Receives Novel Food approval from Food Standards Australia New Zealand (FSANZ)

Recognized as an official low-calorie sweetener for use in sugar-reduced and sugar-free products

Exclusive supply rights in the region,aiming to capture market share through new distribution channels

SEOUL,South Korea,Nov. 13,2024 -- Samyang Corporation is the first allulose producer globally to enter the Australian and New Zealand markets.

Samyang recently announced that it has received FSANZ approval to sell allulose as a safe food ingredient in Australia and New Zealand,marking it as the first company worldwide to gain Novel Food approval for allulose in these countries.

The term "Novel Food," used by regulatory bodies such as that of the EU,Canada,and Oceania,refers to innovative food ingredients that were not previously used in foods but have now been deemed safe. Allulose's Novel Food approval in Australia and New Zealand represents a significant milestone.

Allulose is a rare sugar with 70% of the sweetness of sucrose but nearly zero calories. It has a similar taste profile to fructose and,when heated,creates a caramelization effect,delivering a flavor profile like sucrose.

With this approval,allulose is now officially recognized as a food ingredient in Australia and New Zealand. Unlike high-intensity sweeteners and sugar alcohols classified as food additives,such as aspartame,sucralose,and erythritol,allulose can now be used more freely to manufacture sugar-reduced and sugar-free products.

Australia's food market is growing steadily,with an annual growth rate of around 4.6% as of last year,and there is rising demand for low-sugar,low-fat,and organic products. The high obesity rates in the region also increase the likelihood of government support for alternative sweeteners. In New Zealand,trends in wellness-related products,like organic and plant-based alternatives,as well as free-from foods that omit specific ingredients like gluten,dairy,and nuts,are gaining traction,suggesting a promising outlook for the sugar-free market.

In anticipation of this market potential,Samyang began preparing for FSANZ Novel Food approval in November 2021,finally achieving it after nearly three years. As the first company to receive FSANZ approval for allulose,Samyang will be the exclusive supplier in the region for the time being. The company plans to prioritize cultivating local client relationships,supplying allulose through its B2B brand,Nexweet.

Samyang has taken diverse initiatives to expand allulose distribution globally. In 2020,Samyang was recognized with GRAS (Generally Recognized as Safe) status by the U.S. FDA,confirming the product's safety. In the same year,Samyang also obtained Kosher and Halal certifications.

"The recent approval enables us to expand our reach to Australia and New Zealand as we continue our market expansion across North America and Japan. We will actively pursue promotions with new local clients and distributors to capture market share," said Sang-Hoon Lee,Head of Foodstuff at Samyang. "With the completion of our new specialty factory in Ulsan,which ensures a stable production capacity to meet global demand,we are further accelerating our overseas market entry."

In September,Samyang held a groundbreaking ceremony for its specialty plant dedicated to producing allulose and prebiotics. The allulose plant is now the largest in Korea,with an annual production capacity of 13,000 tons,over four times its previous capacity,and can produce both liquid and crystalline allulose suitable for export.