Stevia Market Future Scope, Challenges, Opportunities, Trends, Outlook, Forecast 2028
Increasing Consumer Inclination Toward Natural Sweeteners to Escalate Market Growth During 2021–2028
According to the latest market study on “Stevia Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type (Whole Leaf, Powder, and Liquid) and Application (Dairy and Frozen Dessert, Bakery and Confectionery, Tabletop Sweeteners, Beverages, and Others),” the market was valued at US$ 539.68 million in 2021 and is projected to reach US$ 965.82 million by 2028; it is expected to grow at a CAGR of 8.7% from 2021 to 2028. The report highlights key driving factors and prominent market players along with their developments in the market.
Stevia is a plant that is native to the tropical regions in Western North America to South America, including countries like Brazil and Paraguay. The leaf extract of the stevia plant is used as a natural sweetener having various health benefits such as it helps in lowering blood glucose and blood pressure levels. Stevia in the market is available in the form of powder, liquid, or leaf where the powder is made up of intensely sweet glycosides derived from the leaves of stevia. Stevia finds its application as a natural and non-caloric sweetener.
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With the increasing incidence of diabetes and obesity worldwide, consumers are progressively shifting toward natural sweetening products. According to the International Diabetes Foundation, 641 million people will have diabetes by 2040, rising from 415 million in 2015. Obesity is a prevalent disease that leads to diabetes along with other chronic diseases such as hypertension, metabolic syndrome, cardiovascular risk, and retinopathy. The authorities across the world are focusing on a healthier lifestyle, which includes a reduction in the number of calories consumed, especially added sugar. The World Health Organization (WHO) has recommended a decrease in added sugars in the daily lifestyle. To lower the amount of sugar intake, consumers prefer natural sweeteners such as stevia, which helps in weight management by reducing added sugar and calories. Along with this, in Europe, consumers are increasingly consuming products having no added sugar. According to the 2020 New Nutrition Business survey, two-thirds of European consumers are trying to lower their sugar intake due to the increasing rate of obesity and diabetes, which has led to an increased demand for stevia in Europe. Thus, an increase in consumer inclination toward natural sweeteners is driving the growth of the stevia market
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