - 25th June 2010

Kuala Lumpur Convention

Centre

PureCircle Limited. All Rights Reserved 2010

What is Stevia?


A genus in the chrysanthemum family

Semi-humid sub-tropical plant

Can be grown easily like vegetable crop

Native to Brazil and Paraguay

Perennial in nature

Mainly grown for its sweetness content

Sweetener extracted from this plant can be substituted for sugar.

Sweetener up to 300 times sweeter than sugar

Zero calorie

Medically possible in treating obesity and high blood pressure

2

Stevia Plants


Young Plants


Stevia Farm


Stevia Leaves and Extracts


Structure of the Sweeteners Industry

Sweeteners

Caloric

- Sugar

- Honey

- HFCS

Zero/Low Calorie

High Intensity

Natural

- Stevia- Luo han guo- Glycyrrhizin

Artificial

- Aspartame

- Saccharin

- Cyclamate

- Sucralose

Bulk

- Sorbitol

- Xylitol

- FOS-syrup


Market for Stevia


Huge global Sweetener market – opportunity over $60bn Sugar $50bn

HFCS $6.5bn

HIS $3bn+

Market pull through Global obesity and diabetes

epidemics

Consumers want Natural

F&B businesses need natural solution to the calorie issues

Pepsico, Coke, Nestle, General Mills announcements : must reduce calories by 20+%

The Natural Solution is STEVIA

Natural Mass Commodity just like Sugar/HFCS

Regulatory clearances confirmed in all key markets

Major product launches

8

Product Launches


Stevia-sweetened products launched

35 countries across 6 continents

200 launches in 2009

154 first 4 months of 2010

Category:

Beverage, chewing gum, table-top sweetener, snacks, cereals,

desserts, confectionery, ready meals, dairy, yoghurts, sauces,

dressings, chocolates, bakery

9

Product Launches


Companies: U.S.A. Pepsico, CocaCola, Merisant,

Cumberland, Apple Rush, Target Corporation, Arizona Beverage Company, Kraft, Starbucks, Lipton, Ragold, Danone, Nestle, WhiteWave, Goodman Fielder

New Zealand Frucor, Puredent Gum,

Goodman Fielder

Australia Hermes Sweeteners, Steaz,

Blue Sky Free, Goodman Fielder

Canada Pepsico Canada

Switzerland Villars Maîitre Chocolatier

France Abbaye de Sept-fons

Malaysia Nestle

10

Sprite Green Blue Sky Free YoCrunch Meadow Fresh Velamints Villars Living Lighter Wish-bone

Vitamin Water Zero

Sobe Lifewater Yoco Bliss Silk Light Trop50 Green Tea

Sun Crystals PureVia Bonafont Supplement Water

Crystal Light Nature’s Splash

Odwalla

Allsport Naturally Zero

CSD SpoonableYogurt Confectionery Baked Goods Salad Dressing

Enhanced Water DrinkableYogurt Soymilk Juice Tea

Table Top Flavored Water Powdered Mix Sports Drink

Minute Maid

Powerade PlayG2 Natural

Global Manufacturers Are Adding Stevia Products to Their Portfolio Across Many Categories

http://images.google.com/imgres?imgurl=http://www.nationalautismassociation.org/eliaswalk/HansensLogo.gif&imgrefurl=http://www.nationalautismassociation.org/eliaswalk/&usg=___DFxTS-X9FYxwXs3EkVQawYfJdo=&h=111&w=227&sz=4&hl=en&start=9&sig2=ojQtVnEACd0omb8QB6Bt9A&um=1&tbnid=945yTCrouIMWqM:&tbnh=53&tbnw=108&prev=/images?q=hansens+logo&hl=en&um=1&ei=5g9iS4SyGY7ENMuSkMEP

http://images.google.com/imgres?imgurl=http://www.transcold.ca/media/catalog/sections/breyers_logo.jpg&imgrefurl=http://www.transcold.ca/site/suppliers/breyers.html&usg=__iPPwtxbezDXRu4P5pP-ePeozME0=&h=138&w=189&sz=12&hl=en&start=6&sig2=7kSjr-w4k6CiuyLHS_3lPw&um=1&tbnid=8ZxTgs9pgKTs0M:&tbnh=75&tbnw=103&prev=/images?q=breyers&hl=en&sa=N&um=1&ei=N01fS8SFOKCWMdjt0fcL

