Asia Pacific Stevia Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Type (Whole Leaf, Powder, and Liquid) and Application (Dairy & Frozen Dessert, Bakery & Confectionery, Tabletop Sweetener, Beverages, and Others)
Market Introduction
The Asia Pacific stevia market is a highly fragmented market with the presence of considerable regional and local players providing numerous solutions for companies investing in the market arena. With the increasing incidence of diabetes and obesity, consumers are progressively shifting toward natural sweetening products. Obesity is a prevalent disease that leads to diabetes along with other chronic diseases such as hypertension, metabolic syndrome, cardiovascular risk, and retinopathy. The authorities across the region are focusing on a healthier lifestyle, which includes a reduction in the number of calories consumed, especially added sugar. The World Health Organization (WHO) has recommended a decrease in added sugars in the daily lifestyle. To lower the amount of sugar intake, consumers prefer natural sweeteners such as stevia, which helps in weight management by reducing added sugar and calories. Along with this, the consumers are increasingly consuming products having no added sugar. Thus, an increase in consumer inclination toward natural sweeteners is driving the growth of the 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 beverage 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, in turn, is increasing the demand for natural sweeteners such as stevia. An increase in the diet preference 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 a rapid surge in the demand for immunity-boosting products owing to people seeking solutions to improve their overall health and wellbeing. Hence, increasing health consciousness and high demand for low sugar alternatives among the population in Asia Pacific has had a positive impact on the stevia market.
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Market Overview and Dynamics
The stevia market in Asia Pacific is expected to grow from US$ 204.59 million in 2021 to US$ 362.76 million by 2028; it is estimated to grow at a CAGR of 8.5% from 2021 to 2028. The various government policies also contributes for the growth of the stevia market in the region. For instances, Singapore's Ministry of Health (MOH) recommended a number of policies that could have an impact on the food and beverage industries, including prohibiting the sale of high-sugar pre-packaged drinks and levying a tax on sugar-based beverages. Many players operating in the stevia market are expanding their portfolio of ingredient solutions as well as focusing on expanding capacity and expertise in the region. For instances, PureCircle has expanded its production plant located in Malaysia in order to keep up with the sharp rise in demand for stevia. Additionally, SweeGen Company’s Bestevia Reb M and Bestevia Rebaudiosides (Reb) D and E got regulatory approval by Singapore Food Agency in 2019. So the various food and beverage brands now have access to an expanded portfolio of sugar reduction solutions. Such efforts by the players creates an opportunity for food and beverage manufacturers to develop more sugar reduced products to satisfy Asia Pacific consumer tastes and sweetness expectations. With the growing demand for alternative sweeteners like stevia, Asia Pacific region is becoming the largest consumer for those. Due to all these factors, the market in Asia Pacific is expected to witness a significant growth during the forecast period.
Key Market Segments
Based on type, the powder segment accounted for the largest share of the Asia Pacific stevia market in 2020. Based on application, the beverages segment accounted for the largest share of the Asia Pacific stevia market in 2020.
Major Sources and Companies Listed
A few major primary and secondary sources referred to for preparing this report on the Asia Pacific stevia market are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report include 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.
Reasons to buy report
- To understand the Asia Pacific stevia market landscape and identify market segments that are most likely to guarantee a strong return
- Stay ahead of the race by comprehending the ever-changing competitive landscape for Asia Pacific stevia market
- Efficiently plan M&A and partnership deals in Asia Pacific stevia market by identifying market segments with the most promising probable sales
- Helps to take knowledgeable business decisions from perceptive and comprehensive analysis of market performance of various segment form Asia Pacific stevia market
- Obtain market revenue forecast for market by various segments from 2019-2028 in Asia Pacific region.
Asia Pacific Stevia Market Segmentation
Asia Pacific Stevia Market -By Type
- Whole Leaf
- Powder
- Liquid
Asia Pacific Stevia Market -By Application
- Dairy and Frozen Dessert
- Bakery and Confectionery
- Tabletop Sweetener
- Beverages
- Others
Asia Pacific Stevia Market – By Country
- Australia
- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
Asia Pacific Stevia Market – Company Profiles
- 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.
