Algaetech Aims To Sell 500,000 Astaxanthin Eggs Daily

KUALA LUMPUR, Feb 8 (Bernama) -- Algaetech International Sdn Bhd (Algaetech) aims to sell 500,000 of its astaxanthin eggs daily in the next 24 months, driven by emerging demand for health-based food. Managing Director Syed Isa Syed Alwi said the eggs, containing astaxanthin algae, would be making its debut in the local market on Feb 15, followed by the Indonesian market in April. "We had conducted several tests in supermarkets around Kuala Lumpur and Penang to gauge the public reaction to the product, before deciding to market it officially. "We will begin selling the product around Kuala Lumpur. Right now, we are in the midst of discussing with other egg distributors in Malaysia in our effort to expand the domestic market for the product," said Syed Isa after launching the product here, Wednesday. The eggs are priced at US$0.33 (RM1.50) each in Malaysia owing to astaxanthin's anti-oxidant properties. The United States Food and Drug Administration recommended dosage for astaxanthin is 4.0 milligrammes daily, and each astaxanthin egg contains up to 2.2 milligrammes of the algae. Algaetech, together with MARDI Holdings, had also signed an agreement with Indonesian-based Yayasan Desa Mas, where the astaxanthin eggs would be sold through villagers under the foundation. Besides Indonesia, Syed Isa said Algaetech was also in the midst of discussions with distributors in Kazakhstan, Mauritius, the United Arab Emirates and Saudi Arabia in its effort to penetrate the global market. "We hope that the discussion can be concluded this year," he said, adding that in the next two to three years, the company aimed to penetrate into 30 countries. Algaetech also announced its partnership with Selasih Aman Sdn Bhd in the production of the astaxanthin eggs, with Algaetech supplying the globally coveted ingredient from its production facilities. "We chose Selasih Aman as our partner for their ability to produce up to one million eggs per day, due to their excellent agricultural practice," he said. This year, Algaetech aims to generate US$5.4 million (RM24 million) in revenue, compared with US$382,825 (RM1.7 million) last year, with sales of the astaxanthin eggs contributing up to 30 per cent to its revenue. (US$1 = RM4.44) -- BERNAMA