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Latin America Natural Sweeteners Market to be Aided by the Estimated Growth of the Global Stevia Market at a CAGR of 8.5% in the Forecast Period of 2021-2026

According to the latest report by EMR titled, ‘Latin America Natural Sweeteners Market Report and Forecast 2021-2026’, the Latin America natural sweeteners market is being driven by the growth of the stevia market at the global level. The global stevia market attained a value of nearly USD 520 million in 2020. It is further estimated to grow at a CAGR of 8.5% between 2021 and 2026.

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:

  • Natural sweeteners can be classified as stevia, maple syrup, raw honey, molasses, and coconut sugar, among others.
  • They commonly find their applications in food, beverages, pharmaceuticals, and personal care sectors, among others. 
  • Natural sweeteners can be divided into high-intensity sweeteners and low-intensity sweeteners, based on intensity.
  • Hypermarkets/supermarkets, convenience stores, retail stores, and online retailers, among others, are the major distribution channels in the market.
  • Paraguay, Argentina, Brazil, and Colombia, among others, are the major regional markets for natural sweeteners in Latin America.

Key Findings of the Report:

  • The Latin America natural sweeteners market has been aided by the increasing health awareness, resulting in an increased demand for low-calorie products.
  • The increase in the demand for natural or organic products over the artificial ones, is further aiding the market. 
  • The various strategies implemented by the governments to promote sugar-substitutes due to rising cases of diabetes is propelling the market forward.
  • The steadily growing beverage sector in Latin America is providing further impetus to the market.

Key Offerings of the Report:

  • The EMR report gives an overview of the Latin America natural sweeteners market for the periods (2016-2020) and (2021-2026).
  • The report also offers historical (2016-2020) and forecasted (2021-2026) market information for the intensity, types, applications, distribution channels, and regional markets for the Latin America natural sweeteners market.
  • It also offers a detailed assessment of the regional price trends of natural sweeteners in Latin America.

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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