Latin America Stevia Market Report and Forecast 2024-2032

Latin America Stevia Market Outlook

The Latin America stevia market attained a value of about USD 177.68 million in 2023. The market is further expected to grow at a CAGR of 10% between 2024 and 2032. The market is projected to reach nearly USD 419.46 million by 2032.       

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In Latin America, stevia finds the majority of its application in the soft drinks segment followed by the sports nutrition segment. The soft drinks and sports nutrition segments together account for over half the stevia applications in the Latin America and North America regions. Dairy is also emerging as a major application segment for the natural sweetener in the regions, accounting for over 12% of the stevia application. The Latin America stevia market is being aided by the abundance of raw material easily available for processing. The stevia plant is native to Brazil and Paraguay. Paraguay is the region’s largest producer of the natural sweetener. It accounts for over three-fourths of the total stevia production in Latin America. Paraguay is followed by Argentina and Brazil as the leading producers in the region.

The Latin America stevia market is being driven by the growing trend towards sugar reduction in foods and beverages due to increasing rates of type-2 diabetes and obesity occurrence. The growing consumer preference towards healthier food and beverages containing low or no sugar is aiding the industry for sugar-substitutes like stevia. The industry is gaining further impetus from the rising number of government regulations attempting to restrict the intake of sugar. These measures include a front-of-pack warning about high sugar, salt, and fat content on products in Latin America countries like Chile, Peru, and Uruguay. Other countries in the region are also expected to implement similar strategies to combat the growing number of sugar consumption-related diseases.

Properties and Applications

Stevia, a natural sweetener, produced by processing the leaves of Stevia rebaudiana, finds extensive application as a zero-calorie natural sweetener. It derives its sweetness from its active compounds called steviol glycosides. Stevia sweetener can be extracted as leaves, powder, or liquid. It is commonly used in the following sectors:

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• Food and Beverages
• Dairy
• Oral Care
• Pharmaceutical 
• Others

The report also covers the regional markets for stevia in the Latin America region like Brazil, Mexico, Argentina, Colombia, Chile, and Peru, among others.

Market Analysis

Globally, the stevia industry is driven by the growing health awareness about the adverse health impact of sugar consumption. The rising consumption of sugar-substitutes for dietary and health reasons is aiding the global industry growth of the natural sweeteners. The industry is also finding impetus in the rising preference of consumers for natural products as they are demanding natural sweeteners over artificial products.

With stevia finding the majority of its application in the carbonated drinks section in Latin America, the thriving beverage industry in the region is adding to the growth of the Latin America stevia market. The Latin America and Caribbean region, as a whole, represents a leading market for beverages with a 17.5% market share in the global industry. The beverage industry in the region generates an annual revenue of USD 17.7 million. The growing middle-class population in Latin America, leading to a rise in consumption of processed foods and RTD beverages, is further driving the Latin America stevia market. Since the consumers are becoming increasingly health conscious and are seeking out products with organic ingredients, the industry for the natural sweetener is expected to witness a healthy growth in the coming years. The rise in consumer and manufacturer awareness about the product is further pushing the Latin America stevia market forward.

The expanding application sectors for stevia is also driving the growth of the Latin America stevia market. It is finding extensive use in non-food sectors like the personal care and cosmetics section. Stevia is added to cosmetic products like lip balm and lipstick as a natural sweetener. The natural sweetener is also finding increasing use in the oral care sector in items like toothpaste and mouthwash.

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Competitive Landscape

The report provides a detailed insight into the following key players in the Latin America stevia market, covering their competitive landsacpe, capacity, and latest developments like plant turnarounds, capacity expansions, and mergers and acquisitions:

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

The EMR report looks into the manufacturing process and analyses the costs involved. The comprehensive report offers an overview of the other regional markets like North America, Europe, the Middle East and Africa, and the Asia Pacific. It also assesses the Latin America stevia market based on the Porter’s Five Forces Model. A SWOT analysis has been provided, as well.

Key Highlights of the Report