Paris, July 22, 2026, 12:13 CEST — Trading remained active on Euronext while the main session on the New York Stock Exchange had yet to commence. In a significant development for the specialty sweetener market, MANE has secured exclusive worldwide rights to manufacture and commercialize ViaLeaf Reb M, a high-intensity sweetener derived from stevia.
According to initial calculations, the annual sugar-equivalent sweetness from ViaLeaf could exceed 142,500 tonnes. This figure is based on the company's reported annual capacity of more than 500 tonnes and a sweetness level approximately 285 times that of sucrose. However, this represents only an estimated 0.08% of the USDA's projected world centrifugal sugar use for the 2026/27 season, which stands at roughly 179.99 million tonnes. While this is a commercial-scale production for a high-intensity ingredient, it is not expected to materially impact global sugar balances.
The read-through for investors is not about sugar demand but rather the pricing dynamics and formulation share of specialty sweeteners. The nearest public peer in this space is Ingredion (NYSE:INGR) through its PureCircle division, which produces Reb M via three distinct methods: extraction from stevia leaves, bioconversion, and precision fermentation. This variety allows buyers to weigh costs, label compliance, and regional regulations.
MANE's exclusive license brings ViaLeaf into its global commercial network. The company, which posted revenue of €2.012 billion in 2025, now combines molecular sourcing with applications and flavor development. Arzeda, the developer of ViaLeaf, reports that the sweetener requires 48% less material than Reb A to achieve the same 8% sugar equivalence. The company estimates the replacement cost at about two-thirds that of sugar, based on its own data.
Guus Gerritsen, MANE's U.S. ingredients director, noted that Reb M has the potential to extend "far beyond only premium products" and mentioned an "active pipeline of customers," though no specific names were disclosed. The group's chief executive, Samantha Mane, described the offer as providing "competitive economics." The statement did not disclose the license price, volume terms, or a revenue goal.
Regulatory frameworks remain inconsistent. The U.S. Food and Drug Administration issued a no-questions letter for Arzeda's GRAS submission rather than formal approval. Gerritsen stated that a review by the European Food Safety Authority is still ongoing. In contrast, PureCircle's bioconversion process is already authorized in both the European Union and the United Kingdom.
Ingredion shares were last trading at $101.80 on Tuesday, down 74 cents, with core U.S. trading yet to begin at the time of filing. The company counters with a broad product range through PureCircle, offering Reb M produced by extraction, bioconversion, and precision fermentation.
Risks to consider include the possibility that customers may require more time to convert than indicated by trials, Reb M pricing could decline as more production methods expand, and the timeline for European approval remains unclear. Ultimately, customer acquisitions and achieved pricing will shape how markets interpret the news, but the reported volume is insufficient to impact global sugar balances.
