Stevia ingredient producer PureCircle is planning to invest $200m in India’s stevia infrastructure in the next five years.
The company is planning to collaborate with thousands of Indian farmers to plant 5,000 hectares of stevia and also plans to construct a stevia processing facility in the country.
PureCircle group sales and marketing president Jason Hecker said: "Our investment in India signals the huge potential we see in this market for stevia as a sweetener and as an agricultural commodity.
"We believe this plant can not only help farmers in the region earn extra income, but also help to naturally reduce calories for Indian consumers while maintaining the sweet tastes they want."
With this investment, India has become the last major market to approve stevia leaf extract as a sweetener, providing a gateway for PureCircle's investment.
The latest investment decision highlights the company's commitment to the PureCircle Stevia Agronomy Program and to engage with farmers directly.
The PureCircle Stevia Agronomy Program provides farmers with a contract which states a fixed price for the stevia that they produce and imparts knowledge about sustainable stevia cultivation methods.
Indian farmers who grow stevia on one hectare land can hope to get an income of around Rs 40,000 per year. Agricultural trials are underway in the Indian states of Punjab, Uttar Pradesh, Tamil Nadu, Uttarakhand and Madhya Pradesh.
PureCircle South Asia Region senior director said Ajay Chandran said: "Stevia, also called Meethi Tulsi and Meethi Patti by Indian farmers, is the perfect ingredient for India due to its natural and herbal origins.
"Across the globe, PureCircle's portfolio of innovative stevia sweeteners and flavors has enabled major brands to reformulate full sugar products with this natural, zero-calorie solution to address consumer demands. We feel confident that stevia's approval in India will lead to new, lower calorie taste innovation for this market and help consumers significantly reduce their sweet calorie intake."