- PureCircle
1. Introduction
1.1 Study Scope
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation
2. Key Takeaways
3. Research Methodology
3.1 Scope of the Study
3.2 Research Methodology
3.2.1 Data Collection
3.2.2 Primary Interviews
3.2.3 Hypothesis Formulation
3.2.4 Macro-economic Factor Analysis
3.2.5 Developing Base Number
3.2.6 Data Triangulation
3.2.7 Country Level Data
4. Asia Pacific Stevia Market Landscape
4.1 Market Overview
4.2 Porter’s Analysis
4.2.1 Threat of New Entrants:
4.2.2 Bargaining Power of Buyers:
4.2.3 Bargaining Power of Suppliers:
4.2.4 Competitive Rivalry:
4.2.5 Threat of Substitutes:
4.3 Value Chain Analysis
4.4 Expert Opinion
5. Stevia Market – Key Market Dynamics
5.1 Market Drivers
5.1.1 Rise in Consumer Inclination Towards Natural Sweeteners
5.1.2 Incrementing Usage of Stevia in Beverage Industry
5.2 Market Restraints
5.2.1 Fluctuating Stevia Leaf Prices
5.3 Market Opportunities
5.3.1 Rapid Innovations in Stevia Market
5.4 Future Trend
5.4.1 Upgradation of the Taste of Stevia
5.5 Impact Analysis of Drivers and Restraints
6. Stevia Market – Asia Pacific Market Analysis
6.1 Stevia Market Overview
6.2 Stevia Market –Revenue and Forecast To 2028 (USD Million)
7. Asia Pacific Stevia Market Analysis – By Type
7.1 Stevia Market, By Type (2020 and 2028)
7.2 Whole Leaf
7.2.1 Overview
7.2.2 Whole Leaf: Stevia Market – Revenue and Forecast To 2028 (USD Million)
7.3 Powder
7.3.1 Overview
7.3.2 Powder: Stevia Market – Revenue and Forecast To 2028 (USD Million)
7.4 Liquid
7.4.1 Overview
7.4.2 Liquid: Stevia Market – Revenue and Forecast to 2028 (USD Million)
8. Asia Pacific Stevia Market Analysis – By Application
8.1 Overview
8.2 Stevia Market, By Application (2020 and 2028)
8.3 Dairy and Frozen Dessert
8.3.1 Overview
8.3.2 Dairy and Frozen Dessert: Stevia Market – Revenue and Forecast to 2028 (USD Million)
8.4 Bakery and Confectionery
8.4.1 Overview
8.4.2 Bakery and Confectionery: Stevia Market – Revenue and Forecast to 2028 (USD Million)
8.5 Tabletop Sweeteners
8.5.1 Overview
8.5.2 Tabletop Sweeteners: Stevia Market – Revenue and Forecast to 2028 (USD Million)
8.6 Beverages
8.6.1 Overview
8.6.2 Beverages: Stevia Market – Revenue and Forecast to 2028 (USD Million)
8.7 Others
8.7.1 Overview
8.7.2 Others: Stevia Market – Revenue and Forecast to 2028 (USD Million)
9. Asia Pacific Stevia Market – Country Analysis
9.1 Asia Pacific: Stevia Market
9.1.1 Asia Pacific: Stevia Market, by Key Country
9.1.1.1 Australia: Stevia Market – Revenue, and Forecast to 2028 (USD Million)
9.1.1.1.1 Australia: Stevia Market, by Type
9.1.1.1.2 Australia: Stevia Market, by Application
9.1.1.2 China: Stevia Market – Revenue, and Forecast to 2028 (USD Million)
9.1.1.2.1 China: Stevia Market, by Type
9.1.1.2.2 China: Stevia Market, by Application
9.1.1.3 India: Stevia Market – Revenue, and Forecast to 2028 (USD Million)
9.1.1.3.1 India: Stevia Market, by Type
9.1.1.3.2 India: Stevia Market, by Application
9.1.1.4 Japan: Stevia Market – Revenue, and Forecast to 2028 (USD Million)
9.1.1.4.1 Japan: Stevia Market, by Type
9.1.1.4.2 Japan: Stevia Market, by Application
9.1.1.5 South Korea: Stevia Market – Revenue, and Forecast to 2028 (USD Million)
9.1.1.5.1 South Korea: Stevia Market, by Type