http://www.goodmanfielder.com.au/

http://www.gnpd.com/sinatra/gnpd/search_results/&item_id=1273483

http://www.chocolat-villars.com/index.php?id=4

http://www.facebook.com/album.php?profile=1&id=439169215087

http://www.lipton.com/

http://www.frucor.co.nz/index.php


http://images.google.com/imgres?imgurl=http://www.drpeppermuseum.com/getattachment/14aa944b-1dd2-4a4a-aa34-4e641d23b8d3/Dr-Pepper-Snapple-Group.aspx?height=120&imgrefurl=http://www.drpeppermuseum.com/Visit-Us/Links.aspx&usg=__LQlGGaKXioduQYEZ_HSoOEJAvd8=&h=102&w=267&sz=10&hl=en&start=6&sig2=B-tKO95iza_umzte8Xc17A&um=1&tbnid=ZCF3D82U-fQmTM:&tbnh=43&tbnw=113&prev=/images?q=dr.+pepper+snapple+group&hl=en&um=1&ei=zdpdS5mpCoasNa-jtIsP

Vitamin Water 0

Zero Calorie Reduced Calorie

Supplement Water

Allsport

Trop 50

G2

Aquafina Plus

Silk Light

Bliss

Nature’s Splash

Sobe Lifewater 0

Bonafont

True Lemon

Lo-Cal Juice

Blue Sky Free

Odwalla

Sprite Green

Minute Maid

Epika

Fanta Still

Chilled Tea

Yoco

Crystal Light

Tazo

Success With Zero & Reduced Calorie Offerings


http://www.gnpd.com/sinatra/gnpd/images/newzoom&id=1268107&pic_num=0&destWidth=400&destHeight=400&origWidth=400&origHeight=400

http://www.frucor.co.nz/index.php

http://www.gnpd.com/sinatra/gnpd/images/newzoom&id=1239718&pic_num=0&destWidth=400&destHeight=400&origWidth=400&origHeight=400


http://images.google.com/imgres?imgurl=http://www.bevnet.com/images/reviews/bigred/Images/2007531755420.br.splash.logo.jpeg.large.jpg&imgrefurl=http://www.bevnet.com/reviews/bigred&usg=__e5MMoBwl99G7RGNpHfND3FEWq7s=&h=200&w=223&sz=14&hl=en&start=1&sig2=bQl-9iWRl4L-Efxu_Q5ogA&um=1&tbnid=0zPtVfEPHkLQKM:&tbnh=96&tbnw=107&prev=/images?q=big+red+soda&hl=en&sa=N&um=1&ei=d_RhS8OHM4u8M4qrncEP

http://images.google.com/imgres?imgurl=http://www.drpeppermuseum.com/getattachment/14aa944b-1dd2-4a4a-aa34-4e641d23b8d3/Dr-Pepper-Snapple-Group.aspx?height=120&imgrefurl=http://www.drpeppermuseum.com/Visit-Us/Links.aspx&usg=__LQlGGaKXioduQYEZ_HSoOEJAvd8=&h=102&w=267&sz=10&hl=en&start=6&sig2=B-tKO95iza_umzte8Xc17A&um=1&tbnid=ZCF3D82U-fQmTM:&tbnh=43&tbnw=113&prev=/images?q=dr.+pepper+snapple+group&hl=en&um=1&ei=zdpdS5mpCoasNa-jtIsP

http://www.lipton.com/


http://www.facebook.com/album.php?profile=1&id=439169215087


http://images.google.com/imgres?imgurl=http://www.whitefishgroup.com/public/images/res_thmb_true_lemon.jpg&imgrefurl=http://www.whitefishgroup.com/public/resources.html&usg=__G1tw-lXnQbp1cVYlmGpPttqLY6Q=&h=71&w=125&sz=5&hl=en&start=2&sig2=Mw0olHefbApOtuXlLe-GxA&um=1&tbnid=_xH-n93a1TIIZM:&tbnh=51&tbnw=90&prev=/images?q=true+lemon+logo&hl=en&um=1&ei=7w1iS5HlIpbONLWSqZQM

http://images.google.com/imgres?imgurl=http://weblogs.sun-sentinel.com/features/food/restaurants/blog/starbucks.jpg&imgrefurl=http://weblogs.sun-sentinel.com/features/food/restaurants/blog/2009/09/how_to_save_at_starbucks.html&usg=__ynV0GUdPztc9DWWH3Obs19S3YS4=&h=972&w=956&sz=221&hl=en&start=1&itbs=1&tbnid=I6KOYqwqs3KzmM:&tbnh=149&tbnw=147&prev=/images?q=starbucks&hl=en&sa=G&gbv=2&tbs=isch:1

