Stevia Market: Current Analysis and Forecast (2023-2030)
Emphasis on Type (Whole Leaf, Powder, Liquid, Others); Application (Food, Beverage, Dairy & Frozen Desserts, Packaged Food Products, Tabletop Sweeteners, Others); Nature (Organic, Natural); Distribution (Offline Distribution, Online Distribution) and Region/Country
The stevia market is expected to grow at a strong CAGR of around 8.6% during the forecast period. The market is growing with increased awareness of adverse conditions of obesity, diabetes, and other health-related problems. The demand for the use of stevia as an ingredient has increased because of its zero-calorie sweetener and it does not have any harmful effect on the human body. Considering health considerations, society is drifting more towards the use of natural sweeteners than artificial sweeteners. The United States holds a significant market for stevia because of its growing consumption due to its use as a natural low-calorie sweetener alternative to sugar.
Some of the major players operating in the market Cargill, Incorporated; Tate & Lyle; ADM; Sunwin Stevia International Inc; GLG LIFE TECH CORP; Ingredion; DSM; S&W Seed Co.; Layn Natural Ingredients; Pyure Organic. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst type, the whole leaf segment to grow with high CAGR during the forecast period”
Based on the product, the market is divided into whole leaf, powdered, and liquid. The whole leaf segment is anticipated to grow with significant CAGR during the forecast period. With the growing preference for plant-based products, consumers are looking for an alternative source of sweeteners other than refined sugar and are opting for healthy and eco-friendly alternatives like whole leaf stevia. For instance, beverage companies like Coca-cola, Cargill are infusing leaf-based stevia to curate different sweetener flavors.
“Amongst application, the dairy category held a significant share of the market in 2022”
By application, the market is segmented into food, beverage, dairy & frozen desserts, packaged food products, tabletop sweeteners. The demand for dairy-based stevia is growing significantly owing to their various benefits in terms of health consciousness, diabetes & obesity and many others. It is ideal for using in hot beverages, desserts, and baked goods and a good resource for low-sugar and low-calorie diet. For instance, Howtian formulated product ranges including SoPure Galaxy-Series for enhancing the dairy industry.
“Amongst nature, the regular category held a significant share of the market in 2022”
By nature, the market is bifurcated into organic and regular. Regular Stevia offers several advantages over traditional sweeteners like sugar and artificial sweeteners and is expected to witness significant growth in the coming years. With the increasing demand for natural and low-calorie sweeteners, the market offers lucrative opportunities for players in the food and beverage industry. For instance, SweetLeaf offers regular stevia products, including liquid drops, powders, and packets. They use high-quality stevia extract to provide natural sweetness without any calories or artificial ingredients.
“Amongst distribution channels, the offline segment to grow with high CAGR during the forecast period”
By distribution channel, the market is bifurcated into offline and online. The offline distribution channel constitutes the major proportion because it consists of several stores that provide various products under a single roof along with lucrative discounts.
“Asia Pacific to grow with high CAGR during the forecast period”
The Asia Pacific market is experiencing significant growth due to increasing consumer awareness of the health benefits of natural sweeteners. One of the main drivers of stevia’s growth in the Asia Pacific market is the rising prevalence of chronic diseases such as obesity and diabetes. As these health concerns become more prevalent, consumers are seeking healthier and natural alternatives to sugar in their diet. Stevia offers a solution as it is a zero-calorie sweetener that contains no carbohydrates and has a minimal effect on blood glucose levels. Several key global players, including Cargill, Incorporated; Tate & Lyle; ADM; Sunwin Stevia International Inc; GLG LIFE TECH CORP; Ingredion; DSM; S&W Seed Co.; Layn Natural Ingredients; Pyure Organic.
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
Customization Options:
The global stevia market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
Table of Contents
Research Methodology for the Stevia Market Analysis (2023-2030)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global hair care appliances market were the three major steps undertaken to create and analyze the adoption of hair care appliances in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global hair care appliances market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the hair care appliances market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the hair care appliances market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as product, mobility, application, and end user. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the stevia market. Further, we conducted factor analysis using dependent and independent variables such as product, mobility, application, and end user of the stevia market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the hair care appliances market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global hair care appliances market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2030 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the hair care appliances market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global hair care appliances market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global hair care appliances market. data was split into several segments & sub-segments post studying various parameters and trends in the areas of the product, mobility, application, and end user in the global hair care appliances market.
The main objective of the Stevia Market Study
The current & future market trends of the stevia market were pin pointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the hair care appliances market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of the product, mobility, application, and end user
- Define and analysis of the regulatory framework for the hair care appliances industry
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
- Analyze the current and forecast market size of the hair care appliances market for the major region
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
- Company profiles of the hair care appliances market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry
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