Asia Pacific Stevia Market to Grow at a CAGR of 11.2% between 2024 and 2032

The Asia Pacific stevia market is the leading stevia producer in the global stevia market, producing over 85% of the world’s total stevia. The Asia Pacific and Europe, the two major stevia markets, together account for more than three-fifths of the overall market share. China is the world leader in the production of stevia and, thus, serves as a major supplier of stevia at the global level. On the other hand, Japan, within the Asia Pacific, is a leading consumer of stevia, which occupies about 40% of Japan’s sweeteners market. The consumption of stevia in Japan and Korea has been going on since traditional times and, hence, it is a popular choice for use as a natural sweetener, propelling the market forward. The Asia Pacific is one of the leading regions to launch stevia-based products, thus, contributing significantly to the growth of the global stevia market.

The increasing popularity of sugar-free products with zero-calorie content is aiding the market. In 2017, the sales of food and beverage items that contained zero-calorie sweeteners and were free from artificial sweeteners increased by 16%, globally. In May 2020, Tate & Lyle PLC (LON: TATE), one of the leading players of the market, with its stevia ingredients partner, Sweet Green Fields (SGF), introduced ZOLESSE Natural Flavor, a new innovation which has been formulated to deliver great taste as well as meet consumers’ demand for clean-label ingredients. With the shift in food habits of consumers towards healthy products, the market has seen a further growth. In May 2018, the beverage giant- Coca-Cola (NYSE: KO), launched Coca-Cola Stevia No Sugar, its first-ever product sweetened solely with stevia in New Zealand. The company partnered with PureCircle (LSE: PURE), the leading producer and innovator of stevia ingredients, to launch this 100% stevia-based soft drink, thus, expanding its market to meet the increasing demand for stevia-based products.

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Market Breakup by Extract Type, Application, and Region:

• On the basis of extract type, stevia can be divided into leaves, powder, and liquid forms. 

• Stevia finds its application in different sectors like food and beverages, oral care, pharmaceutical, and tabletop sweetener, among others.

• The regional markets for Asia Pacific stevia market are China, Japan, India, ASEAN, Australia Others.

Key Findings of the Report:

• The Asia Pacific stevia market is being driven by the growing health concern, resulting in an increased demand for low-calorie products, globally.

• The rising demand for natural or organic products over the artificial ones is aiding the market further. 

• The strategies implemented by governments to promote sugar-substitutes due to increasing cases of diabetes and obesity is propelling the market forward.

• The steadily growing beverage sector, with the rising demand for energy drinks, is providing further impetus to the market growth in the Asia Pacific.

Key Offerings of the Report:

• The EMR report gives an overview of the Asia Pacific stevia market for the periods (2018-2023) and (2024-2032).

• The report offers historical (2018-2023) as well as forecast (2024-2032) data for the types, applications, and regional markets of stevia in the Asia Pacific

• The report also provides an assessment of the market based on the Porter’s Five Forces model along with a SWOT and value chain analysis.

• It also gives a thorough analysis of the regional historical (2018-2023) and forecast (2024-2032) price trends of stevia.

The major players in the Asia Pacific stevia market are Cargill, Incorporated, Archer Daniels Midland Company, Ingredion Incorporated, Tate & Lyle PLC, SteviaPac Food Innovation, Layn Corporate, Zhucheng HaoTian Pharm Co.,Ltd, Sunwin Stevia International, Inc, among Others. The EMR report provides the market capacity, share, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions for the major players.

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