PURE.L PureCircle
-
Upload
planmaestro -
Category
Documents
-
view
218 -
download
3
Transcript of PURE.L PureCircle
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?
PureCircle Limited. All Rights Reserved 2010
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
PureCircle Limited. All Rights Reserved 20103
Young Plants
PureCircle Limited. All Rights Reserved 20104
Stevia Farm
PureCircle Limited. All Rights Reserved 20105
Stevia Leaves and Extracts
PureCircle Limited. All Rights Reserved 20106
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
PureCircle Limited. All Rights Reserved 20107
Market for Stevia
PureCircle Limited. All Rights Reserved 2010
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
PureCircle Limited. All Rights Reserved 2010
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
PureCircle Limited. All Rights Reserved 2010
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
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
PureCircle Limited. All Rights Reserved 201012
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’)
PureCircle Limited. All Rights Reserved 2010
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
PureCircle Limited. All Rights Reserved 201015
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
• Halal and Kosher certified
• cGMP, HACCP, ISO standards
PureCircle Limited. All Rights Reserved 201016
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
• Halal and Kosher certified
• cGMP, HACCP, ISO standards
PureCircle Limited. All Rights Reserved 201017
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
PureCircle Limited. All Rights Reserved 2010
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
PureCircle Limited. All Rights Reserved 201020
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
PureCircle Limited. All Rights Reserved 201021
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
PureCircle Limited. All Rights Reserved 201022
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
PureCircle Limited. All Rights Reserved 201023
Stevia – Benefits of Stevia Application (I)
PureCircle Limited. All Rights Reserved 2010
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)
PureCircle Limited. All Rights Reserved 2010
Products Sugar, % RebA, % RebA Benefits
Dairy Products
Example:
* Same as for Carbonated Drinks
* 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)
PureCircle Limited. All Rights Reserved 2010
Products Sugar, % RebA, % RebA Benefits
Powdered
Beverages 30 - 65 ~0.25
* Same as for Carbonated Drinks
* Appropriate use of bulking agents
would be necessary
Cordials30 - 65 ~0.20
* Same as for Carbonated Drinks
* Extends and complements flavours
Backed Goods
Example
• Biscuits, Cakes10 - 25 ~0.10
* Same as for Carbonated Drinks
* Do not cause Maillard reaction
* No browning effect
* Use of bulking agents would be
necessary
26
About PureCircle
PureCircle Limited. All Rights Reserved 2010
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 Limited. All Rights Reserved 201028
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 $150m to develop current capacity
3 to 5 years leadership
29
PureCircle Group Corporate Structure
PURECIRCLE LIMITEDBermuda - LSE listed
23 July 2007
PURECIRCLE SAGeneva, Switzerland
22 May 2008
PURECIRCLE SDN BHDMalaysia
3 May 2002
FINLAY PURECIRCLE LTDKenya
23 April 2008
100%100
%
PURECIRCLE (JIANGXI)CO., LTD
China4 January 2002
98%
PURECIRCLE USA Inc.Delaware, USA
7 November 2008
PURECIRCLE SOUTH AMERICA SA
Paraguay21 October 2008
100% 100
%100%
*
*PURECIRCLE
AUSTRALIA PTY LTDAustralia
100%
PureCircle Limited. All Rights Reserved 201030
PureCircle Global Network
PureCircle Limited. All Rights Reserved 2010
Switzerland:European
head office
China:Sales office,
leaf buying &
extraction plant
Malaysia:AsiaPac sales office
Refinery& head office
Kenya:Stevia leaf
plantations &
extraction plant
Paraguay:South America sales
office & plantations
United States:North America
head office
Russia:Sales from FY 2009
Australia:Sales office
Japan:Sales
31
THANK YOU !
PureCircle Limited. All Rights Reserved 201032
PureCircle Limited. All Rights Reserved 201033
Nielsen: (4 Weeks Ending 2/20/10)
LEADING SUGAR SUBSTITUTES($ 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
PureCircle Limited,. All Rights Reserved. 2010
PureCircle Limited. All Rights Reserved 201036
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
PureCircle Limited,. All Rights Reserved. 2010
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%