Beverages Segment to Dominate South and Central America Stevia Market during 2021-2028

According to a new market research study on “South and Central America Stevia Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast – by Type, Application and Country,” is expected to reach US$ 138.40 million by 2028 from US$ 75.82 million in 2021. The market is estimated to grow at a CAGR of 9.0% from 2021 to 2028. The report provides trends prevailing in the South and Central America stevia market along with the drivers and restraints pertaining to the market growth. Shift in the preference of consumer towards natural sweeteners and wide application scope of stevia in beverage industry are major factors driving the growth of the South and Central America stevia market. However, frequent changes in the prices of stevia leaf may hinder the growth of South and Central America stevia market.

In South and Central America, Brazil 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 been a reason for 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 preference for no added sugars and low carbohydrates among consumers during the pandemic has led to an increase in the demand for stevia. During the pandemic, there has been rapid surge in 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. Hence, increasing health consciousness and high demand for sugar-reducing solutions among the populace of South and Central America has had a positive impact on the stevia market.

The market for South and Central 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 South and Central 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 South and Central America stevia market. Based on country, the South and Central America stevia market is divided into Brazil, Argentina and rest of South and Central America. In 2020, the rest of South and Central America held the largest share in South and Central America stevia market. Furthermore, in this present scenario of COVID 19 pandemic, the South and Central America stevia market has been facing difficulties and several countries have suffered heavily. The manufacturing sectors in the South and Central 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; the Archer-Daniels-Midland Company; Sunwin Stevia International, Inc.; S&W Seed Company and PureCircle are some of the leading companies in the South and Central 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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