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The Latin America natural sweeteners market has witnessed a healthy growth due to an increase in the demand for low-calorie products in the food and beverage sector. Stevia, being a natural sweetener with zero-calorie content, is widely used in this sector, particularly in soft drinks like Coca-Cola Co.’s (NYSE: KO) Coca-Cola Life, which is further aiding the market growth. Latin America, a leading natural sweeteners market, accounts for almost 9% of the global stevia production. Within Latin America, Paraguay is one of the largest stevia markets as the stevia plant is native to Paraguay.
Stevia has proved to be a profitable crop as it provides farmers with a relatively high output upon cultivation, aiding the market further. It is estimated that stevia has the potential to replace about 30% of all dietary sweeteners in the coming years. In 2018, PureCircle (LSE: PURE), a major player in the stevia market, announced its plan to carry out commercial harvestation of Starleaf™ stevia for the very first time with its North Carolina farmer partners and in March 2020, the company expanded the use and applications of its next generation stevia leaf sweetener -- Reb M – in Singapore. In North and Latin America, soft drinks lead in stevia application, accounting for more than 30% of the overall stevia applications, providing a boost to the food and beverage sector. In 2018, Tate & Lyle PLC (LON: TATE) launched its first premium Reb M stevia sweetener, TASTEVA® M Stevia Sweetener, providing a natural alternative to sugar and, thus, allowing for new innovations in the food and beverage sector.
Market Breakup by Type, Application, Intensity, Distribution Channel, and Regions:
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The major players in the Latin America natural sweeteners market are the Cargill, PureCircle, Tate & Lyle Brasil SA, Sunwin Stevia international Inc, Steviaparaguaya S.A., GLG Life Tech Corporation, Stevva Corp, Senomyx, Inc, and BENEO LAM Ltda, among others. The EMR report covers the market share, capacity, and latest developments like mergers and acquisitions, capacity expansions, and plant turnarounds for the major players.
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