The ‘North America Stevia Market Size, Share, Scope, Analysis, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the North America stevia market, assessing the market on the basis of its segments like extract type, application, and country.
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
North America Stevia Market Share, Size, Trends, Industry Report, Key Player, Major Segments, and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2022): USD 218.45 million
- Forecast CAGR (2023-2028): 10.5%
The North America stevia market is observing rapid growth owing to the rising applications of stevia in the market due to its properties as a natural calorie-free sweetener. Stevia is extensively used in food and beverages, oral care, pharmaceuticals, and as a tabletop sweetener. In food and beverages, stevia is found in various prepared drinks, dairy products including yogurt, ice cream, and flavoured milk, and sports beverages, among others.
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Further, the demand for stevia in North America is also increasing from other sectors such as oral care and pharmaceuticals. Stevia is used in pharmaceuticals to help treat diabetes, high uric acid levels in the blood, stimulate heart rate, and lower blood pressure. It is also considered helpful for weight loss, water retention, as a diuretic, and for treating heartburn.
Adoption of natural alternatives instead of consuming artificial sweeteners has changed the demand pattern from consumers increasing the demand for stevia in the North America region. Moreover, stevia being a healthy and natural substitute for sugar while providing a similar taste has enhanced the growth of the North America stevia market. Consumers are increasingly adopting new lifestyles and diets with no sugar content or low sugar content, thereby bolstering the demand for low-calorie food and beverages and stevia.
North America Stevia Industry Definition and Major Segments
Stevia is a natural substance obtained from the leaves of the stevia plant and is used as a substitute for sugar to reduce calorie intake. It is considered to be a healthy and safe substitute of sugar that can add sweet taste to food without the negative health effects associated with refined sugar. Stevia is also used for medical purposes.
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Based on extract type, the market is segmented into:
On the basis of application, the market is classified into:
- Food and Beverages
- Oral Care
- Tabletop Sweetener
Based on country, the market is divided into:
- United States of America
North America Stevia Market Trends
The key trends in the North America stevia market include the research and development activities undertaken by various manufacturers to modify their products using stevia to enhance their quality thereby enhancing the demand from consumers. Several manufacturers are incorporating their products with Reb M based stevia sweetener as they have a superior taste profile, and are easily obtained by converting the first-generation type of natural sweeteners or from the stevia leaf.
Increasing demand from consumers for non-genetically modified products is further bolstering investments into sourcing of non-genetically modified stevia leaf by key players in order to derive superior quality natural sweeteners. Moreover, increasing awareness regarding the negative effects of consuming sugar such as obesity and type 2 diabetes and regulations by governments such as tax on beverages containing sugar content is also fuelling the demand for stevia and related products in the market.
Rising applications of stevia in sectors such as energy drinks and sports drinks is enhancing the growth of the North America stevia market. Use of stevia in food and beverages is approved by the United States Food and Drug Administration. Increasing demand for healthy ready-to-drink beverages from countries such as United States and Canada owing to the rising disposable incomes and hectic lifestyles is contributing largely to the growth of the market for stevia.
Key Market Players
The major players in the North America stevia market report are :
- Nascent Health Sciences LLC (SoPure)
- GLG Life Tech Corporation
- Cargill Inc.
- Archer Daniels Midland Company
- Ingredion Incorporated
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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