According to HTF Market Intelligence, the Global Stevia Market market to witness a CAGR of 8.5% during forecast period of 2023-2028. Global Stevia Market Breakdown by Application (Food, Beverage, Pharmaceutical, Daily Chemical) by Type (Liquid Extract, Powder Extract, Stevia Leaves) by Nature (Organic Stevia, Conventional Stevia) and by Geography (North America, South America, Europe,. The Stevia Market market size is estimated to increase by USD 0.17 Billion at a CAGR of 8.5% from 2023 to 2028. The report includes historic market data from 2017 to 2022E. Currently, market value is pegged at USD 1.06 Billion.
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Stevia is a natural sweetener that is extracted from the leaves of the Stevia rebaudiana plant. It is a zero-calorie sweetener that is gaining popularity as a substitute for artificial sweeteners.
Stevia Market market – Key Segment Analysis
The market share growth by the Liquid Extract, segment will be significant during the forecast period. The segment is driven by the Rising health concerns among consumers.
Stevia Market market – Competition Analysis
The global Stevia Market market is seeing several joint ventures to intensify the capability of manufacturers and/or companies to establish geographic footprints to new territory. The vendors are accelerating M&A strategies to expand their geographical reach, which is shaping the market toward new growth cycle. The list of players that are profiled in the study are 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), Wisdom Natural (China.
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Stevia Market
Market Drivers
- Rising health concerns among consumers
Market Trend
- Increased demand for natural sweeteners due to health concerns
Market Opportunities
- Expansion of the stevia market in developing countries
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FIVE FORCES & PESTLE ANALYSIS:
In order to better understand market conditions five forces analysis is conducted that includes the Bargaining power of buyers, Bargaining power of suppliers, Threat of new entrants, Threat of substitutes, and Threat of rivalry.
- Political (Political policy and stability as well as trade, fiscal, and taxation policies)
- Economical (Interest rates, employment or unemployment rates, raw material costs, and foreign exchange rates)
- Social (Changing family demographics, education levels, cultural trends, attitude changes, and changes in lifestyles)
- Technological (Changes in digital or mobile technology, automation, research, and development)
- Legal (Employment legislation, consumer law, health, and safety, international as well as trade regulation and restrictions)
- Environmental (Climate, recycling procedures, carbon footprint, waste disposal, and sustainability)
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