The stevia market is positioned for substantial growth as the demand for healthy sweeteners continues to surge. Fairfield Market Research's latest report highlights the increasing adoption of stevia in the food and beverages industry as a key driver behind the market's expansion. Projections indicate that the stevia market's revenue is expected to reach US$1,621 Mn by the end of 2029, reflecting a significant rise from the recorded US$780 Mn in 2021.
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The preference for healthy artificial sweeteners gained momentum in line with the global sugar reduction movement, and stevia emerged as a prominent player in this trend across globe. The adoption rate of stevia remains high, particularly in the beverage sector, with sustained consumption in key categories such as juices, sodas, and flavored water. The report highlights the continued growth of stevia market sales, supported by the ascending growth outlook of nutraceuticals. From 2022 to 2029, the stevia market revenue is expected to experience a steady growth rate of 9.6%.
Stevia leaf extracts are highly sought-after sweetening agents, leading to frequent innovations within the food and beverages industry. Exciting opportunities are emerging as various high-potential categories shift away from traditional sweeteners and embrace stevia-based alternatives. The report indicates a notable shift in preferences toward stevia in segments such as bakery, confectionery, and dairy. While traditional sweeteners currently maintain a dominant position due to their wide availability and economic price point, stevia-based sweeteners are rapidly capturing new markets across globe. Their desirable attributes, including texture, sweetness, crystallization, mouthfeel, flavor, and extended shelf-life, make them increasingly appealing to consumers.
The report also acknowledges the longstanding challenge of pricing volatility facing the global stevia market in the long run. However, with their desirable qualities and the increasing demand for healthier alternatives to conventional white sugar, stevia-based sweeteners are expected to rapidly capture new markets in France.
Archer-Daniels-Midland Company, Cargill Inc, and Ingredion Incorporated are key players that lead the competition in the global stevia market. These industry giants are at the forefront of driving innovation and implementing strategic advancements, thereby shaping the market landscape and catering to the ever-changing demands of consumers.
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