Powder Segment to Dominate North America Stevia Market during 2021-2028

According to a new market research study on “North America Stevia Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast – by Type, Application and Country,” is expected to reach US$ 212.38 million by 2028 from US$ 122.83 million in 2021. The market is estimated to grow at a CAGR of 8.1% from 2021 to 2028. The report provides trends prevailing in the North America stevia market along with the drivers and restraints pertaining to the market growth. Increasing consumer inclination toward natural sweeteners and growing applications of stevia in beverage industry are major factors driving the growth of the North America stevia market. However, fluctuating prices of stevia leaf may hinder the growth of North America stevia market.

In North America, the US 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 negatively impacted the demand for stevia during the early months of 2020. However, the pandemic has led to major shifts in consumer preferences with an increased awareness about having a healthy lifestyle. Consumers are substituting conventional ingredients with healthier alternatives, which is, in turn, increasing the demand for natural sweeteners such as stevia. An increase in the diet prference for no added sugars and low carbohydrates among consumers has led to an increase in the demand for stevia. During the pandemic, there has been rapid surge in the demand for low sugar and immunity-boosting products due to which people are seeking solutions to improve their overall health and wellbeing. The COVID-19 pandemic has prompted customers to become health conscious and turn to low-calorie or sugar-free food, thereby having a positive impact on the stevia market.

The market for North America 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 North America 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 North America stevia market. Based on country, the North America stevia market is divided into US, Canada and Mexico. In 2020, US held the largest share in North America stevia market. Furthermore, in this present scenario of COVID 19 pandemic, the North America stevia market has been facing difficulties and several countries have suffered heavily. The manufacturing sectors in the North America 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; S&W Seed Company; Morita Kagaku Kogyo Co., Ltd.; and PureCircle are some of the leading companies in the North America 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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