Monk Fruit Corp doubles capacity16 Jun 2015
Monk Fruit Corp. says that it has doubled its supply of monk fruit for the 2015 harvest in order to meet rapidly growing demand. In conjunction with the expansion in fruit supply, the company has announced a corporate rebranding and the completion of a new round of equity to fund future growth. “The new investment […]
Monk Fruit Corp. says that it has doubled its supply of monk fruit for the 2015 harvest in order to meet rapidly growing demand. In conjunction with the expansion in fruit supply, the company has announced a corporate rebranding and the completion of a new round of equity to fund future growth.
“The new investment has allowed us to significantly increase our grower network and fruit supply, cementing our position at the top of the industry,” said Frank Lan, CEO and founder of Monk Fruit Corp. “Monk Fruit Corp. now has a raw material supply chain that will produce at least twice as much fruit as our nearest competitor this year.”
Monk fruit is a small melon that has a history of use in Asia dating back hundreds of years. Recently, the fruit has grown in popularity as a natural low-calorie alternative to sugar where it competes with other natural and artificial sweeteners. Monk fruit has recently been included as an ingredient in product launches from a number of global brands including Starbucks, Yoplait, and Nestlé.
“Working with our partner Tate & Lyle, we have built confidence among food and beverage companies in our monk fruit products, and that is now translating into a number of exciting product launches in global brands,” said David Thorrold, General Manager Sales and Marketing of Monk Fruit Corp.
According to the company, U.S. food and beverage product launches with monk fruit have nearly doubled in the first four months of 2015 compared to the same period last year, and this builds on strong growth in 2014 when new product launches increased by 75% compared to 2013. The company estimates that its share of the market for monk fruit ingredients is now about 70%.
The announcement of Monk Fruit Corp. doubling its capacity for 2015 is accompanied by the news of a corporate rebranding. Monk Fruit Corp. was formerly known as “BioVittoria” in the U.S. and “Guilin GFS Bio-Tech Co.” in China.
“The change of name reflects the fact that our business is exclusively focused on the cultivation, processing and marketing of monk fruit, and that we are the only company to do this,” said Lan. “At the same time, it communicates our more than decade-long history of innovation, focus and leadership in the monk fruit industry.”
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