The global stevia market, valued at US$780 million in 2021, is poised for substantial growth and is anticipated to reach US$1,621 million by the end of 2029, according to a recent report by Fairfield Market Research. The market is expected to register a robust CAGR of 9.6% during the forecast period from 2022 to 2029.
Key Highlights from the Report:
- Growing Demand for Nutraceuticals: The ascending demand for nutraceuticals is a key driver of the global stevia market.
- Challenges in Stevia Market: Price fluctuations of stevia leaves and taste preferences over traditional sugar substitutes are identified as challenges for the market.
Market Overview:
The global stevia market is set to experience remarkable growth, driven by the rising demand for healthier sweetening alternatives and advancements in stevia-based sweeteners.
Key Drivers:
- Nutraceutical Demand: Stevia has gained popularity, especially in beverages and dairy products, due to its natural and low-calorie sweetening properties.
- Health Awareness: As health-consciousness rises, consumers are increasingly turning to stevia as a healthier sugar substitute.
Challenges:
- Price Volatility: The price of stevia leaves is subject to seasonal fluctuations, which can lead to supply shortages and price hikes in the market.
- Taste Preference: Traditional sugar still holds preference over sugar substitutes like stevia due to differences in taste profiles, although advancements are being made to address this issue.
Key Market Segments:
- Oncology Dominance: The oncology segment holds a significant market share, and stevia is increasingly used in confectionery items.
- Biologics Lead: Biologics, including gene therapies, are expected to dominate the market, contributing to its growth.
Geographical Insights:
- Asia Pacific Leadership: Asia Pacific is expected to lead the global stevia market by 2027, driven by product launches and increasing demand for nutraceuticals. Changing lifestyles and health concerns among consumers are key growth drivers in the region.
Key Market Players:
The global stevia market is competitive, with key players including Cargill Inc, Ingredion Incorporated, and Archer-Daniels-Midland Company. Market players are engaging in acquisitions and mergers to sustain their competitive positions in the market.
Browse Global Stevia Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2022-2029 (By Extract Type, By Application, By Form, By Geography, Leading Companies): https://www.fairfieldmarketresearch.com/report/stevia-market
Similar Reports:
Sugar Alternatives Market: https://www.fairfieldmarketresearch.com/report/sugar-alternatives-market
Flax Seed Market: https://www.fairfieldmarketresearch.com/report/flax-seed-market
Contact
Fairfield Market Research
London, UK
UK +44 (0)20 30025888
USA (Toll-free) +1 (844) 3829746
Web: https://www.fairfieldmarketresearch.com/
Email: [email protected]
This press release first seen on Brilad
COMTEX_440957584/2840/2023-09-26T05:09:42
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Smart Herald journalist was involved in the writing and production of this article.