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.
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
Asia Pacific Stevia Market Segmentation
Asia Pacific Stevia Market -By Type
Asia Pacific Stevia Market -By Application
Asia Pacific Stevia Market – By Country
Asia Pacific Stevia Market – Company Profiles
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 204.59 Million |
| Market Size by 2028 | US$ 362.76 Million |
| CAGR (2021 - 2028) | 8.5% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Type
|
| Regions and Countries Covered |
Asia-Pacific
|
| Market leaders and key company profiles |
|
The Asia Pacific Stevia Market is valued at US$ 204.59 Million in 2021, it is projected to reach US$ 362.76 Million by 2028.
As per our report Asia Pacific Stevia Market, the market size is valued at US$ 204.59 Million in 2021, projecting it to reach US$ 362.76 Million by 2028. This translates to a CAGR of approximately 8.5% during the forecast period.
The Asia Pacific Stevia Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the Asia Pacific Stevia Market report:
The Asia Pacific Stevia Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Asia Pacific Stevia Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Asia Pacific Stevia Market value chain can benefit from the information contained in a comprehensive market report.
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