London, Oct. 26, 2022 (GLOBE NEWSWIRE) -- Fairfield Market Research recently released a new report on global stevia market that assesses and forecasts the market growth between 2022 and 2029. The report suggests that the worldwide stevia sales will remain upbeat throughout the period of projection, majorly driven by the soaring nutraceuticals consumption. Besides, beverages remain the key category for stevia manufacturers. While the market size was around US$780 Mn in 2021 and will possibly reach over US$1,621 Mn by the end of 2029, the report forecasts 9.6% growth for the market during the stipulated tenure. The global sugar reduction fallout will continue to be among the key driving forces for growing popularization of healthy artificial sweeteners, in turn accelerating the expansion of stevia market.
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Key Research Insights
- Global stevia market will expand more than 2x in terms of value, between 2022 and 2029
- Stevia manufacturers continue to reap a significant benefit from rocketing adoption across beverage categories
- Asia Pacific remains at the forefront and is poised to exhibit 10.7% toward 2029 end
Insights into Segmental Analysis
The report suggests that the stevia market participants will continue to discover the most profitable opportunities across food and beverages industry as stevia gains stronger traction for its superiority in terms of texture, sweetness, flavour, mouthfeel, colour, crystallization, and shelf-life. Dairy, beverages, and bakery and confectionary will especially remain the prominent application sgements. Stevia has predominantly garnered attention of dairy industry, which prevails in line with the evolving and rapidly innovating dairy product lines. Consistently surging rate of adoption across beverage categories such as juices, sodas, and flavoured water varieties is expected to further heighten the prospects of stevia market in the next few years. Based on the analysis in terms of the type of stevia extracts, leaf extracts continue to be sought-after despite the uncertainty hovering over stevia leaf pricing.
Key Report Highlights
- Rapidly increasing local stevia supply will act as one of the key factors driving stevia market forward
- Stevia expects soaring adoption across multiple F&B segments on the back of increasing health concerns around sugar, aspartame, and high-fructose corn syrup
- Volatile stevia leaf prices will continue to be among the major limiting factors facing stevia market in long term
Insights into Regional Analysis
The report indicates high growth potential of Asia Pacific as it represents a hotbed of opportunities for stevia manufacturers. While stevia has been penetrating the key Asian markets faster on the back of severing concerns around conventional sweeteners, the market will continue to be on an upswing owing to rapid expanse of processed F&B sector all over the region. Trending segments like health foods, ready-to-cook/eat meals and ready-to-drink beverages, and speciality products further uphold the growth prospects of stevia market in Asia Pacific. In addition, growing awareness about the dietary restrictions against lifestyle conditions like diabetes, IBD, and obesity will contribute toward the progress of stevia market. China will continue to be the globally leading stevia producer, as well as importer, says the report.
Leading Players in Global Stevia Market
Ingredion Incorporated, Cargill Inc, Archer-Daniels-Midland Company, PureCircle Ltd, & Lyle Plc, and The Real Stevia Company AB constitute some of the leaders in global stevia market space. The report has considered some of the leading market players for detailed strategic profiling and analysis.
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REPORT SCOPE
| Report Attributes | Details | |
| Base Year | 2021 | |
| Forecast Year | 2022 – 2029 | |
| Market Size in 2020 | US$780 Mn | |
| Estimated Market Size in 2025 | US$1,621 Mn | |
| CAGR | 9.60% | |
| Key Players | Ingredion Incorporated, Cargill Inc, Archer-Daniels-Midland Company, PureCircle Ltd, & Lyle Plc, The Real Stevia Company AB | |
Market Segmentation
Extract Type Coverage
- Whole leaf
- Powdered
- Liquid
Application Coverage
- Dairy
- Bakery & confectionery
- Tabletop sweeteners
- Beverages
- Convenience foods
- Others
Form Coverage
- Dry
- Liquid
Geographical Coverage
- North America
- Europe
- Latin America
- Middle East & Africa
Leading Companies
- Cargill
- Ingredion Incorporated
- Tate & Lyle Plc
- PureCircle Ltd
- GLG Life Tech Corporation
- Archer Daniels Midland Company
- Südzucker AG
- Sunwin Stevia International Inc
- ORITA KAGAKU KOGYO CO., LTD.
- The Real Stevia Company AB
Report Inclusions
- Market Estimates and Forecast
- Market Dynamics
- Industry Trends
- Competition Landscape
- Extract Type-wise Analysis
- Form-wise Analysis
- Application-wise Analysis
- Region-wise Analysis
- Country-wise Analysis
- Key Trends Analysis
- COVID-19 Impact Analysis
About Us
Fairfield Market Research is a UK-based market research provider. Fairfield offers a wide spectrum of services, ranging from customized reports to consulting solutions. With a strong European footprint, Fairfield operates globally and helps businesses navigate through business cycles, with quick responses and multi-pronged approaches. The company values an eye for insightful take on global matters, ably backed by a team of exceptionally experienced researchers. With a strong repository of syndicated market research reports that are continuously published & updated to ensure the ever-changing needs of customers are met with absolute promptness.
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