Stay Naturals Sri Lanka expands global footprint to Singapore
Daily FT: Stay Naturals Ltd. Sri Lanka, one of the largest essential oil, oleoresin and food ingredient manufacturers and exporters of Sri Lanka, having its state-of-the-art manufacturing facility located in Matale, has taken a bold and significant stride for further value addition of its operations with its first ever expansion outside of Sri Lanka by expanding to Singapore.
Incorporated under the name of Stay Naturals Asia Pacific Ltd., the company employs Singaporean flavorist’s and food technologists alike to facilitate product innovation and new product development to cater to the growing demands of its Asia Pacific regional operations.
The inauguration ceremony of Stay Naturals Asia Pacific Ltd. was held in Singapore recently with the participation of Stay Naturals Ltd. Sri Lanka Chairman Thilak De Silva, Director Shalinda De Silva and Chief Executive Officer Lahiru Jayasinghe along with flavor industry veteran Muraly Boone Veerasingam, who will be leading the Asia Pacific operations for Stay Naturals in the capacity of Regional Director of Business Development.
“It is a key milestone for Stay Naturals Ltd. When we acquired the company in 2018 from foreign investors, it was merely producing essential oils, contributing marginally towards the full spectrum of value addition towards local spices. Over the past five years, we have built extraction and nutraceutical manufacturing capacity whilst bringing in the proper certification required. Moving to Singapore was the most suitable next step in our journey,” added Thilak De Silva.
“The APAC region has always been an area that was promising for us. Although we were leveraging larger volumes from other regions, we needed to scale to the next step in our value chain to capture the most value for our range of products, addressing emerging trends from this region. It also allows us to be one step closer to the end consumer,” commented Shalinda De Silva.
Singapore has remained an epicenter for innovation in the flavor industry for decades and was reflected by Lahiru Jayasinghe who added, “For centuries, food culture in the region stands as a key highlight and an inspiration to the food and beverage industry around the globe. Our high-end R&D laboratory coupled with our manufacturing facility in Singapore, and our well experienced and highly talented team will continue the legacy of food ingredients, innovation and inspiration that the region is known for.”
Stay Naturals Ltd., Sri Lanka, came into effect in 2018, upon acquiring a company established in 2009 by foreign investors who were primarily producing essential oils. Post-acquisition, significant investments were made to capture market opportunities in not only limiting to essential oils, but also of oleoresin and nutraceutical manufacturing capacity whilst bringing in key certifications required by customers. By moving to Singapore, Stay Naturals Ltd. is now able to carry out significant R&D projects both with and for their existing customer base as well as catering to new customers in the APAC region.
Sri Lankan products, especially those with an Ayurvedic base, are very popular in foreign markets as indicated by the global expansion of the local businesses manufacturing these products. Sri Lanka’s indigenous medicines and wellness products have also helped the promotion of wellness and Ayurvedic tourism that has become a great attraction for many Western tourists. It is in such a backdrop that local Ayurvedic herbal products are being expanded into foreign markets. Given the growth and business potential in Sri Lanka’s Ayurvedic herbal product manufacturing industry, foreign businesses/investors could confidently explore the expanding opportunities in the industry. They could also look at forming partnerships or joint ventures with local businesses engaged in the industry with the aim of further expansion.
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