Developing nations such as Malaysia , India , Indonesia , and Thailand are predicted to be the important markets for stevia on account of the growing food and beverage industry .
North America and Europe are anticipated to experience a substantial growth at CAGR of 4.5 % and 4.3 % respectively , over the forecast period . Latest approvals by the FDA regarding the product will have a positive impact on the total market and thus improve the penetration of stevia-based products .
Competitive Insights
With extensive coverage areas and large manufacturing capacities , the market is dominated by a limited number of players . On account of a firm foothold in application sector together with essential infrastructure for research and development , Evolva Holding S . A , GLG Life Tech Corp ., Tate & Lyle Plc ., Pure Circle Ltd . and Cargill Inc ., are projected to lead the market .
The crucial features of the market are expected to be product innovation and the establishment of strategic partnerships with farmers and cultivators along with mergers and acquisitions . Archer Daniels Midland ( ADM ) Company partnered with GLG Life Tech Corp . to industrialize and distribute stevia-based products in July 2016 .
Market Segment :
Application Outlook ( Volume , Tons ; Revenue , USD Million , 2013 - 2024 )
• Beverage
• Food
• Pharmaceuticals
• Tabletop sweeteners
• Others
Regional Outlook ( Volume , Tons ; Revenue , USD Million , 2013 - 2024 )
• North America
• U . S .
• Europe
• Germany
• Asia Pacific
• China