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