Stevia Market Size, Share, Growth, Trend 2021-2027
A comprehensive overview of the stevia market is recently added by UnivDatos Market Insights to its humongous database. The stevia market report has been aggregated by collecting informative data of various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the stevia market. stevia market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the stevia market at the global and regional levels. The Global Stevia Market is expected to grow at a CAGR of ~8% from 2021-2027 to reach above US$ 800 million by 2027.
Market Overview
The global consumption of sugar amounted to 172.6 in 2018/2019 and is projected to increase to about 171.8 million metric tons by 2020/2021. With the increase in world trade, better agricultural technology, among other reasons, sugar is cheaper and more widely available than ever. In 2018/2019, about 188.25 million metric tons of sugar was produced worldwide, up from 164.7 million metric tons of sugar in 2015/2016. India consumes the most sugar of any country, followed by the European Union and China. In the ten years between 2016 and 2026, the global price of sugar is expected to decrease from 0.17 U.S. dollars per pound to 0.14 U.S. dollars per pound. Though this means that sugar might be even more readily accessible and affordable in the future, this could lead to further global health problems associated with excess sugar consumption. Owing to these facts, there is a surge in no. of people inclining towards the adoption of a healthy lifestyle which further boosts the growth of the stevia market globally.
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The demand for stevia has been on surge across the globe owing to the growing inclinations of consumers towards natural sweeteners and increase in awareness regarding the health benefits among the consumers. Due to this, there has been a mounting sales volume of stevia globally as many industry players in the food & beverage sector are focusing on launching products containing stevia. Thereby, boosting the growth of the stevia market. For instance, As per a release by PureCircle, newly introduced foods & beverages using stevia sweetener grew by 31% in 2018, up from an 11% growth rate in 2017.
COVID-19 Impact
The recent covid-19 pandemic has disrupted the world and has brought a state of shock to the global economy. All industries have suffered some form of loss due to the pandemic and the stevia industry has not been left untouched by this unprecedented crisis of modern times. This industry has its share of challenges due to the COVID-19 pandemic as the lockdown restrictions have resulted in the widespread closure of many production and manufacturing functions. Also, there has been a decline in trade and transportation which has disrupted the supply chains of stevia because of which its market has witnessed shortfalls. However, there has been an increase in the number of people adopting a healthy lifestyle which has led to increased demand for natural sweeteners such as stevia among the consumers.
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Global stevia market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
By Type, the market is primarily fragmented into
· Whole Leaf
· Powder
· Liquid
· Others
Amongst Types, the powder segment of the global stevia market was valued at USD X billion in 2020 and is likely to reach USD X billion by 2027 growing at a CAGR of X% from 2021-2027.
By Application, the market is primarily segmented into
· Food
· Beverage
· Dairy & Frozen Desserts
· Bakery & Confectionary
· Tabletop Sweeteners
By Application, the beverage segment dominated the global stevia market and will row at X% CAGR to reach US$ X billion by the year 2027.
Stevia Market Geographical Segmentation Includes:
· North America (United States, Canada, and Rest of North America)
· Europe (Germany, United Kingdom, Italy, France, Spain, and Rest of Europe)
· Asia-Pacific (China, Japan, India, Australia, and Rest of Asia-Pacific)
· Rest of the World
Geographically, the Asia-pacific region dominated the stevia market with almost US$ X billion revenue in 2020 owing to changes in lifestyle and the prevalence of lifestyle diseases such as cardiovascular disease, obesity, and Diabetes.
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The major players targeting the market includes
· Ingredion Incorporated
· Cargill
· Tate & Lyle Plc
· Archer Daniels Midland Company
· Sunwin Stevia International Inc.
· S&W Seed Company
· Stevia Corp
· PureCircle Limited
· Evolva Holdings SA
· GLG Life Tech Corp
Competitive Landscape
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the stevia market. The major players have been analyzed by using research methodologies for getting insight views on global competition.
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Key questions resolved through this analytical market research report include:
• What are the latest trends, new patterns, and technological advancements in the stevia market?
• Which factors are influencing the stevia market over the forecast period?
• What are the global challenges, threats, and risks in the stevia market?
• Which factors are propelling and restraining the stevia market?
• What are the demanding global regions of the stevia market?
• What will be the global market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by global companies?
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