Fiberstar experiences solid revenue growth through new products and global customers
Fiberstar Bio-Ingredients Technologies, Inc., (now Fiberstar, Inc.) an ag tech company that targets food freshness, safety, and nutrition, with its line of citrus fiber ingredients, joined Ag Showcase in 2014 and again in 2015. According to Division President for R&D, Dr. Brock Lundberg, Fiberstar has since expanded to four different products that improve food quality across a wide spectrum, including frozen foods, beverages, sauces, dairy products, baked goods, and meats. What's next on the horizon for Fiberstar? A product line of pet foods and treats, enhanced for quality and safety using Fiberstar's fine-tuned ingredients.
In addition to expanding their range, Lundberg estimates Fiberstar's growth to be 20-25% annually, with a large amount sourced from exploring international markets, specifically Japan, Australia, and Europe. With new markets come new challenges, for instanceJapan currently classifies orange, a key ingredient to Fiberstar's products, as an allergen. Fortunately, Fiberstar's ability to innovate and overcome obstacles has allowed the company to find alternative citrus ingredients. A key to success in international markets has been reliable local distribution partners.
On top of their recent expansion and diversification, Fiberstar has also taken advantage of raw materials from juice production waste in Florida and converted it to materials that are available beyond the regular orange harvest season, allowing for the growth of both production and sales. As a result, the company recently invested $1 million in a Florida production plant in Clewiston.
Lundberg credits Ag Showcase for connecting Fiberstar to staff of the Small Business Innovation Research Program (SBIR), which has allowed Fiberstar to apply for and successfully receive a grant from the National Science Foundation (NSF) in 2016. Fiberstar also received grants through the US Department of Agriculture's (USDA) CAP1 and CATP programs in 2012 and 2013 respectively.
👤 Brock Lundberg
💼 Fiberstar Bio-Ingredient Technologies, Inc.
📍 River Falls, Wisconsin