The new report by Expert Market Research titled, ‘Asia Pacific Stevia Market Report and Forecast 2023-2028’, gives an in-depth analysis of the Asia Pacific stevia market size, assessing the market based on its segments like extract types, applications, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
The key highlights of the report include:
Market Overview (2018-2028)
- Forecast CAGR (2023-2028): 11.1%
The increasing demand for sweet beverages without high calorific value and added sugar in the region is driving the market growth. Over the forecast period, the anticipated increase in awareness pertaining to the benefits of stevia, along with the increasing disposable income and rapid urbanization, is anticipated to propel the sales of the stevia. Moreover, stevia is also used for making tea. In this regard, the increasing number of tea drinkers across India and Japan are likely to accelerate the market growth in the coming years.
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Furthermore, the thriving pharmaceutical industry in the region, owing to the increasing prevalence of chronic diseases, is anticipated to provide significant impetus to the market owing to the medicinal properties of stevia.
Asia Pacific Stevia Industry Definition and Major Segments
Stevia refers to a sweet tasting plant which has been traditionally used to sweeten beverages and tea. The plant is originally found in Brazil and Paraguay and contains little to no calories. It is widely used as an alternative to sugar and as herbal supplement.
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On the basis of extract type, the market can be segmented into:
The significant applications of the product include:
- Food and Beverages
- Tabletop Sweetener
- Oral Care
The regional markets for Asia Pacific stevia include:
Asia Pacific Stevia Market Trends
The key trends in the stevia market in the Asia Pacific include the growing expansion of the e-commerce industry, which is accelerating the sales of stevia via mobile applications, grocery delivery platforms, and food delivery outlets. In addition to this, the increase prevalence of obesity, coupled with the growing inclination towards health and fitness, are some of the factors which are likely to lead to an acceptance of stevia as an alternative to sugar.
Moreover, stevia possesses various medicinal properties. Hence, the growing research and development activities in the pharmaceutical sector across the emerging economies of the continent are anticipated to be some other crucial trends in the market.
Key Market Players
The major players in the market are Cargill, Incorporated, Archer Daniels Midland Company, Ingredion Incorporated, Tate & Lyle PLC, SteviaPac Food Innovation, Layn Corporate, Zhucheng HaoTian Pharm Co.,Ltd, and Sunwin Stevia International, Inc, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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