Dublin, Sept. 11, 2023 (GLOBE NEWSWIRE) -- The "Stevia Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)" report has been added to ResearchAndMarkets.com's offering.
The Stevia Market is set to undergo substantial growth, with expectations to increase from USD 0.77 billion in 2023 to USD 1.24 billion by 2028, reflecting a robust Compound Annual Growth Rate (CAGR) of 10.06% during the forecast period (2023-2028).
Stevia, recognized as a natural substitute for artificial sweeteners, has gained prominence in recent years. Particularly appealing to those seeking reduced calorie intake or blood sugar management, its popularity has soared.
Within the market, price competition among stevia suppliers is notable due to product form and purity discrepancies. The pricing is significantly influenced by demand fluctuations and overall transportation costs. Leading stevia-consuming nations fulfill their demand via imports. However, changing trade policies and limited production yield in exporting countries significantly impact the prices of stevia leaves.
The market landscape features a limited number of stevia producers, contributing to heightened competition among existing suppliers. Responding to increased market demand, players focus on offering food-grade stevia ingredients tailored to the snack and meal product industry.
Stevia Market Trends
Surge in Demand for Natural Sweeteners
Increasing global demand for natural sweeteners, including stevia, is driven by a rising preference for low-sugar or no-calorie diets. This trend is largely influenced by the growing prevalence of obesity and diabetes.
While artificial sweeteners have been popular for years, their safety and potential side effects have raised concerns. As a result, health-conscious consumers are turning to natural, plant-based sugar substitutes like stevia. These alternatives, derived from natural sources, are perceived as healthier than artificial counterparts.
In September 2021, Ingredion Incorporated and S&W Seed Company entered an exclusive US stevia pilot production supply agreement. The agreement leverages S&W's proprietary stevia plant portfolio and production techniques to provide Ingredion with high-quality, US-sourced stevia plants. Rising health consciousness among consumers is expected to further drive the demand for natural sweeteners.
Asia-Pacific Dominates the Market
Asia-Pacific stands as a dominant force in the stevia market, buoyed by factors such as escalating demand from the beverage sector, mounting concerns over diabetes and obesity, and regulatory constraints on certain artificial sweeteners.
The beverage sector plays a pivotal role, as consumers increasingly seek low-calorie alternatives to sugary beverages linked to obesity and diabetes. Beverage manufacturers have responded by integrating stevia as a natural, calorie-free sweetener in various products, from soft drinks to juices and teas. Stringent regulations on artificial sweeteners, like saccharin and cyclamate, in countries such as China, have further bolstered the demand for natural alternatives.
Growing awareness of the health benefits of natural sugar substitutes, combined with favorable regulatory support, fuels the market's growth. Consumers are actively seeking natural, plant-based options over artificial sweeteners, a preference that regulatory bodies reinforce by approving stevia as a safe food additive.
In response to consumers' preference for clean-label products, market players are introducing offerings with clean-label claims. Sweegen Inc., for example, received approval for its non-GMO, nature-based stevia sweetener BESTEVIA Reb M in Australia. Regulatory pressures and increasing health consciousness across Asia are driving global brands to incorporate natural sweeteners, like stevia, into their product portfolios, thereby propelling market growth across the region.
Stevia Industry Overview
The stevia market is competitive, with the presence of a few international players. The leading players, including Ingredion Incorporated, Tate & Lyle PLC, Archer Daniels Midland Company, Cargill Incorporated, and Zhucheng Haotian Pharma Co. Ltd, are increasing their investments in research and development (R&D) and marketing and are expanding their distribution channels to maintain their position in the market studied.
They are adopting competitive strategies to develop new-generation technologies to produce stevia products. Economies of scale and high brand loyalty among consumers give these companies an upper edge. Further product portfolio expansion within all categories may enhance the companies' positions in the market studied.
Company Profiles
- Cargill Incorporated
- Tate & Lyle PLC
- The Archer Daniels Midland Company
- GLG Life Tech Corp.
- Zhucheng Haotian Pharma Co. Ltd
- Ingredion Incorporated
- Guilin Layn Natural Ingredients Corp.
- Sunwin Stevia International Inc.
- Morita Kagaku Kogyo Co. Ltd
- Ganzhou Julong High-Tech Industrial Co. Ltd
Key Topics Covered:
1 INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Drivers
4.1.1 Augmented demand for Natural Sweeteners
4.1.2 Rising Consumer Inclination Toward Clean Label and Organic Stevia
4.2 Market Restraints
4.2.1 Side Effects and Challenges with Stevia
4.3 Porter's Five Forces Analysis
5 MARKET SEGMENTATION
5.1 By Format
5.1.1 Powder
5.1.2 Liquid
5.2 By Application
5.2.1 Bakery
5.2.2 Confectionery
5.2.3 Beverages
5.2.4 Dairy
5.2.5 Tabletop Sweeteners
5.2.6 Other Applications
5.3 By Geography
6 COMPETITIVE LANDSCAPE
6.1 Most Adopted Strategies
6.2 Market Share Analysis
For more information about this report visit https://www.researchandmarkets.com/r/tro1y8
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