Geographically, the global stevia market analysis focusses on North America, Latin America, Eastern Europe, Western Europe, Japan, Asia Pacific Excluding Japan, Japan and Middle East and Africa (MEA). North America represents the most lucrative market, followed by Latin America and Asia Pacific Excluding Japan. North America is expected to register a CAGR of 9.8% accounting for US$ 146.0 million by 2020. In Asia Pacific, China and India owe a significant contribution to growth of Asia Pacific stevia market and thus, represent opportunities for manufacturers in the near future. MEA may represent as a potential market due to increasing disposable income and modern retail infrastructure during later years of forecast period i.e. 2018-2020. Japan records comparatively less growth. This is due to soaring prices of stevia coupled with increased exports of stevia from Japan to other.
Increase awareness about health benefits of stevia is expected to drive the demand for stevia-based products in the near future. In addition, providing lucrative margins to distributors is expected to strengthen the partnership across the value chain. Increasing product visibility in modern retail formats as retail shelf space and product availability is predicted to create demand for stevia based products among the consumers across the globe. Since, stevia formulation is a complex process strengthening raw material procurement to finished product is a concern for companies in this market. Recognition of stevia as an ingredient in food and beverages sector, increasing awareness through online marketing, and strengthening supply chain particularly in countries such as India, Brazil, and Russia are key focus areas for companies in this market.
Competitive Players Outlook
The global stevia market competitive landscape includes suppliers such as Nestlé S.A., The Coca-Cola Company and PepsiCo Inc. and producers such as Cargill Inc., Evolva Holding S.A., PureCircle Ltd., Stevia Corp., Ingredion Inc., GLG Life Tech Corp. and Tate & Lyle Plc.
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