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The Latin America stevia market dominates the global stevia market after the Asia Pacific and Europe, respectively. The region accounts for almost 10% of the global stevia production, aiding the global stevia market growth. Within Latin America, Paraguay is the leading stevia producer as the stevia plant is native to this region. The other significant markets in the region are Argentina and Brazil. In Latin and North America, soft drinks lead in stevia applications, whereas sports nutrition supplements form another significant sector. The increasing number of sugar consumption related diseases in the region is further aiding the market. The government has taken several measures to restrict the sugar consumption levels among people owing to increasing cases of diabetes and obesity in the region, which is significantly contributing to the market growth.
The cultivation of stevia in the region has proved to be profitable for the farmers, owing to the rising demand for natural and low-calorie products, thus, aiding the market growth. In 2018, PureCircle (LSE: PURE), a major player in the stevia market, announced its plan to carryout commercial harvestation of Starleaf™ stevia for the very first time with its North Carolina farmer partners, thus, expanding its market to meet the increasing demand for stevia. Also, with stevia finding the majority of its application in the soft drinks sector in Latin America, the market is seeing a further growth. The beverage giants like PepsiCo and Coca-Cola are increasing the production of stevia-based beverages to meet the growing demand for zero-calorie soft drinks.
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PureCircle, Cargill, Incorporated, Archer Daniels Midland Company, Ingredion Incorporated, and Tate & Lyle PLC, among others, are the major players in the Latin America stevia market. The report provided by EMR covers the market share, capacity, and latest developments like mergers and acquisitions, capacity expansions, and plant turnarounds of the major players.
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