Kenneth Research, in its repository of market research reports, has recently added a report on Stevia Market that emphasizes the latest trends, key opportunities, drivers, and challenges associated with the growth of the market during the forecast period, i.e., 2022 – 2031. The Stevia Market is anticipated to grow primarily on account of the growing trade of ICT goods and services worldwide. According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019.
The U.S. Market recovers fast; In a release on May 4th, 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mention the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Stevia Market products.
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The global Stevia Market was valued at USD 443.61 million in 2016 and is projected to reach USD 979.49 million by 2025, growing at a CAGR of 11.3% from 2017 to 2025.
Stevia is a sweetener, and hence also used as a sugar substitute. It is extracted from the leaves of Stevia rebaudiana. However, as it is derived from plants, it is not included under the artificial sweetener category. it sweetens food without adding to the blood glucose levels or carbohydrates. It has no calories in its pure form.
However, usage of raw stevia leaves has remained under medical and scientific scrutiny and examination. While the US FDA allows only purified form of stevia for consumption purpose Japan and South American countries such as Paraguay and Brazil have been using natural stevia leaves since many years for sweetening and therapeutic purposes.
1. Market Drivers
1.1 Shifting consumer preference to natural sweeteners
1.2 Growing modern retail, urbanization, and health concerns
1.3 R&D and new product development in the field of Stevia
2. Market Restraints
2.1 Stevia leaf prices fluctuation
2.2 Lack of awareness about the benefits of Stevia in some regions
The global Stevia Market is segmented on the basis of extract type, form, application, and region.
1. Global Stevia Market, by Extract Type:
2. Global Stevia Market, by Form:
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3. Global Stevia Market, by Application:
3.1 Dairy Food Products
3.2 Bakery Products
3.3 Dietary Supplements
3.5 Beverages Beverages
3.6 Packaged Food Products
4. Global Stevia Market, by Region:
4.1 North America (U.S., Canada, Mexico)
4.2 Europe (Germany, UK, France, Rest of Europe)
4.3 Asia Pacific (China, India, Japan, Rest of Asia Pacific)
4.4 Latin America (Brazil, Argentina, Rest of Latin America)
4.5 Middle East & Africa
The major players in the market are as follows:
1. Nestlé S.A.
2. The Coca-Cola Company
3. PepsiCo Inc.
4. Cargill Inc.
5. Evolva Holding S.A.
6. PureCircle Ltd.
7. Stevia Corp.
8. Ingredion Inc.
9. GLG Life Tech Corp.
10. Tate & Lyle Plc.
11. Zhucheng Haotian Pharm Co. Ltd
12. Morita Kagakau Kogyo Co. Ltd.
13. S&W Seed Company
14. Sunwin Stevia International, Inc.
15. Pyure Brands LLC
These major players have adopted various organic as well as inorganic growth strategies such as mergers & acquisitions, new product launches, expansions, agreements, joint ventures, partnerships, and others to strengthen their position in this market.
RESEARCH METHODOLOGY OF VERIFIED MARKET RESEARCH:
Research study on the Stevia Market was performed in five phases which include Secondary research, Primary research, subject matter expert advice, quality check and final review.
The market data was analyzed and forecasted using market statistical and coherent models. Also market shares and key trends were taken into consideration while making the report. Apart from this, other data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Top to Bottom Analysis and Vendor Share Analysis.
To know more about the research methodology of verified market research and other aspects of the research study, kindly get in touch with our sales team.
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