Stevia, also known as Stevia rebaudiana, belongs to the chrysanthemum family, and have a novel sweetness. It is 200 to 300 times sweeter than sugar and has been in use since the 16th century.
Consumers are becoming more aware regarding the health benefits of Stevia and are opting for organically grown Stevia. As per the Organic Trade Association(OTA), Americans spent around USD 52 Billion dollars on organic products in 2019. This highlights the growth prospects of organic stevia products in the coming years.
Countries globally are coming together to fight the war against obesity and diabetes. This had led to the enactment of new laws that tax sugar-based beverages. For instance, India has put in place a ‘Sin Tax’ that put a 28% tax on sugary drinks. Negative reinforcements towards sweet drinks will nudge consumers to opt for healthy beverage options, thereby creating upswings for the stevia market during the forecast period.
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COVID-19 Impact Analysis
The coronavirus pandemic continues to disseminate rapidly across the globe. This has had a positive and negative impact on the stevia market.
Coronavirus has strained almost every sector and has bought the disruption in the supply chain industry. Companies have lowered production capacities due to plummeting demand. This, coupled with increasing protectionist tendencies and closing of borders, will further lead to a mismatch in the supply and demand and eventually increasing the prices of stevia-based products. Furthermore, consumers are changing the way they shop from supermarkets, speciality stores, and online channels due to the low availability of manpower. This has given rise to alternate sales and distribution channels that are challenging traditional sales channels. However, the pandemic has encouraged consumer health-awareness about diabetes and obesity.
Cargill Incorporated, Ingredion Incorporated, PureCircle Ltd., Koninklijke DSM NV, Tate and Lyle Plc., Sunwin Stevia International, Inc., GLG Life Tech Corp, Evolva Holding SA, Pure Circle Limited, Stevia Corporation, The Coca-Cola Company, Pepsico Inc., Qufu Xiangzhou Stevia, Layn, Zhucheng Haotian among others.
Stevia Market: Segmentation
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* Customer Behaviour Analysis
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* Analysis of Market Size and CAGR between the Forecast PeriodsView Full Report Buy This Report Now