Meticulous Research®—a leading global market research company, published a research report titled “Stevia Market by Type (Extract [Powder, Liquid], Leaves); Nature (Conventional, Organic); Components (Reb A, Reb M, Reb D, and Others); Application (Beverages, Food, Pharmaceuticals, and Other Applications); and Geography — Global Forecasts to 2028”.
According to this latest publication from Meticulous Research®, the stevia market is expected to grow at a CAGR of 8.8% from 2021–2028 to reach $1.11 billion by 2028.
In terms of volume, the stevia market is expected to grow at a CAGR of 6.7% from 2021–2028 to reach 72,670.9 tonnes by 2028. The growth of the stevia market is mainly attributed to the growing prevalence of diabetes & obesity, surging demand for natural sweeteners, rising demand for stevia application in the beverage industry, the increasing number of new stevia-based products launches, and the taxes imposed on sugar-sweetened beverages. However, fluctuating stevia leaf prices are expected to restrain the growth of this market to a certain extent.
The study also evaluates industry competitors and analyzes the market at the regional and country levels.
Based on type, the leaves segment is expected to register the highest CAGR during the forecast period of 2021–2028. The key factors attributed to the highest growth of this segment are its wide range of applications, negligible side effects, low production cost, ease of use, and increasing inclination towards herbal ingredients.
Based on nature, in 2021, the conventional segment is expected to command the largest share of the stevia market. The large market share of this segment is attributed to factors such as easy availability, low cost, increasing stevia application in the pharmaceutical industry, and high productivity.
Based on components, in 2021, the Reb A component segment is expected to account for the largest share of the stevia market. The major share of this segment is attributed to factors, such as its easy availability, lower costs compared to other components, multiple functional properties, and is easily applicable in different applications.
Based on application, in 2021, the beverages segment is expected to account for the largest share of the stevia market. The large market share of this segment is attributed to the growing awareness regarding the health benefits of natural sweeteners in beverages, increasing new product development and launches of stevia-based beverages, rising demand for sugar-free beverages, and the increasing popularity of flavored soft drinks. Also, the demand for health and sports drinks with enhanced nutritional value is expected to boost the demand for stevia in the near future.
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This research report analyzes major geographies and provides a comprehensive analysis for North America (the U.S. and Canada), Europe (Germany, U.K., France, Italy, Spain, and RoE), Asia-Pacific (China, India, Japan, Australia, and RoAPAC), Latin America, and the Middle East & Africa. North America is expected to command the largest share of the stevia market in 2021. The large market share of this region is attributed to the rising rate of chronic diseases, increasing incidences of diabetes and obesity, rising low carb and clean labels trends, and growing demand for sugar-free products.
The stevia market space is characterized by a moderately competitive scenario due to the presence of many large- and small-sized global, regional, and local players. The key players operating in the stevia market are Tate & Lyle PLC, (U.K.), Cargill, Incorporated (U.S.), Archer Daniels Midland Company (U.S.), Ingredion Incorporated (U.S.), Südzucker AG (Germany), GLG Life Tech Corp. (Canada), S&W Seed Company (U.S.), Sunwin Stevia International Inc (China), MORITA KAGAKU KOGYO CO., LTD. (Japan), Zhucheng Haotian Pharm Co., Ltd. (China), Stevialite Holding (Colombia), Guilin Layn Natural Ingredients Corp. (China), The Real Stevia Company AB (Sweden), and Van Wankum Ingredients (Netherlands).
Key Questions Answered in the Report-
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