Industry Background:
Stevia is a non-caloric sweetener which is 200 to 350 times sweeter than the regular sugar with numerous medicinal properties. Stevia is extracted from Stevia Rebaudiana Plant and provides various health benefits such as managing diabetes, boost bone health, regulate blood pressure, helps to prevent cancer and others. The market is increasing due to rising use of the product in the pharmaceuticals industry
According to AMA Research, the market for Stevia is expected to register a CAGR of 8.52% during the forecast period to 2028. This growth is primarily driven by Increasing use of stevia in the pharmaceutical sector to combat the bitterness of drugs will support the product demand from this segment
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Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Forecast Period | 2023-2028 |
Volume Unit | N |
Value Unit | USD (Million) |
Dominating Type | Reb-A Series |
Dominating Type % Share | 34.0% |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility |
The Chemicals sector in the North America region has been increasing at a sustainable rate and further growth is expected to be witnessed over the forecast period, owing to the robust investments and expansion in production facilities in the region. Major Vendors, such as PureCircle (Malaysia), GLG Life Tech Corp (Canada), Julong High-tech (China), Biolotus Technology (China), Haotian Pharm (China), Cargill-Layn (United States), Haigen Stevia (China), Shangdong Huaxian Stevia (China), Jining Aoxing Stevia Products (China), Shandong Shengxiangyuan (China), Wagott Pharmaceutical (China) and Wisdom Natural (China), etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
In March 2023, Heartland Food Products Group, the company behind the renowned Splenda sweetener brand, made a substantial investment of USD 50 million to establish a stevia farm in central Florida. By sourcing stevia directly from this farm, Heartland aims to minimize carbon dioxide emissions in comparison to existing global supply chain operations.
Influencing Trend:
Customers are now focusing on healthy lifestyle, Producers are focusing more on new-fangled products, better experience, better convenience and with easy obtainability, exceeding expectation and better service and Health organization advocate the use of low-calorie sugar substitutes
Market Growth Drivers:
Increasing use of stevia in the pharmaceutical sector to combat the bitterness of drugs will support the product demand from this segment, Encouraging government initiatives for creating awareness for use of organic product and Modernization in the field of equipment used in the production of stevia
Challenges:
Artificial sweeteners enhancing the market
Restraints:
High cost involved to engage highly skilled labor and for equipment for colex process of stevia formulation
Opportunities:
Stevia Incorporation in Sports Nutrition Products, New Product Launch, Increasing FMCG Interest, Use in Medicines, Demand for Antioxidants and Demand for Organic Stevia
AMA Research follows a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mainly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcases the spontaneously changing Vendors landscape impacting the market's growth. Furthermore, our market researchers extensively analyze the products and services offered by multiple players competing to increase their market share and presence.
Data Sources of Stevia Market Study
Primary Collection: InMail, LinkedIn Groups, Survey Monkey, Google, and Other professional Forums are some of the mediums utilized to gather primary data through key industry participants and appointees, subject-matter experts, C-level executives of Stevia Industry, among others including independent industry consultants, experts, to obtain and verify critical qualitative commentary and opinion and quantitative statistics, to assess future market prospects.
The primary interviews and data collected as per the below protocols:
By Designation: C-Level, D-Level, Others
By Company Type: Tier 1, Tier 2, Tier 3
Secondary Data Sources such as Annual reports, Press releases, Analyst meetings, Conference calls, Investor presentations, Management statements, and SEC filings of Stevia players along with Regulatory Sites, Association, World bank, etc were used as sources secondary set of data.
Customization in the Report
AMA Research features not only specific market forecasts but also includes significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints
- New Entrants into the Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
Against this Challenging Backdrop, Stevia Study Sheds Light on
The Stevia Market status quo and key characteristics. To end this, Analysts at AMA organize and took surveys of the Stevia industry Vendors. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Stevia industry is heading and what are the top priorities. Insights are drawn from financial analysis, surveys, and interviews with key executives and industry experts.
How every company in this diverse set of Vendors can best navigate the emerging competition landscape and follow a strategy that helps them position to hold the value they currently claim or capture the new addressable opportunity.