Latin America Natural Sweeteners Market Report and Forecast 2024-2032

The global stevia market is projected to grow at a CAGR of 8.5% between 2021 and 2026 to reach an estimated value of almost USD 849 million by 2026. The growth of the industry was propelled by the increasing demand for zero-calorie products due to the rising health consciousness among the consumers.

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Latin America is the leading natural sweeteners market after the Asia Pacific and Europe regions. It accounts for nearly 9% of the world’s stevia production, thus, contributing to its natural sweeteners industry. Within Latin America, Paraguay is one of the leading stevia producers, accounting for more than three-fourths of the total Latin America stevia market. The other major markets of the region are Argentina and Brazil.

In Latin America, soft drinks lead in stevia application followed by the sports nutrition and dairy segment, respectively. The soft drinks and sports nutrition segments together account for more than half of the stevia applications in the Latin and North America regions. The stevia market in Latin America is being aided by the abundance of raw material available in the region for processing due to the stevia plant’s nativity to Paraguay and Brazil.

Market Segmentation

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Market Analysis

The Latin America natural sweeteners market is being driven by the growing demand for low-calorie foods and beverages, particularly, soft drinks, where stevia is used as a sugar substitute. With the increase in health concern among the consumers, the use of natural sweeteners to manufacture various packaged food and beverages has increased.

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The rising population afflicted by diseases related to sugar consumption like obesity and diabetes is leading to various government initiatives discouraging people from sugar consumption, which is further aiding the market. The Brazil Health Ministry aims to reduce sugar consumption in several processed food products by 144, 000 tons by 2023. Governments in the region have also included a front-of-pack warning about high sugar, salt, and fat content on various products in countries like Chile, Peru, and Uruguay as a measure to create awareness among people. Other countries in the region may also implement similar techniques to control sugar consumption-related diseases.

The rise in the consumption of sports and energy drink is propelling the industry further. The Latin America and Caribbean region, together, forms a leading market for beverages, accounting for nearly 17.5% of the total market share, globally. The beverage industry in the region generates an annual revenue of USD 17.7 million. The low-calorie sweeteners are becoming popular for use as a flavouring agent in products like cosmetic items and toothpastes, thus, further aiding the growth of the natural sweeteners industry in Latin America. Their use in the pharmaceutical sector has also increased, which will enhance the market growth in the coming years.

Competitive Landscape

This report gives a detailed analysis of the following key players in the Latin America natural sweeteners market, covering their competitive landscape, capacity, and recent developments like mergers and acquisitions, capacity expansion, and plant turnarounds:

• PureCircle 
• Cargill, Incorporated
• Archer Daniels Midland Company
• Ingredion Incorporated
• Tate & Lyle PLC
• Others

SWOT analysis, value chain analysis, and Porter’s five forces analysis of the market have been carried out in the report to shed light on the macro and micro aspects of the industry performance, major challenges, and key drivers.