North America 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 North America 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. According to the International Diabetes Foundation, 641 million people will have diabetes by 2040, rising from 415 million in 2015. 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 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.
Get more information on this report :
Market Overview and Dynamics
The stevia market in North America is expected to grow from US$ 122.83 million in 2021 to US$ 212.38 million by 2028; it is estimated to grow at a CAGR of 8.1% from 2021 to 2028. Several domestic and international companies have a strong foothold in the North American region. Key market players present in the North America stevia market include Ingredion Incorporated, PureCircle, GLG Life Tech Corporation, ADM, S&W Seed Company, and others. These companies are constantly working towards innovation and new product developments of stevia with improved tastes and qualities to attract new consumers and widen the consumer base in the region. Consumers in North America are developing a positive outlook for healthy food. They are becoming aware of the health benefits associated with consuming the same, which in turn fosters the growth of the stevia market in the region. An upsurge in the instances of obesity, high blood pressure, and diabetes has made people inclined towards highly nutritious products, thereby providing new opportunities for stevia manufacturers. Besides this, technological advancements in the field of stevia processing and production of stevia bolster the demand for stevia in North America. For instance, in 2019, PureCircle developed and is now expanding the use of a new stevia leaf variety which offers notable advantages compared to previous generations of stevia plants. Carefully cultivated by PureCircle and successfully field-tested, more significant quantities of its great-tasting next-generation stevia ingredients. With that greater yield, the new stevia variety provides further cost-effectiveness as more substantial quantities of ingredients can be sourced from each leaf. Besides, in the same year, PureCircle entered into a new stevia supply agreement with Merisant, specializing in producing low- and zero-calorie tabletop sweeteners for consumers. This partnership will help to ensure Merisant’s long-term supply of the best-tasting stevia ingredients.
Key Market Segments
Based on type, the powder segment accounted for the largest share of the North America stevia market in 2020. Based on application, the beverages segment accounted for the largest share of the North America stevia market in 2020.
Major Sources and Companies Listed
A few major primary and secondary sources referred to for preparing this report on the North America 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; S&W Seed Company; Morita Kagaku Kogyo Co., Ltd.; and PureCircle.
Reasons to buy report
- To understand the North America 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 North America stevia market
- Efficiently plan M&A and partnership deals in North America 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 North America stevia market
- Obtain market revenue forecast for market by various segments from 2019-2028 in North America region.
North America Stevia Market Segmentation
North America Stevia Market -By Type
- Whole Leaf
- Powder
- Liquid
North America Stevia Market -By Application
- Dairy and Frozen Dessert
- Bakery and Confectionery
- Tabletop Sweetener
- Beverages
- Others
North America Stevia Market – By Country
- US
- Canada
- Mexico
North America Stevia Market – Company Profiles
- 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.
- PureCircle
TABLE OF CONTENTS
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. North America 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 Increasing Consumer Inclination Towards Natural Sweeteners
5.1.2 Growing Applications of Stevia in Beverage Industry
5.2 Market Restraints
5.2.1 Fluctuating Prices of Stevia Leaf
5.3 Market Opportunities
5.3.1 Innovations in Stevia Market
5.4 Future Trend
5.4.1 Improvement in Taste of Stevia
5.5 Impact Analysis of Drivers and Restraints
6. Stevia Market– North America Market Analysis
6.1 Stevia Market Overview
6.2 Stevia Market –Revenue and Forecast To 2028 (USD Million)
7. North America 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. North America 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. North America Stevia Market – Country Analysis
9.1 North America: Stevia Market
9.1.1 North America: Stevia Market, by Key Country
9.1.1.1 US: Stevia Market – Revenue, and Forecast to 2028 (USD Million)
9.1.1.1.1 US: Stevia Market, by Type
9.1.1.1.2 US: Stevia Market, by Application
9.1.1.2 Canada: Stevia Market – Revenue, and Forecast to 2028 (USD Million)
9.1.1.2.1 Canada: Stevia Market, by Type
9.1.1.2.2 Canada: Stevia Market, by Application
9.1.1.3 Mexico: Stevia Market – Revenue, and Forecast to 2028 (USD Million)
9.1.1.3.1 Mexico: Stevia Market, by Type
9.1.1.3.2 Mexico: Stevia Market, by Application
10. Overview- Impact of Coronavirus Outbreak on North America Stevia Market
10.1 Impact of COVID-19 on Stevia Market
10.2 North America: 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 S&W Seed Company
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 Morita Kagaku Kogyo Co., Ltd.
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 PureCircle
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
13. Appendix
13.1 About The Insight Partners
13.2 Word IndexLIST OF TABLES
Table 1. North America: Stevia Market –Revenue and Forecast To 2028 (USD Million)
Table 2. US Stevia Market, by Type – Revenue and Forecast to 2028 (USD Million)
Table 3. US Stevia Market, by Application – Revenue and Forecast to 2028 (USD Million)
Table 4. Canada Stevia Market, by Type – Revenue and Forecast to 2028 (USD Million)
Table 5. Canada Stevia Market, by Application – Revenue and Forecast to 2028 (USD Million)
Table 6. Mexico Stevia Market, by Type – Revenue and Forecast to 2028 (USD Million)
Table 7. Mexico Stevia Market, by Application – Revenue and Forecast to 2028 (USD Million)
Table 8. List of AbbreviationLIST OF FIGURES
Figure 1. North America Stevia Market Segmentation
Figure 2. Stevia Market Segmentation – By Country
Figure 3. North America Stevia Market Overview
Figure 4. Powder Segment Held Largest Share of North America Stevia Market
Figure 5. US Held Largest Share of North America Stevia Market
Figure 6. North America Stevia Market, Industry Landscape
Figure 7. Porter’s Five Forces Analysis
Figure 8. Value Chain: Stevia Market
Figure 9. Expert Opinion
Figure 10. North America Stevia Market Impact Analysis of Drivers and Restraints
Figure 11. North America: 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. North America: Stevia Market, by Key Country – Revenue (2020) (USD Million)
Figure 23. North America: Stevia Market Revenue Share, by Key Country (2020 and 2028)
Figure 24. US: Stevia Market – Revenue, and Forecast to 2028 (USD Million)
Figure 25. Canada: Stevia Market – Revenue, and Forecast to 2028 (USD Million)
Figure 26. Mexico: Stevia Market – Revenue, and Forecast to 2028 (USD Million)
Figure 27. Impact of COVID-19 Pandemic in North America- 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.
- PureCircle
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the North America 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 North America 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 North America market trends and outlook coupled with the factors driving the North America 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