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The stevia market share in North America is expected to increase by USD 36.58 million from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 7.59%.
This stevia market in North America research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers the stevia market in North America segmentation by product (powder, liquid, and leaf) and geography (US, Canada, and Mexico). The stevia market in North America report also offers information on several market vendors, including Archer Daniels Midland Co., Cargill Inc., GLG Life Tech Corp., Ingredion Inc., PureCircle Ltd., Pyure Brands LLC, S and W Seed Co., Steviva Brands Inc., Sunwin Stevia International Inc., and Tate and Lyle Plc among others.
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The health benefits associated with stevia is notably driving the stevia market growth in North America, although factors such as increasing demand for other types of natural sweeteners may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the stevia industry in North America. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Stevia Market Driver in North America
Health benefits associated with stevia is driving the stevia market growth in North America. Stevia is helpful in diabetes control, weight loss, blood pressure and chronic diseases such as cancer and others. With the rise in the number of diabetic patients and the high obesity population, health awareness has also been increasing, which often compels consumers to seek sweeteners that will not increase their calorific intake. This increases the demand for natural sweeteners. Furthermore, stevia contains a wide range of antioxidant compounds, which makes it an ideal dietary supplement for cancer prevention. For instance, quercetin, kaempferol, and other glycoside compounds in stevia help in removing free radicals from the body and also prevent conditions such as premature aging. These benefits of stevia is expected to boost its demand and market growth during the forecast period.
Key Stevia Market Trend in North America
Growing demand for flavored stevia is another key factor driving the stevia market growth in North America. Currently, the demand for flavored sweetener varieties is increasing, and this trend is even applicable to the stevia market in North America. Hence, many players such as SweetLeaf, Nirvana Health Products, and others are offering flavored liquid stevia offerings. For instance, SweetLeaf Stevia sells liquid stevia in flavors like caramel, vanilla, chocolate, coconut, and others. On the other hand, Nirvana Health Products sells liquid stevia in flavors like caramel, vanilla, chocolate, peach, banana, hazelnut, butterscotch, cola, strawberry, mango, mint, and others. More key players are expected to launch flavored liquid stevia offerings during the forecast period, which is expected to support the growth of the market in focus over the same period.
Key Stevia Market Challenge in North America
One of the key challenges to the stevia market growth in North America is the increasing demand for other types of natural sweeteners such as coconut sugar. Coconut sugar, also called coconut palm sugar, is a natural unrefined sugar made from the sap of coconut tree flower blossoms. It is promoted as being more nutritious and has a lower glycemic index than regular sugar. It is also more ecologically friendly than regular cane sugar. Thus, coconut sugar is being increasingly used as an ingredient in chocolate confectioneries, bakery goods, snacks, and breakfast cereals. The easy availability of these substitutes in low-budget is expected to challenge the growth of the stevia market in North America during the forecast period.
This stevia market in North America analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the stevia market in North America as a part of the global packaged foods and meats market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the stevia market in North America during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the stevia market in North America encompasses successful business strategies deployed by the key vendors. The stevia market in North America is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.
Archer Daniels Midland Co. - The company offers a variety of stevia ingredients, under the brand name SweetRight.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The stevia market in North America forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the stevia market in North America, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chains is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
The value chain of the global packaged foods and meats market includes the following core components:
The report has further elucidated on other innovative approaches being followed by manufacturers to ensure a sustainable market presence.
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83% of the market's growth will originate from the US during the forecast period. US, Canada, and Mexico are the key markets for stevia in North America. However, market growth in this region will be slower than the growth of the market in other regions.
The significant increase in the demand for stevia by the health-conscious population will facilitate the stevia market growth in the US over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
The stevia market in the US was disrupted by the rapid transmission of COVID-19 infections and the associated lockdowns that were imposed in 2020. This may reduce the sale of stevia, despite the high demand, which may hamper the stevia market growth in the packaged food industry in the US during the forecast period. However, in 2021, packaged food companies resumed their operations while following social distancing measures due to factors such as vaccination drives. This will support the market for stevia in the US during the forecast period.
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The stevia market share growth in North America by the powder segment will be significant during the forecast period. The powder stevia market in North America will grow apace during the forecast period driven by high demand for healthy food products with fewer calories.
This report provides an accurate prediction of the contribution of all the segments to the growth of the stevia market size in North America and actionable market insights on post COVID-19 impact on each segment.
Stevia Market Scope in North America |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 7.59% |
Market growth 2022-2026 |
$ 36.58 million |
Market structure |
Fragmented |
YoY growth (%) |
7.74 |
Regional analysis |
North America |
Performing market contribution |
US at 83% |
Key consumer countries |
US, Canada, and Mexico |
Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
Key companies profiled |
Archer Daniels Midland Co., Cargill Inc., GLG Life Tech Corp., Ingredion Inc., PureCircle Ltd., Pyure Brands LLC, S and W Seed Co., Steviva Brands Inc., Sunwin Stevia International Inc., and Tate and Lyle Plc |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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