North America Stevia Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

North America Stevia Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

North American stevia market is estimated to record a CAGR of 9.8%, during the forecast period (2020-2025).

Key Highlights

• Stevia is widely used in a variety of food products, such as dairy, bakery, and confectionery, beverages, and pharmaceuticals, as it can be easily incorporated, imparting a sweet taste, using very little calories.
• The increasing cases of diabetes, obesity, and other health problems have shifted the focus toward low-calorie sweeteners, which act as sugar substitutes.
• A major threat to this market is the prompt availability of other low-calorie sweeteners.

Key Market TrendsRapid Growth in the North America Stevia Market

According to the OECD Health Statistics 2017, Mexico had one of the highest obesity rates in the world. In 2014, Mexico introduced a sugar tax. Since then, food and beverage manufacturers have been increasingly looking forward to using natural sweetners, which have zero calories and are potential substitutes for sugar. This trend has contributed to the rapidly growing stevia market in Mexico. Stevia helps reduce dietary sugar and calories, and has a wider consumer acceptance because of its taste and health quotient. In Mexico, the diabetic population in the age group of 20 years to 79 years is about 10 million, which is expected to grow at a rate of 60%, over the next 20 years. This is a contributing factor to the rapidly expanding stevia market in Mexico.

Sweetener Consumption Behavior in the United States, in 2016

In 2016, 33% of the US consumers claimed that they had limited their sugar consumption more than they did in the previous year. About 45% of the US consumers said that they had limited the same amount of sugar consumption as they did in the previous year. While 4% said that they had limited their sugar consumption less than they did in the previous year, 17% of them said that they did not limit their sugar consumption. Therefore, 83% of the US consumers are limiting their sugar consumption, which creates an opportunity for the stevia market to expand, as it is a natural, zero-calorie subtitute for sugar, and comes with various health benefits.

Competitive Landscape

Owing to the presence of numerous small and large vendors, the market is highly fragmented. Most of the companies engage in aggressive promotion of stevia-based products, to improve their product positioning and visibility. Some of the major players in the market are Cargill Inc., Tate & Lyle, PureCircle, Ingredion Incorporated, and Archer Daniels Midland Company.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned

IBM Corporation
Oracle Corporation
Internap Corporation
Packet Inc. (An Equinix Inc. Company)
Scaleway Inc.
Amazon Web Services Inc
Rackspace Inc.
CenturyLink, Inc.
LightEdge Solutions, Inc

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