9.1.1.5.2 South Korea: Stevia Market, by Application
9.1.1.6 Rest of Asia-Pacific: Stevia Market – Revenue, and Forecast to 2028 (USD Million)
9.1.1.6.1 Rest of Asia-Pacific: Stevia Market, by Type
9.1.1.6.2 Rest of Asia-Pacific: Stevia Market, by Application
10. Overview- Impact of Coronavirus Outbreak on Asia Pacific Stevia Market
10.1 Impact of COVID-19 on Stevia Market
10.2 Asia Pacific: Impact Assessment of COVID-19 Pandemic
11. Industry Landscape
11.1 Overview
11.2 Product Launch
11.3 Product News
11.4 Strategy and Business Planning
11.5 Merger and Acquisition
12. Company Profiles
12.1 Cargill, Incorporated
12.1.1 Key Facts
12.1.2 Business Description
12.1.3 Products and Services
12.1.4 Financial Overview
12.1.5 SWOT Analysis
12.1.6 Key Developments
12.2 Ingredion Incorporated
12.2.1 Key Facts
12.2.2 Business Description
12.2.3 Products and Services
12.2.4 Financial Overview
12.2.5 SWOT Analysis
12.2.6 Key Developments
12.3 Tate & Lyle PLC
12.3.1 Key Facts
12.3.2 Business Description
12.3.3 Products and Services
12.3.4 Financial Overview
12.3.5 SWOT Analysis
12.3.6 Key Developments
12.4 GLG Life Tech Corp.
12.4.1 Key Facts
12.4.2 Business Description
12.4.3 Products and Services
12.4.4 Financial Overview
12.4.5 SWOT Analysis
12.4.6 Key Developments
12.5 The Archer-Daniels-Midland Company
12.5.1 Key Facts
12.5.2 Business Description
12.5.3 Products and Services
12.5.4 Financial Overview
12.5.5 SWOT Analysis
12.5.6 Key Developments
12.6 Sunwin Stevia International, Inc.
12.6.1 Key Facts
12.6.2 Business Description
12.6.3 Products and Services
12.6.4 Financial Overview
12.6.5 SWOT Analysis
12.6.6 Key Developments
12.7 S&W Seed Company
12.7.1 Key Facts
12.7.2 Business Description
12.7.3 Products and Services
12.7.4 Financial Overview
12.7.5 SWOT Analysis
12.7.6 Key Developments
12.8 Morita Kagaku Kogyo Co., Ltd.
12.8.1 Key Facts
12.8.2 Business Description
12.8.3 Products and Services
12.8.4 Financial Overview
12.8.5 SWOT Analysis
12.8.6 Key Developments
12.9 Zhucheng Haotian Pharm Co., Ltd.
12.9.1 Key Facts
12.9.2 Business Description
12.9.3 Products and Services
12.9.4 Financial Overview
12.9.5 SWOT Analysis
12.9.6 Key Developments
12.10 PureCircle
12.10.1 Key Facts
12.10.2 Business Description
12.10.3 Products and Services
12.10.4 Financial Overview
12.10.5 SWOT Analysis
12.10.6 Key Developments
13. Appendix
13.1 About The Insight Partners
13.2 Word IndexLIST OF TABLES
Table 1. Asia Pacific: Stevia Market –Revenue and Forecast To 2028 (USD Million)
Table 2. Australia Stevia Market, by Type – Revenue and Forecast to 2028 (USD Million)
Table 3. Australia Stevia Market, by Application – Revenue and Forecast to 2028 (USD Million)
Table 4. China Stevia Market, by Type – Revenue and Forecast to 2028 (USD Million)
Table 5. China Stevia Market, by Application – Revenue and Forecast to 2028 (USD Million)
Table 6. India Stevia Market, by Type – Revenue and Forecast to 2028 (USD Million)
Table 7. India Stevia Market, by Application – Revenue and Forecast to 2028 (USD Million)
Table 8. Japan Stevia Market, by Type – Revenue and Forecast to 2028 (USD Million)
Table 9. Japan Stevia Market, by Application – Revenue and Forecast to 2028 (USD Million)
Table 10. South Korea Stevia Market, by Type – Revenue and Forecast to 2028 (USD Million)