PureCircle: Stevia-Based Sweeteners

Purified Steviol Glycosides

RebA

Stevioside

RebD

RebB

Sbio

SG95

Stevia Blends

RebA-Pal

RebA-Sugar

RebA-Eryth

Glycosyl Stevia

SW-SG95

SW-RA

Sweta-80

Sweta-90

G1G2-St

G1G2-RebA

G1G2-BulkPureCircle Limited. All Rights Reserved 201013

Rebaudioside A (‘Reb-A’)


Molecule found in the Stevia leaf

100% natural & healthy

250-300 times sweeter than sugar…with same taste profile

Zero calorie

Low glycemic index good for diabetics

Tooth-friendly!

PH stable (unlike sucralose) : shelf-life and CSD

Highly stable in cooking, baking and freezing

14

PureCircle RebA

• Rebaudioside A content >97%

• Fully complies with 2009 FCC specification

• Complies with specifications set in 2008 FDA GRAS notices (GRN252 and 253) and 2010 revised French

regulation

• High volumes of the production enabled by largest extraction and refining facilities in the industry and the most

diversified Stevia supply chain

•Ability to carry out the purification of RebA from any types of extract

• Proven consistent quality and high purity

• Halal and Kosher certified

• cGMP, HACCP, ISO standards


05

PureCircle Pure n’ Sweet 95

01

• JECFA specification standard with 50% Reb A content

• 250X sweeter than sugar

• Completely natural, non-caloric sweetener with zero glycemic

index

• Stable under processing, usage and storage conditions

• Compatible with a wide range of food ingredients

• At about one third the price of sugar, it presents manufacturers

with significant cost savings opportunities

• Replace 30%+ sugar content in new products and with the aid of

flavour modification in existing products




05

PureCircle Sweta

01

• Made from enzymatic treatment of natural steviol glycosides

• 100X sweeter than sugar

• Commercially available

• Stable under processing, usage and storage conditions

• Compatible with a wide range of food ingredients

• At about one half of the price of sugar, it presents manufacturers with

significant cost savings opportunities

• Replace 50% or more sugar content in many applications




At PureCircle, delivering the highest quality

product to our customers is critical to both our

success and theirs

How do you define quality?

Delivering the highest quality

01PureCircle Limited. All Rights Reserved 201018

A Checklist on Quality


Applications

APPLICATIONS

Food Pharmaceutical

• Pharmaceuticals

• Cosmetics

•Tooth-paste

• Soft drinks

• Alcoholic drinks

• Beverages

• Seasonings

• Confectioneries & Bread

• Yogurt and Dairy products

• Ice cream & sherbet

• Soy sauce & soy paste

• Sea foods

• Table-top sweetener

• Chewing gum


Stevia Sweeteners - Applications - JAPAN

Products Total, %

Japanese-style pickles 28.1

Dried sea foods 12.6

Soy sauce and soy-paste 6.3

Mashed and steamed fish and meat 4.9

Seasonings 4.8

Sea foods boiled down by soy sauce 2.7

Beverages & yoghurt 17.1

Ice cream and sherbet 12.6

Confectioneries and bread 3.5

Table-top sweeteners, etc. 7.4


Stevia Sweeteners - Applications – S.Korea

Products Total, %

Soju (distilled liquor, 25%) 15.4

Unrefined rice wine 7.7

Confectionary 7.7

Medicine additive 13.8

Soybean sauce 25.4

Pickle 7.6

Others (ice cake, etc) 22.4


Stevia – Caloric Comparison in Various Foods

Product RebA Sugar Benefit

Carbonated Soft Drink (0.24 L) 1 103 99% Reduction

Lemonade 0.24 L 5 107 95% Reduction

Chocolate Pudding ½ cup 90 172 48% Reduction

Hot Chocolate 0.24 L 64 148 57% Reduction

Yoghurt ½ cup 100 210 52% Reduction


Stevia – Benefits of Stevia Application (I)


Products Sugar, % RebA, % RebA Benefits

Carbonated Soft

Drinks

Example:

•Canned soft

drinks

9-15 ~0.06

* Reduces calories, making them

suitable for people with low sugar diet;

* Sugar-free labeling;

