Westchester, Illinois and Longmont, Colorado, USA
September 9, 2021
Ingredion Incorporated (NYSE: INGR), a leading global provider of ingredient solutions to the food and beverage manufacturing industry, and S&W Seed Company (Nasdaq: SANW), a global integrated agricultural seed technology company, today announced the companies have entered into an exclusive U.S. stevia pilot production supply agreement. Under the terms of the agreement, S&W will leverage its proprietary stevia plant portfolio and production techniques to supply Ingredion and its PureCircle by Ingredion group of companies, with high-quality, U.S.-sourced stevia plants.
Mark Wong, CEO of S&W Seed Company, commented, "S&W has developed unique, non-GMO, all-natural stevia varieties over the past ten years utilizing our proprietary plant breeding program. Recently, we have made what we believe is a significant leap forward by validating efficacy of stevia production in the southeastern United States. By leveraging a unique seed-to-plant process and mechanical harvesting system, we expect to dramatically reduce overall production costs. Importantly, this method is intended to allow the stevia to function as a green cover crop, helping to sequester carbon. We are excited to enter into this pilot production supply agreement with the world's largest stevia ingredient producer, PureCircle, to further validate and expand upon our capabilities to date."
"This agreement strengthens our ability to provide sugar reduction solutions for our customers by diversifying our supply of sustainably sourced stevia in the U.S.," stated Jeremy Xu, Ingredion's senior vice president and chief innovation officer. "This agreement with S&W will allow us to evaluate the long-term opportunity to effectively produce large quantities of stevia in the U.S."
Stevia is a zero-calorie, plant-based sweetener of natural origin, up to 350 times sweeter than sugar, and found in more than 30,000 food and beverage products globally. The size of the global stevia market is estimated to grow to $1.6B by 2028 according to LEK and Ingredion's internal analysis. Currently, due to historical constraints with climate and harvesting techniques, the vast majority of stevia is produced outside the United States.
This agreement represents the third major development to Ingredion's stevia business in the last 14 months. Last July, Ingredion acquired a controlling stake in PureCircle (now PureCircle by Ingredion), and earlier this year the Company announced a joint venture with Amyris to exclusively offer Fermented Sugarcane Reb M as part of its expanded stevia portfolio. PureCircle by Ingredion is the only stevia ingredient supplier to offer all major stevia production technologies (stevia from extraction, fermentation and bioconversion). Ingredion continues to invest in the future of sugar reduction innovation, inclusive of its stevia sweeteners and flavor modifiers.
About Ingredion
Ingredion Incorporated (INGR) headquartered in the suburbs of Chicago, is a leading global ingredient solutions provider serving customers in more than 120 countries. With 2020 annual net sales of $6 billion, the Company turns grains, fruits, vegetables and other plant-based materials into value-added ingredient solutions for the food, beverage, animal nutrition, brewing and industrial markets. With Ingredion's 32 Idea Labs® innovation centers around the world and approximately 12,000 employees, the Company co-creates with customers and fulfills its purpose of bringing the potential of people, nature and technology together to make life better. Visit www.ingredion.com for more information and the latest company news.
About S&W Seed Company
Founded in 1980, S&W Seed Company is a global agricultural company headquartered in Longmont, Colorado. S&W's vision is to be the world's preferred proprietary seed company which supplies a range of forage and specialty crop products that supports the growing global demand for animal proteins and healthier consumer diets. S&W is a global leader in proprietary alfalfa, sorghum and pasture seeds, with significant research and development, production and distribution capabilities. S&W's product portfolio also includes hybrid sunflower and wheat, and the company is utilizing its research and breeding expertise to develop and produce stevia, the all-natural, zero calorie sweetener for the food and beverage industry. For more information, please visit www.swseedco.com.
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