Panic buying consumer behavior, coupled with high demand from processed food and beverage manufacturers create issues in terms of inventories, generating need for supply chain optimization.
DUBAI / ACCESSWIRE / July 6, 2020 / Future Market Insights: The worldwide stevia market is anticipated to rise at a healthy 7% CAGR during the assessment period between 2019 and 2029. Disruptions on the basis of the slump in the global economy, breaks in supply chains, and shortages of labor during the pandemic are hurting the short-term prospects of the stevia market. On the other hand, extensive demand for household, and processed food and beverage applications will remain key to sustaining demand for stevia through and after the end of the pandemic.
"Stevia as a natural sweetener, gains niche demand in as a high-intensity sweetener. Recent years have witnessed increased focus on natural food additives, propelled by growing consumer awareness associated with the adverse effects of synthetic alternatives on consumer health, supporting growth through the crisis period," states the FMI analyst.
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Stevia Market- Critical Takeaways
- Beverage applications of stevia will remain the primary contributor to market revenue owing to use in carbonated beverages and zero and low-calorie drinks.
- The food sector will generate lucrative opportunities owing to application in bakery, and confectionary products.
- North America remains a leading market, supported by consumer awareness about natural sweeteners.
- Asia Pacific stevia market is gaining ground driven by investments from the food and beverage sector.
Stevia Market- Drivers
- Growth in demand for stevia, particularly in beverages is a key growth factor.
- Rising penetration of stevia in the processed food sector owing to better sweetening properties propels growth.
- Growing consumer awareness about health risks from artificial food additives bolster adoption.
- Applications in weight management, blood pressure control, and research in pharma industry creates niche opportunities.
Stevia Market- Restraints
- The bitter aftertaste of stevia is a key challenge for market players, hindering market growth.
- Competition from numerous natural sugar alternatives holds back market developments.
Coronavirus Impact on Stevia Market
Food and beverage industries have almost universally been designated as essential services, exempting them from many coronavirus restrictions. Stockpiling behavior by consumers on the other hand has resulted in inventory issues. In addition, restrictions on transport and labor shortages has hurt raw material supplies in the industry. Market demand for stevia is expected to remain strong throughout and after the outbreak, owing to food industry and household applications.
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Competitive Landscape
Manufacturers in the food and beverage sector and stevia producers are marketing offerings aimed towards health-conscious consumers. For instance, Coca Cola has released a low-calorie, stevia-sweetened variant for consumers in Chile and Argentina. Evolva Holding SA, Cargill Inc., GLG Life Tech Corp., Ingredieon Inc., Sunwin Stevia International Inc., PureCircle Ltd., Tate & Lyle plc., and Koninklijke DSM NV are some of the leading stevia market players.
About the Study
The study offers readers a comprehensive assessment of the stevia market. Global, regional and national-level analysis of the latest trends influencing the stevia market is covered in this FMI report. The study provides insights according to nature (organic and conventional), type (liquid extract, powder extract, and stevia leaves), and application (dairy food products, bakery products beverages, packaged food products, dietary supplements, confectionary products, snacks, table top sweeteners, and others), in seven regions (North America, Latin America, Europe, South Asia, East Asia, Oceania, and MEA).
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Market Report: https://www.futuremarketinsights.com/reports/global-stevia-market
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SOURCE: Future Market Insights