A new player has entered the North American stevia picture with the announcement that Chenguang Biotech has named ingredient supplier GWI as its exclusive distributor in the North American market.
“We are excited about the partnership and to work with Chenguang as their exclusive agent of Stevia, The past few years have shown double-digit growth forthe herbal market as well as the supplement industry. As market leader, GWI will play an important role in this trend,” said Jim Schultz, CEO of GWI.
Citing research from Zenith International, GWI said in a statement the the global stevia market is expected to grow to $409 million by 2016. GWI is based in La Mirada, CA.
Chenguang Biotech, based in Quzhou, a mid-sized city in the eastern Chinese province of Zhejiang, is the world’s large manufacturer of paprika oleoresin ingredients, according to GWI. The company operates 12 agricultural facilities in locations around the globe. In addition to stevia, GWI also handles the following products from Chenguang: green coffee bean, grape seed, lutein, lycopene and red yeast rice.