Market Synopsis
Market Research Future (MRFR) studied the global Stevia market share 2020 across the analysis period till 2023. MRFR study reveals that the global stevia market share is expected to rise at considerable to worth substantial valuation by 2023. The rise in awareness about zero-calorie sweetener benefit of stevia among the expanding diabetic populace can offer powerful thrust to the market expansion. In addition, the increase in awareness about other medicinal properties of stevia among people and its growing preference among health-conscious consumers can favor the market rise in the near future. The rise in preference of stevia as an ingredient in the food and beverage sector and its major application in dairy, table top sweeteners, bakery & confectionery, beverages, and convenience foods among others can also support the market rise. The large scale utility of stevia in the food industry and its ability of replace sugar can serve as excellent growth factor for the market in the years to come. Numerous applications across various industries help to boost the stevia market share growth across various regions. In addition, the introduction of different stevia-based products and the rise in demand for low-calorie food stuff can promote the stevia market share.
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Market Segmentation
The segment analysis of the global stevia market share is done by source, type, application, and function.
The type-based segments of the stevia market share are powder, whole leaf, and liquid among others. The powdered segment can experience exponential rise with decent growth rate through the forecast period as high sweetness potency and fine form are observed to gain popularity. The application-based segments of the stevia market share are bakery & confectionary, dairy & frozen desserts, and beverages among others. The beverages segment can lead the worldwide stevia market share, followed by the dairy and frozen desserts segment due to their wide-range of applications. The benefit of easy incorporation of stevia due to its ability to impart sweetness to products is creating high demand for it, thus the bakery and confessionary segment can register decent CAGR by 2023.
Regional Analysis
In Asia Pacific, the stevia market share is expected to secure the largest market share. In North America, the stevia market share is likely to rise at high pace due to increase in stevia consumption. In Europe, the easy availability of stevia can hold the largest share of the global market both in terms of value and size. As per MRFR regional study, the stevia market share in the Asia Pacific can contribute to expansion off the market. The market can hold decent share. The surge in per capita income of India and Australia and the increase in demand for products that have zero calorie can drive the stevia market share in the region. Changing lifestyle and shift in the food consumption pattern among regions, such as India and Taiwan, can propel expansion of the stevia market share in the Asia Pacific region.
Key Players
Ingredion Inc. (U.S.), PureCircle Ltd (Malaysia), Tate & Lyle Plc. (U.K.), Cargill Inc. (U.S.), Stevia Corp. (U.S.), Stevia Biotech Pvt. Ltd (India), and GLG Life Tech Corp (Canada) among others are some reputed names in the global stevia market share that are listed by MRFR. The rise in competition among reputed players of the stevia market share can contribute to the market rise. The expansion of the stevia market share can also be attributed to the deliberate effort of global suppliers to boost quality of their solutions, services, and products. Rolling out several innovations by multiple players can favor the stevia market share expansion. The adoption of effective business plans and strategies for boosting growth dynamics of the market.
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