Powder Segment to Dominate Asia Pacific Stevia Market during 2021-2028

According to a new market research study on “Asia Pacific Stevia Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast – by Type, Application and Country,” is expected to reach US$ 204.59 million by 2028 from US$ 362.76 million in 2021. The market is estimated to grow at a CAGR of 8.5% from 2021 to 2028. The report provides trends prevailing in the Asia Pacific stevia market along with the drivers and restraints pertaining to the market growth. Rise in consumer inclination towards natural sweeteners and incrementing usage of stevia in beverage industry are major factors driving the growth of the Asia Pacific stevia market. However, fluctuating stevia leaf prices may hinder the growth of Asia Pacific stevia market.

In Asia Pacific, India reported a huge number of COVID-19 cases, which led to the discontinuation of several business operations, including stevia production activities. Downfall of other food and beverages producing sectors has negatively impacted the demand for stevia during the early months of 2020. However, the pandemic has been a reason for major shifts in consumer preferences that led to an increased awareness about having a healthy lifestyle. Consumers due to the pandemic are substituting conventional ingredients with healthier alternatives, which is, in turn, increasing the demand for natural sweeteners such as stevia. With an increase in the diet trend of no added sugars and low carbohydrates among consumers during the pandemic has led to an increase in demand for stevia. During the pandemic, there has been rapid surge in demand for less sugary and immunity-boosting products, which is due to people seeking solutions to boost overall health and wellbeing. The COVID-19 pandemic has prompted customers to become health conscious and turn to low-calorie or sugar-free food. Hence, increasing health consciousness and high demand for sugar-reducing solutions among the Asia Pacific population due to the COVID pandemic has had a positive impact on the stevia market.

The market for Asia Pacific stevia market is segmented into type, application and country. Based on type, the market is segmented into whole leaf, powder, and liquid. The whole leaf segment is expected to be the fastest growing segment over the forecast period.  Based on application, the Asia Pacific stevia market is classified into frozen dessert, bakery and confectionery, tabletop sweeteners, beverages, and others. In 2020, the beverages segment held the largest share in Asia Pacific stevia market. Based on country, the Asia Pacific stevia market is divided into Australia, China, India, Japan, South Korea and rest of Asia Pacific. In 2020, China held the largest share in Asia Pacific stevia market. Furthermore, in this present scenario of COVID 19 pandemic, the Asia Pacific stevia market has been facing difficulties and several countries have suffered heavily. The manufacturing sectors in the Asia Pacific countries have been experiencing low production and a weak supply chain. Thereby, impacting the market for stevia.

Cargill, Incorporated; Ingredion Incorporated; Tate & Lyle PLC; GLG Life Tech Corp; the Archer-Daniels-Midland Company; Sunwin Stevia International, Inc.; S&W Seed Company; Morita Kagaku Kogyo Co., Ltd.; Zhucheng Haotian Pharm Co., Ltd. and PureCircle are some of the leading companies in the Asia Pacific stevia market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market

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