According to the latest market study on “Stevia Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type (Whole Leaf, Powder, and Liquid) and Application (Dairy and Frozen Dessert, Bakery and Confectionery, Tabletop Sweeteners, Beverages, and Others),” the market was valued at US$ 539.68 million in 2021 and is projected to reach US$ 965.82 million by 2028; it is expected to grow at a CAGR of 8.7% from 2021 to 2028.   The report highlights key driving factors and prominent market players along with their developments in the market.

The stevia plant is indigenous to tropical areas of Western North America and South America, including Paraguay and Brazil. The stevia plant's leaf extract is used as a natural sweetener with a number of health advantages, including reducing blood glucose and blood pressure levels. Stevia can be purchased in the market in three different forms: powder, liquid, and leaf, with the powder being composed of extremely sweet glycosides obtained from stevia leaves. One use for stevia is as a healthy, caloric-free sweetener.

The prevalence of diabetes and obesity is rising, and customers are gradually turning to natural sweetening goods. By 2040, the number of individuals with diabetes will increase from 415 million to 641 million, predicts the International Diabetes Foundation. Along with other chronic conditions like hypertension, metabolic syndrome, cardiovascular risk, and retinopathy, obesity is a common disease that increases the chance of developing diabetes. Authorities all around the world are putting an emphasis on leading a healthier lifestyle, which involves consuming fewer calories overall and notably fewer calories from added sugar. The World Health Organization (WHO) has advised against consuming as much added sugar as is currently being done. Customers prefer natural sweeteners like stevia to reduce their sugar intake, which aids in weight control by lowering added sugar and calories. Additionally, people in Europe are increasingly purchasing items without added sugar. Two-thirds of European consumers, according to the 2020 New Nutrition Business survey, are attempting to reduce their sugar intake as a result of the rise in obesity and diabetes, which has raised demand for stevia in Europe. The market for stevia is expanding as a result of consumers' growing preference for natural sweeteners.

Sugar consumption patterns and alternatives have been impacted by the current COVID-19 epidemic since there is less demand for sweeteners from beverage and other FMCG industries due to the lockdown in numerous countries. The food and beverage industry consumes the majority of stevia, and the lockdown in several countries, which has resulted in a shutdown of numerous industrial facilities, is expected to have an impact on consumption. Due to the COVID-19 epidemic, stores have shifted their stock priority toward essentials like staple foods and supplies, pushing back products like bakery goods, confectionary, dairy goods, and soft beverages that include food additives like sweeteners.

This was mostly brought about by the widespread lockdown orders issued by the governments of many nations in an effort to stop the virus from spreading within those nations. Due to the interruption in supply chains, lockdown and quarantine procedures as well as import and export restrictions enforced by states and governments are having an effect on the stevia exporters. Consumer preferences have undergone significant change as a result of the epidemic, which has raised awareness of the importance of leading a healthy lifestyle. Due to the pandemic, consumers are switching out traditional components for healthy ones, which is raising the demand for natural sweeteners like stevia. Demand has increased as a result of customers' rising dietary preferences for foods without added sugars and with few carbohydrates throughout the epidemic.

Cargill, Incorporated; Ingredion Incorporated; Tate & Lyle PLC; GLG LIFE TECH CORP; ADM; Sunwin Stevia International, Inc.; S&W Seed Company; Morita Kagaku Kogyo Co., Ltd.; Zhucheng Haotian Pharm Co., Ltd.; and PureCircle  are among well-established players in the global stevia market. Companies in the market are adopting strategies such as product developments, plant expansions, and mergers and acquisitions to expand their footprint worldwide and meet the growing demand from end users.

Based on type, the stevia market is segmented into whole leaf, powder, and liquid.  Based on application, the stevia market is segmented into dairy and frozen dessert, bakery and confectionery, tabletop sweeteners, beverages, and others. Geographically, the stevia market is segmented into five main regions—North America, Europe, Asia Pacific, Middle East and Africa, and South America.

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