Future Market Insights recently published a market study that offers an in-depth analysis of the growth trajectory of the stevia market during the forecast period, 2019-2029. The report includes the various factors that are likely to influence the overall dynamics of the stevia market in the upcoming years including, the current trends, opportunities, challenges, restraints, and more. As per the report, the stevia market was valued at ~US$ 310 million in 2019 and is forecasted to grow at a compounded annual growth rate (CAGR) of around 7% during the assessment period, 2019-2029.
Multiple factors are expected to shape the growth of the stevia market in the upcoming years including, growing demand for stevia as an effective alternative solution for diseases including diabetes, increase in the number of diabetic patients worldwide, low-calorie content of stevia, growing preference for plant-based products, and rising awareness of related to the benefits of stevia.
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Evolving Consumer Preferences Likely to Improve Demand
In the last few years, consumer preferences have played a key role in shaping the development of the food & beverage sector. Thus, according to the report, at present, as a significant chunk of the global population is leaning towards the consumption of natural and plant-based products, manufacturers active in the food & beverage industry are largely focusing on incorporating natural ingredients in their products. Some of the major factors that are contributing towards the growing adoption of plant-based products include, ill-effects caused by animals products, growing concerns for animals, significant rise in the vegan population, and more. The shifting consumer trend towards the use of plant-based products is expected to influence the growth of the stevia market in the upcoming years.
Growing Awareness among Consumers to Fuel Market Growth
Although stevia is gradually garnering significant attention worldwide as an effective alternative for natural sugar, the benefits of stevia still flutter around the grey area as far as awareness is concerned. However, market players operating in the market are curating effective & impactful marketing and promotional strategies to increase the sales of stevia products worldwide. In addition, market players are actively promoting the benefits of stevia to improve the overall awareness among consumers.
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Stevia Market: Competition Outlook
According to the report, at present, the global stevia market is moderately competitive wherein top tier companies account for nearly 35-40% of the market share. In addition, the report reveals that market players operating in the stevia market are focusing on expanding their business through inorganic strategies including, acquisitions, mergers, collaborations and partnerships. Further, the market players are also leaning towards the adoption of innovative technologies to enhance their product quality. Some of the major market players involved in the stevia market are, Cargill Incorporated, Ingredion Incorporated, PureCircle Ltd., Tate and Lyle Plc., Koninklijke DSM NV, and Sunwin Stevia International, Inc. among others.
