Market Research Future/MRFR reveals that the stevia market will touch USD 7 billion by 2027, thriving at a substantial pace between 2020 and 2027.
Major Boosters and Deterrents
Demand for more information about the ingredients in food and beverages in line with surging awareness among consumers has raised the sales of stevia over the years. Rising health consciousness among consumers prompts them to make healthier choices in terms of beverages and food. Thus, soaring number of consumers are taking higher interest in low-calorie food products. Studies have confirmed that obesity cases in 2028 came close to 35% among individuals between the ages of 20 and 39 years, while 40.9% happened to be middle-aged. In view of the rapidly surging health conditions, the demand for food products infused with stevia is expected to skyrocket in the following years.
Sugar alternatives such as stevia enjoy a massive demand among people highly focused on weight maintenance, while diabetics are emerging as key end-users as well. Stevia do not have carbohydrates, and as a result, do not increase the body’s blood sugar levels. Various brands channelize their attention on designing new improved products via aggressive R&D and extensive deployment of modern manufacturing technologies. The result is the development of high-quality stevia that is cost-effective.
Types of stevia are Liquid, Powder, Whole Leaf, and more.
Applications of stevia include Beverages, Bakery & Confectionery, Dairy, Convenience Foods, Tabletop Sweeteners, and more. Stevia has extensive use as a sugar substitute in various beverages, allowing dieters to enjoy it without added sugars.
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The North American market will be procuring 8?GR in the years ahead, while Europe shall develop at a better rate of 9% in the given period. With that said, the Asia Pacific market for stevia will capture the highest development rate of 15% from 2020 to 2027.
Majority of the consumers in North America are highly aware about the variety of sugar alternatives in line with their surging focus on health. Prominence of healthy diets accompanied by the significant purchasing prowess of the consumers adds great value to the market. Many of the stevia brands in the region are highly focused on designing products that cater to the dietary as well as weight loss goals of the consumers, in turn resulting in booming sales.
Asia Pacific has been experiencing diet diversification, fast-paced urbanization, as well as relaxation in trade policies in the food sector. With sparked interest in fitness as well as health maintenance along with the subsequent rise in demand for healthier food items will favor the stevia market in the region. The disconcerting escalation in diabetes and obesity cases, particularly in India, should further benefit the stevia industry.
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