Stevia Market: Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2019 - 2029

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Stevia Market: Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2019 - 2029

Status : February, 2023 | Food and Beverages

Report Digest

Global Stevia Market: Overview

The growing demand for artificial sweeteners has created humongous opportunities for growth across the global stevia market. The use of stevia as a sugar substitute has helped market vendors in tapping into the propensities of the consumers. Sugar substitute contain much lesser number of calories and food energy, making them a viable option for diabetics and other patients. The incidence of diabetes and other chronic conditions that necessitate control over calorie intake has increased in recent years. For this reason, several types of artificial sweeteners have made a niche for themselves across the shelves of retail outlets. In view of the factors mentioned herein, it is legit to be expect that the global stevia market would grow by leaps and bounds in the times to follow.

In this review, TMR Research decrypts an array of trends that have been conducive to the growth of the global stevia market. Medical benefits of using stevia in place or sugar have been at the helm of market growth and expansion. In addition to this, growing demand for natural and artificial sweeteners has also generated fresh revenues within the global stevia market.

Global Stevia Market: Key Developments

The medical and food industries have played a crucial role in directing the growth graph of the global stevia market.

  • Nutritionists have constantly dispelled key information with regard to the use of stevia as a food supplement or sugar substitute. The growing inclination of the masses towards following low-calorie diets has created a range of opportunities for growth within the global stevia market. The vendors operating in the stevia market can capitalise on the unmet demands of diabetics and other persona suffering from chronic diseases.
  • The International Stevia Council (ISC) has led several conversations around the use and perceptions about stevia. The ISC conducted a survey in 2013 to understand the propensities and perceptions of the masses about stevia. Consequently, this sugar substitute was found to be the most talked about artificial sweetener amongst the masses.

Key Players

  • Cargill
  • PureCircle Ltd.
  • Ingredion Inc.

Global Stevia Market: Growth Drivers

  • Availability of Stevia Derivatives

Stevia is derived from specialized plant species that are native to the lands of Paraguay and Brazil. For this reason, the export dynamics of stevia largely rely on the policies and taxes levied by these countries on foreign sales. Several countries have started the cultivation of stevia rebaudiana, the plant group that is the primary source of the sweetener. The pH-stable and heat-stable nature of stevia has helped several for manufacturers in substituting sugar with stevia. Furthermore, stevia is several times sweeter than sugar, another important factor responsible for the use of this compounds in certain food ingredients.

  • Role of FDA in Market Expansion

Different countries have their own sets of regulations governing the use of stevia in the medical, food, and healthcare industries. Stevia has been approved as a good additive in several countries, while it has gained the status of a dietary supplement/medical drugs in others. This factor shall play an integral role in driving sales across the global stevia market. The Food and Drug Administration (FDA) has not approved the use of stevia in food products. This could be a setback to the growth of the global stevia market. However, the European Union approved the usage of stevia additives, creating new pathways to market growth.

The reports at TMR Research provide qualitative solutions that break the barriers of doubt or uncertainties when the stakeholders plan to expand their growth reach. The researchers compile the necessary information that enlightens the CXOs about the current growth opportunities in a specific market and enables them to make the most of the opportunities.

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5-Point Growth Formula

The 5-point growth formula developed by TMR Research provides an insight to the stakeholders and CXOs about the current situation in the market. The growth formula makes the report a perfect companion for the stakeholders and CXOs.

The 5-point growth formula includes the following points:

  • Current and Future Threats
  • Accurate Trend Analysis
  • Regional Assessment
  • Industrial Analogy
  • COVID-19 Impact

Current and Future Threats

Along with studying the opportunities necessary for growth, threats are also an important aspect to look upon for the companies and stakeholders in a specific sector. TMR Research studies every negative aspect that will hinder the growth of a specific area of business and includes it in the report. The stakeholders and CXOs will have the benefit of assessing the threat and take the necessary steps to prevent the hindrance caused due to the threats.

Accurate Trend Analysis

Keeping up with the latest trends is crucial in any business or sector. While stakeholders are aware of the trends that are on the surface, TMR Researchers find trends that are deeply entrenched in the particular market or sector. The reports are constantly updated with the latest trends so that the stakeholders and CXOs can derive benefits from the trends and generate good revenues.

Regional Assessment

Demography forms an important part of the growth pattern of all the markets. Diving deep into the demographics enables maximum output from specific areas. The TMR Research team assesses every region and picks out the vital points that have a large impact on the growth of a market.

Industrial Analogy

The analysts at TMR Research conduct an all-round analysis on the competitive landscape of the market. The observations recorded by the analysts are added to the reports so that every stakeholder gets a glimpse of the competitive scenario and frame their business plans according to the situation.

COVID-19 Impact

The COVID-19 outbreak has changed the growth projections of numerous sectors and businesses. The analysts at TMR Research have conducted a conscientious survey on the markets after the pandemic struck. The analysts have put forth their brilliant and well-researched opinions in the report. The opinions will help the stakeholders to plan their strategy accordingly.

The reports offer answers to the top 7 questions that revolve around the growth of the market

  • What are the diverse growth parameters influencing the market?
  • Which regions will contribute largely to the growth of the market
  • What are the recent innovations and technological advancements in the market?
  • What are the emerging trends across the market?
  • How has COVID-19 affected the market?
  • What will be the post-pandemic scenario of the market?
  • What are the major threats that will dent the growth prospects of the market?