The Stevia market is estimated to be valued at US$ 716.49 Mn in 2023 and is expected to exhibit a CAGR of 8.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Stevia is a natural sweetener extracted from the leaves of the stevia plant. It is 300 times sweeter than table sugar but contains zero calories. Stevia is increasingly being used as a tabletop sweetener and in various food and beverage products. The natural and zero-calorie properties of stevia make it preferable for health-conscious consumers. The stevia extract and powder forms provide sweetness without unwanted side effects like those of sugar substitutes like aspartame and saccharin.
Market key trends:
One of the major trends driving the growth of stevia market is the increasing demand for natural high-intensity sweeteners by health-conscious consumers. There is a rise in health awareness among people regarding the negative effects of sugar consumption such as increased risk of obesity, diabetes and cardiovascular issues. This has led to a surge in demand for natural low-calorie sweeteners like stevia. The clean taste and natural source of stevia is appealing to many consumers. Stevia extracts are gaining traction as tabletop sweeteners and are also increasingly used in various products like beverages, yogurt, ice cream etc. to replace sugar. Rising prevalence of diabetes and obesity in developing nations is further fuelling the adoption of natural sugar substitutes like stevia extracts.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as Stevia requires high initial investments and R&D to cultivate new varieties. However, the demand for natural sweeteners is driving newcomers.
Bargaining power of buyers: The bargaining power of buyers is high due to the presence of substitute products like aspartame and sucralose. Buyers can easily switch to alternatives.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as required agricultural inputs and processing equipment have few substitutes and steady supply worldwide.
Threat of new substitutes: New substitutes threat is high as several new high-potency sweeteners are emerging as alternatives to sugar and artificial sweeteners.
Competitive rivalry: Intense as major players compete on pricing and product development.
SWOT Analysis
Strength: High demand for zero-calorie natural sweeteners. Wide applications in various end-use industries.
Weakness: Availability issues due to dependence on climatic conditions. Require time and resources for new cultivar development.
Opportunity: Growth of weight management market. Increasing health awareness driving adoption of plant-based products.
Threats: Stringent regulations over new cultivars. Threat from emerging substitutes like allulose and tagatose.
Key Takeaways
The global Stevia Market Size is expected to witness high growth, exhibiting CAGR of 8.5% over the forecast period, due to increasing trend of weight management and health consciousness. The rising chronic disease incidence worldwide is driving consumers towards low-calorie dietary options, thus fueling the stevia market growth.
Regional analysis: Asia Pacific dominates the global Stevia market with largest market share and is expected to be the fastest growing region during the forecast period. Countries like China, Japan, and South Korea accounted for significant consumption owing to increased stevia usage in food and beverage applications.
Key players: Key players operating in the Stevia market are Nestle S.A., The Coca-Cola Company, PepsiCo Inc., Cargill Inc., Evolva Holding S.A., PureCircle Ltd., Stevia Corp., Ingredion Inc., GLG Life Tech Corp., and Tate & Lyle Plc. These major brands focus on new product development to strengthen their market position.
Read More,
https://www.newsstatix.com/stevia-market-trends-size-and-share-analysis/
