Stevia Corp., a farm management company focused on the economic development of stevia, the fastest growing product in the alternative sweetener sector, has entered into a Letter of Intent (LOI) with Fish International Sourcing House Pte Ltd (FISH), a Singapore registered international seafood company with processing facilities and offices in China, Hong Kong, Indonesia and Thailand. Backed by over 35 years of experience, FISH specializes in the manufacturing, distribution, import and export of high-quality deep frozen seafood products. FISH's main markets include China, the European Union, Middle-East, Russia and South-East Asia.
Under the terms of the LOI, the parties intend to negotiate and enter into a definitive agreement whereby FISH will manage post-harvest facilities to process aquaculture seafood fed Stevia Corp.'s proprietary formulations supplemented with stevia. As part of such agreement, FISH proposes to distribute minimum volumes of the processed seafood supplemented with stevia to its international customers. The seafood would include packaging highlighting and promoting the use of Stevia Corp.'s formulations and their application in sustainable aquaculture practices.
To date, Stevia Corp. has acquired two grower supply contracts and three nursery fields in Vietnam.
Within two years of the USA market opening, Nielsen-based retail consumption data indicated almost $1 billion of retail sales for the stevia sector. In 2010, stevia products were launched across thirty-five countries and in 38 categories. Zenith International estimates worldwide sales of stevia extract reached 3,500 tons in 2010 with an overall market value of $285 million and forecasts the global market for stevia will reach 11,000 tons by 2014 requiring the tripling of stevia leaf production at the farm level to keep pace with consumer demand.