* Sweet taste at low concentrations

* Synergistic with sugar

* pH 3-9 stable

* Dissolves easily

Still/RTD

Beverages

Example:

•Juices,

•Non-carbonated

soft drinks

9-15 ~0.06

* Same as for Carbonated Drinks

* Extends and complements flavors

24

Stevia – Benefits of Stevia Application (II)



Dairy Products

Example:


* Non-fermentation properties extend

shelf-life

* Non-cariogenic•Plain Yogurt 3 -5 ~0.02

•Fruited / Flavoured

Yogurt

6 -12 ~0.06

•Ice Cream 14 - 22 ~0.08

•Refrigerated

Chocolate Milk

5 - 7 ~0.04

Seasoning, Sauces

and Canned Foods

5 - 10 ~0.09 * Same as for Carbonated Drinks

* Improves taste

* Shortens salting time and prevents

dewatering

* Extends shelf life

25

Stevia – Benefits of Stevia Application (III)



Powdered

Beverages 30 - 65 ~0.25


* Appropriate use of bulking agents

would be necessary

Cordials30 - 65 ~0.20


* Extends and complements flavours

Backed Goods

Example

• Biscuits, Cakes10 - 25 ~0.10


* Do not cause Maillard reaction

* No browning effect

* Use of bulking agents would be

necessary

26

About PureCircle


Pioneer in extraction of natural goodness from plants

Leading global producer of natural high-intensity sweeteners, including high-purity Rebaudioside A (Reb A)

Vertically integrated supply chain operating in three continents.

Activities range from breeding of proprietary stevia varieties, sourcing of dry stevia leaves and extraction, and purification of extracts into sweetening ingredients to the marketing of these ingredients to food and beverage manufacturers worldwide

Listed on the London Stock Exchange AIM market with the ticker symbol: LSE.PURE

For more information, visit www.purecircle.com.

27

Leaf Market Extract Market Refinery Market

PureCircle Share of Market

60% 86% 91%

PureCircle Has Invested $200M in Stevia Infrastructure

PureCircle Produces 90% of Reb A Today


PureCircle Scale LeadershipPureCircle produces 90% of Reb A sold today.

Leaf Pure Extract Pure Refinery Pure Pure

Market Share Market Share Market Share Invested

2005 200 200 25 20 5 5 $50m

2009 50,000 30,000 4,000 3,500 2,200 2,000 $200m

Extract capacity (4,000 tonnes) is larger than rest of Industry combined

It took PureCircle 3 years and $150m to develop current capacity

3 to 5 years leadership

29

PureCircle Group Corporate Structure

PURECIRCLE LIMITEDBermuda - LSE listed

23 July 2007

PURECIRCLE SAGeneva, Switzerland

22 May 2008

PURECIRCLE SDN BHDMalaysia

3 May 2002

FINLAY PURECIRCLE LTDKenya

23 April 2008

100%100

%

PURECIRCLE (JIANGXI)CO., LTD

China4 January 2002

98%

PURECIRCLE USA Inc.Delaware, USA

7 November 2008

PURECIRCLE SOUTH AMERICA SA

Paraguay21 October 2008

100% 100

%100%

*

*PURECIRCLE

AUSTRALIA PTY LTDAustralia

100%


PureCircle Global Network


Switzerland:European

head office

China:Sales office,

leaf buying &

extraction plant

Malaysia:AsiaPac sales office

Refinery& head office

Kenya:Stevia leaf

plantations &

extraction plant

Paraguay:South America sales

office & plantations

United States:North America

head office

Russia:Sales from FY 2009

Australia:Sales office

Japan:Sales

31

THANK YOU !



Nielsen: (4 Weeks Ending 2/20/10)

LEADING SUGAR SUBSTITUTES($ Share)

(-1.7%)

(-0.1%)

(+333.4%)

(-15.4%)

Sucralose, 55%

Stevia, 16%

Saccharine, 15%

Aspartame, 15%

PureCircle Limited,. All Rights Reserved. 2010

TABLETOP SWETEENERS

New “Green” Tabletop Category Surpasses Pink & Blue in $ Share, Just One Year in Market

FY 2009 2 Years Long Term

Tonnage 300 1,500 2,000

Pricing Global Accts (Kg) $250 $160 $90

Pricing per pound in sugar equivalent

Reb A1 $.38 $.24 $.14

Sugar (Historic) $.30 $.30 $.30

Sugar (Spot) $.53 $.45 $.45

HFCS $.16 $.20 $.20

1 Assumes a ratio of 300X sweeter than sugar

This vision becomes possible only when thinking about stevia as a long terms strategic ingredient

