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Latin America Stevia Market to Grow at a CAGR of 9.9% between 2022 and 2027

According to a new report by EMR titled, ‘Latin America Stevia Market Report and Forecast 2022-2027’, the Latin America stevia market is being driven by the growing global stevia market, which recorded a value of nearly USD 147.11 million in 2021. It is further expected to grow at a CAGR of 9.9% between 2022 and 2027.

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.

Market Breakup by Extract Type, Application, and Region:

  • Stevia is available as leaves, powders, and liquid, based on its extract type.
  • Food and beverages, oral care, pharmaceutical, and tabletop sweetener, among others, are the major application sectors for stevia.
  • Brazil, Argentina, Paraguay, and Colombia, among others, are the major regional markets in the Latin America stevia market.

Key Findings of the Report:

  • The Latin America stevia market is driven by the increasing health awareness, resulting in an increased demand for low-calorie products, which aids the market growth.
  • The continually growing beverage sector, with the increasing popularity of energy drinks, is aiding the market further. 
  • The rising demand for great-tasting, plant-based products, over the artificial ones, is providing further impetus to the market growth. 
  • The strategies adopted by the governments to promote sugar substitutes over sugar, owing to an increasing number of diabetic populations in the region are further aiding the market.

Key Offerings of the Report:

  • The EMR report provides an overview of the Latin America stevia market for the periods (2017-2021) and (2022-2027). The report also offers the historical (2017-2021) and forecast (2022-2027) market information for the extract types, application, and regional markets stevia in Latin America.
  • An assessment of the regional price trends for the historical (2017-2021) and future (2022-2027) periods has been provided within the report. 
  • The report further provides an assessment of the market based on Porter’s Five Forces model along with a SWOT and value chain analysis.

PureCircle Limited, Cargill, Incorporated, Archer Daniels Midland Company, Ingredion Incorporated, 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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Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

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