Table 11. South Korea Stevia Market, by Application – Revenue and Forecast to 2028 (USD Million)
Table 12. Rest of Asia Pacific Stevia Market, by Type – Revenue and Forecast to 2028 (USD Million)
Table 13. Rest of Asia Pacific Stevia Market, by Application – Revenue and Forecast to 2028 (USD Million)
Table 14. List of AbbreviationLIST OF FIGURES
Figure 1. Asia Pacific Stevia Market Segmentation
Figure 2. Stevia Market Segmentation – By Country
Figure 3. Asia Pacific Stevia Market Overview
Figure 4. Powder Segment Held Largest Share of Asia Pacific Stevia Market
Figure 5. China Held Largest Share of Asia Pacific Stevia Market
Figure 6. Asia Pacific Stevia Market, Industry Landscape
Figure 7. Porter’s Five Forces Analysis
Figure 8. Value Chain: Stevia Market
Figure 9. Expert Opinion
Figure 10. Asia Pacific Stevia Market Impact Analysis of Drivers and Restraints
Figure 11. Asia Pacific: Stevia Market – Revenue and Forecast To 2028 (USD Million)
Figure 12. Stevia Market Revenue Share, By Type (2020 and 2028)
Figure 13. Whole Leaf: Stevia Market – Revenue and Forecast To 2028 (USD Million)
Figure 14. Powder: Stevia Market – Revenue and Forecast To 2028 (USD Million)
Figure 15. Liquid: Stevia Market – Revenue and Forecast To 2028 (USD Million)
Figure 16. Stevia Market Revenue Share, By Application (2020 and 2028)
Figure 17. Dairy and Frozen Dessert: Stevia Market – Revenue and Forecast to 2028 (USD Million)
Figure 18. Bakery and Confectionery: Stevia Market – Revenue and Forecast to 2028 (USD Million)
Figure 19. Tabletop Sweeteners: Stevia Market – Revenue and Forecast to 2028 (USD Million)
Figure 20. Beverages: Stevia Market – Revenue and Forecast to 2028 (USD Million)
Figure 21. Others: Stevia Market – Revenue and Forecast to 2028 (USD Million)
Figure 22. Asia Pacific: Stevia Market, by Key Country – Revenue (2020) (USD Million)
Figure 23. Asia Pacific: Stevia Market Revenue Share, by Key Country (2020 and 2028)
Figure 24. Australia: Stevia Market – Revenue, and Forecast to 2028 (USD Million)
Figure 25. China: Stevia Market – Revenue, and Forecast to 2028 (USD Million)
Figure 26. India: Stevia Market – Revenue, and Forecast to 2028 (USD Million)
Figure 27. Japan: Stevia Market – Revenue, and Forecast to 2028 (USD Million)
Figure 28. South Korea: Stevia Market – Revenue, and Forecast to 2028 (USD Million)
Figure 29. Rest of Asia-Pacific: Stevia Market – Revenue, and Forecast to 2028 (USD Million)
Figure 30. Impact of COVID-19 Pandemic in Asia Pacific- 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.
- PureCircle
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the Asia Pacific stevia market.
- Highlights key business priorities in order to assist companies to realign their business strategies
- The key findings and recommendations highlight crucial progressive industry trends in the Asia Pacific stevia market, thereby allowing players across the value chain to develop effective long-term strategies
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
- Scrutinize in-depth Asia Pacific market trends and outlook coupled with the factors driving the Asia Pacific stevia market, as well as those hindering it
- Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution