LONDON, Dec. 16, 2023 (GLOBE NEWSWIRE) — According to The Business Research Company’s research report on the stevia market, the development of innovative product variants of stevia is a key trend gaining popularity in the stevia market. Major companies in the market are shifting towards product innovations to strengthen their position in the market and expand their product portfolios. Successful invention fosters additional development, allowing the company to scale and flourish while also ensuring that it meets the needs of its customers. For example, in February 2020, Socati, an Italian company that processes and manufactures pharmaceutical products announced the release of its CBD coffee brightener and CBD coffee sweetener, which uses stevia and monk fruit as sweeteners. The coffee sweetener is a quick-dissolving powder stick pack flavored with Madagascar vanilla and brown sugar.
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In April 2020, Ingredion, a US-based food company offering stevia acquired PureCircle for an undisclosed amount. PureCircle is a US-based company that produces stevia sweeteners for the food and beverage industry. Through this acquisition, PureCircle is likely to benefit from Ingredion’s global distribution network, as well as its formulation ability and diverse product portfolio, resulting in growth benefits and considerable cost savings for both firms.
Major players in the stevia industry are GLG Life Tech Corp., Ingredion Incorporated, Tate & Lyle PLC, The Coca-Cola Company, PepsiCo Inc., Cargill Inc., Evolva Holding S.A., Stevia Corp., ADM, PureCircle Ltd., Sweet Green Fields LLC, Biosweet Ventures, Shandong Aojing Biotechnology Co. Ltd., Sunrise Nutrachem Group Co.Ltd, and Hunan Nutramax Inc.
The Business Research Company’s report titled Stevia Global Market Report 2023 – By Product (Powder, Liquid, Leaf), By Nature (Organic, Conventional), By Application (Bakery, Dairy Food Products, Beverages, Dietery Supplements, Confectionery), COVID-19 Growth And Change covers major stevia companies, stevia market share by company, stevia manufacturers, stevia market size, and stevia market forecasts. The report also covers the global stevia market and its segments.
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The stevia market consists of the sales of stevia products by entities (organizations, sole traders, and partnerships) that are used as a natural sweetener for food and beverages. Stevia is a non-nutritive or zero-calorie sugar substitute made of steviol glycosides from the leaves of the stevia plant. It has no artificial ingredients and can be used as a natural sugar alternative to reduce calorie consumption.
The global stevia market size is expected to grow from $604.50 million in 2020 to $675.22 million in 2023 at a compound annual growth rate (CAGR) of 11.7%. The growth of the stevia market is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The stevia market is expected to reach $996.96 million in 2025 at a CAGR of 10.2%.
Asia Pacific was the largest region in the stevia market in 2020. Asia Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the stevia market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The main types of products of stevia are powder, liquid, and leaf. Powdered stevia is used in place of table sugar in food and beverages which is equal to about one teaspoon of table sugar. Stevia is available in organic and conventional forms and is used in bakeries, dairy food products, beverages, dietary supplements, confectionery, others.
Stevia Global Market Report 2023 – COVID-19 Growth And Change is one of a series of new reports from The Business Research Company that provide stevia market overviews, stevia market analyze and forecast market size and growth for the whole market, stevia market segments and geographies, stevia market trends, stevia market drivers, stevia market restraints, leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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