New York, Sept. 06, 2023 (GLOBE NEWSWIRE) -- The stevia market is predicted to grow at a value-based CAGR of 7.9%, with revenue increasing from US$ 416.5 Million to about US$ 829.8 Million by 2033.
The stevia market has been experiencing significant growth in recent years, driven by increasing consumer awareness of health-conscious alternatives to traditional sweeteners, rising concerns over sugar-related health issues, and the growing demand for natural and low-calorie sweeteners in the food and beverage industry.
This research report provides a comprehensive examination of the stevia market, including market size, growth drivers, key players, applications, regional trends, and future prospects. It aims to provide valuable insights into this rapidly expanding industry.
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Stevia, derived from the leaves of the Stevia rebaudiana plant, is a natural sweetener that has gained popularity as a healthier alternative to traditional sugar. With consumers becoming more health-conscious and looking for ways to reduce sugar intake, the stevia market has emerged as a promising segment within the food and beverage industry. This report offers an in-depth analysis of the stevia market and its potential for further growth.
Top Key market players include:
- Cargill, Incorporated
- PureCircle Ltd.
- Tate & Lyle PLC
- Ingredion Incorporated
- GLG Life Tech Corporation
- Stevia Corp.
- Evolva Holding SA
- Stevia First Corporation
- Sunwin Stevia International, Inc.
- Pyure Brands LLC
Market Segmentation
The stevia market can be segmented based on product type, application, and geography. Product types include stevia extracts and steviol glycosides, while applications range from beverages and confectionery to dairy products and baked goods.
The stevia market has witnessed remarkable growth in recent years. Factors such as increasing health consciousness, diabetes prevalence, and obesity concerns have fueled the demand for natural sweeteners.
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Market Dynamics:
Drivers
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- Rising consumer awareness of health-conscious alternatives
- Growing concerns over sugar-related health issues
- Expanding applications in the food and beverage industry
- Regulatory approvals and safety certifications
- Increasing consumer demand for natural and low-calorie sweeteners
Restraints
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- Higher price compared to artificial sweeteners
- Variability in taste perception among individuals
- Challenges in achieving taste parity with sugar
- Limited availability of stevia plants
- Competition from other natural sweeteners
Opportunities
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- Research and development for taste improvement
- Expansion into emerging markets
- Sugar reduction initiatives by food and beverage companies
- Portfolio diversification by stevia manufacturers
- Clean label and sustainability trends
Regional Analysis:
The stevia market exhibits regional diversity, with North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa being key regions. North America and Europe have been the primary markets due to stringent regulations on artificial sweeteners and increased consumer awareness of healthier alternatives. However, Asia-Pacific is expected to witness the fastest growth, driven by the plant's native origins in the region and its use in traditional medicines and sweetening practices.
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Competitive Landscape:
The majority of corporations aggressively promote stevia-based goods in order to boost product positioning and visibility. Stevia sales are increasing significantly as a result of increased production and shelf availability of stevia-based products. Key players are also encouraged by the stevia industry's consolidation and consistency in the supply chain.
Recent Developments:
here are some of the recent developments of companies in the stevia market, along with the year:
- Coca-Cola announced in 2022 that it would be launching a new stevia-sweetened cola in the United States. This is a major move for the company, as it is the first time that Coca-Cola has used stevia in one of its core products.
- PepsiCo has also been investing in stevia. In 2021, the company acquired Whole Earth Sweetener Company, a leading manufacturer of stevia products. PepsiCo is also working on developing new stevia-sweetened beverages.
- Nestlé has been using stevia in its products for several years. In 2020, the company launched a new line of stevia-sweetened coffee pods. Nestlé is also working on developing new stevia-sweetened dairy products.
- Tate & Lyle is a leading supplier of stevia ingredients. In 2023, the company announced that it had signed a new agreement with Coca-Cola to supply stevia for its new cola product.
Future Outlook:
The stevia market is expected to continue its growth trajectory in the coming years. Research efforts to improve taste profiles and expand product portfolios, coupled with increasing consumer demand for natural sweeteners, will likely drive further market expansion. As food and beverage companies respond to consumer preferences for healthier options, the stevia market is poised for sustained growth.
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