Asia Pacific Stevia Market Report and Forecast 2024-2032

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The industry is expected to grow at a CAGR of 8.4%, globally, in the forecast period of 2024-2032 to attain USD 844.20 million by 2026.

China is a leading producer of stevia globally. The country accounts for over 90% of the stevia output in the Asia Pacific region. China is a major supplier and exporter of crude stevia sweeteners, exporting to countries like the US, Malaysia, Japan, Korea, and Mexico. The natural sweetener is witnessing a rising acceptance and demand in the Asia Pacific, especially in Japan, China, and South Korea, where the sweetener has been in use for a substantial period. Japan is emerging as a major consumer of the natural sweetener in the region. Stevia, currently, occupies almost 40% of Japan’s sweeteners industry. In China, the demand for stevia has not just been growing from the overseas markets but also from the domestic market. Thus, major manufacturers are investing more in expanding the production of the sweetener in China along with the rest of the region.

The Asia Pacific is also a leading consumer of the natural sweetener, accounting for over 40% of its global consumption. The region is followed by Europe as a leading consumer, representing about a fifth of the global consumption of the natural sweetener. The two areas are expected to witness a year-on-year acceleration in their stevia consumption in the forecast period. The markets in the two regions are being driven by the growing acceptance of the substance by both the consumers and manufacturers. The Asia Pacific and Europe accounted for the largest number of food and beverage launches, which were comprised of stevia as an ingredient.

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Market Segmentation

Market Analysis

The Asia Pacific stevia market is being driven by the rising health awareness among the consumers due to the growing incidences of obesity and diabetes in the region. The region has the largest population of overweight and obese people with two out of every five adults being either overweight or obese. China and India, on the other hand, have the largest number of diabetes cases in the world. India has nearly 62 million diabetic patients with the number projected to rise to 75 million by 2026. With a growing awareness about these diseases, people in the region are increasingly seeking out sugar-substitutes. With a growing aversion to artificial products, consumers are also seeking out natural products like stevia over artificial sweeteners.

The Asia Pacific stevia market is being propelled forward by the growing population combined with a rise in urbanisation. With busier lifestyles and increasing spending powers, consumers in the region are looking for healthier and convenient ready-to-eat foods and RTD beverages, providing further impetus to the stevia industry. The rise in disposable incomes has resulted in consumers seeking out organic and premium products, further aiding the industry growth. The Asia Pacific stevia market is also being driven by younger, more calorie-conscious consumers. Additionally, the expanding application of stevia is propelling the market forward. Toothpaste and cosmetic products like lipsticks, and lip balm have started incorporating the natural sweetener.

The thriving food and beverage industry in the region is providing further impetus to the Asia Pacific stevia market growth. India is expected to witness the fastest growth in the sales of food and beverages in the coming years with sales growing annually by 13.1% in the period 2018-2023. China, on the other hand, is the largest food and beverage industry in the region and is expected to witness a growth of 10.7% per annum till 2021. The robust beverage industry, especially in Hong Kong, will also contribute to the stevia industry growth in the coming years.

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Competitive Landscape

The report provides a detailed insight into the following key players in the Asia Pacific stevia market, covering their market share, capacity, and latest developments like expansions of capacity, mergers and acquisitions, and plant turnarounds:

• Cargill, Incorporated
• Archer Daniels Midland Company
• Ingredion Incorporated
• Tate & Lyle PLC
• SteviaPac Food Innovation
• Layn Corporate
• Zhucheng HaoTian Pharm Co.,Ltd
• Sunwin Stevia International, Inc
• Others

The EMR report gives an in-depth look into the market based on the Porter’s Five Forces model. It also looks into the other global markets like North America, Europe, Latin America, and the Middle East and Africa. A SWOT analysis has been provided, as well.