OptiBiotix Health shares were firmly higher on Wednesday after announcing the development of a new sweetener product.
OptiBiotix has developed a portfolio of patented, zero or low-calorie sweet dietary fibres, called SweetBiotix® which avoids the health concerns associated with sugars and syrups.
OptiBiotix Health shares were around 29% at 9.30am on Wednesday.
The new products will target a sugar substitutes market estimated to be worth $18.8 billion in 2023 and forecast to grow to $24.3 billion by 2028.
The new product will have a broad range of applications including fizzy drinks, snacks, bakery products, dairy products and cereals.
“The development of a unique product concept within an industry is high risk, particularly in the food industry where you are competing in an industry dominated by a small number of large global players with demanding requirements,” said Stephen O’Hara, CEO of OptiBiotix.
“OptiBiotix has looked to overcome these challenges by working closely with partners during the product development process and believes it has created a product portfolio of sweet prebiotic fibres, called SweetBiotix®, which meet a large and growing unmet industry and consumer need. SweetBiotix® are unique in being classified as dietary fibres creating the opportunity to replace unhealthy calorific and cariogenic sugars with healthy fibres in a wide range of food and beverage products or as an ingredient in its own right.”
“With growing industry and consumer health concerns over traditional sugars and sweeteners, the approaching commercialisation of the SweetBiotix® family of products offers shareholders the potential for a significant enhancement in the value of the Company.”