Long Term, PureCircle Can Produce At Half The Cost of Sugar



Stevia rebaudiana Bertoni – Sweet Principle

CH3

COO-R1

O-R2

CH2

CH3

Compound name R1 R2

-Glc(31)

-Glc- -Glc(21)7. Rebaudioside B H

8. Rebaudioside C

(Dulcoside B)-Glc(31)

-Glc- -Rha(21)-Glc

9. Rebaudioside D -Glc- -Glc(21)

-Glc(31)

-Glc- -Glc(21)

10. Rebaudioside E -Glc- -Glc(21)-Glc- -Glc(21)

11. Rebaudioside F -Glc- -Xyl(21)

-Glc(31)-Glc

12. Dulcoside A -Glc -Glc- -Rha(21)

1. Steviol H H

-Glc2. Steviolmonoside H

-Glc3. Rubusoside -Glc

4. Steviolbioside H -Glc- -Glc(21)

-Glc(31)

-Glc- -Glc(21)6. Rebaudioside A

5. Stevioside -Glc- -Glc(21)-Glc

-Glc

Private & Confidential ©Avetik Markosyan

Steviol Glycosides

Stevia Sweeteners – Commercial Viability – Metric Details

Metric Details: 5. Safety

• Pre-JECFA Stevia sweeteners were approved in many countries including: Japan,

Korea, China, Malaysia, Russia, Thailand, Brazil

•JECFA 2008 JECFA awarded steviol glycosides a permanent ADI of 4mg/kg (steviol

basis) which is equivalent to an ADI of 12mg/kg Rebaudioside A

• Australia and New Zealand approved steviol glycosides in 2008

• US FDA 2008 RebA is Generally Recognized as Safe (GRAS). For one specification

RebA purity has to be not less than 95% (Whole Earth Sweetener Company LLC

GRN252) and at least 97% according to the specification presented by Cargill

(GRN253). Level of use is in the range of 90-500 mg/kg

• In 2009 GRAS was awarded for purified steviol glycosides with rebaudioside A as the

principal component (GRN275 and GRN287)

• For SG95 GRAS notice was filed in 2010 (GRN323), FDA reply expected by August

2010

• France approved RebA in 2009

•EU Food Additive Approval (EFSA): Approval is anticipated in 2011-2012Private & Confidential ©Avetik Markosyan

Vertically IntegratedFrom leaf to final product

Our quality advantage is vertical integration

Plant BreedingBreeding proprietary stevia varieties with higher RebA content

HarvestingWorks directly with local famers across 3 continents

ExtractionProducing our own extract to ensure quality standards are met

PurificationPurifying Reb A with an unmatched scale/ consistency

ApplicationProviding formulation expertise to deliver great tasting products

Finished Product Supporting consumer communications with equally powerful stevia equity


Reb A Price Comparison

PureCircle Limited - Private &

Confidential 40

• Reb A price :

Immediate - $180/kg

Mid Term - Approx $150/kg

Long Term - Lower than Sugar price

• Sugar price :

US sugar price - $0.22/lb = $500/mt

At 250-300 times sweeter = $125 - $150/kg

• HFCS price : 10 – 20% cheaper than Sugar = $100 - $120/kg

• HIS Sweetener costs (like for like equivalent)

• - Splenda/Sucrolose = $60 - $25/kg

• - Aspartame = $15/kg

• - Saccharine = $12/kg

41

Leaf Quality Development

CHINA REST OF WORLD

Average Best Now Best

SteviolGlycosides

% content

8-10 10-12 12-14 14-16

Reb A % of the SG

content

40-45 45-50 50-55 55-60

Net Reb A % 3.2-4.5 5-6 6-8 8-10

Implied ratio

(1/Reb A %)

25-30 16-20 12-16 10-12

FY 2009: impurities of > 30-40%

05

Leaf Quality over Time

Today 2 Years Long Term

China Mixed Rest of World

SG % 8-10% 12-14% 14-18%

Reb A % 40-45% 55-65% 65-80%

Resutlng Lbs of Leaf necessary to make 1 Lb Reb A

Leaf 35-45 15-20 10-15

Leaf improvements can ONLY occur with major investments OUTSIDE China

Already own proprietary varieties with twice the Reb A content of industry average

42

PureCircle Innovation Leadership2001 Reb A content was only 15-20%

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