North America Stevia Market Analysis with Focus on Opportunities, Development Strategy 2028

The stevia market in North America is expected to grow from US$ 122.83 million in 2021 to US$ 212.38 million by 2028; it is estimated to grow at a CAGR of 8.1% from 2021 to 2028.

The North America Stevia Market is experiencing significant growth, driven by a confluence of factors, including increasing health consciousness among consumers, a rising incidence of chronic diseases like diabetes and obesity, and continuous innovation by key market players.

North America Stevia Market Dynamics

Several domestic and international companies, such as Ingredion Incorporated, PureCircle, GLG Life Tech Corporation, ADM, and S&W Seed Company, have a strong presence in the North America Stevia Market. These companies are actively engaged in innovation and new product development, focusing on improving the taste and quality of stevia to attract and expand their consumer base.

A key driver of this North America Stevia Market growth is the positive outlook consumers in North America are developing for healthy food. There's a growing awareness of the health benefits associated with consuming healthier options. The alarming upsurge in obesity, high blood pressure, and diabetes has further pushed consumers towards highly nutritious products, creating new opportunities for stevia manufacturers. The International Diabetes Foundation projects that 641 million people will have diabetes by 2040, a significant rise from 415 million in 2015. Obesity, a leading cause of diabetes and other chronic conditions, is also a major concern.

In response, authorities across the region are advocating for healthier lifestyles, including a reduction in calorie intake, particularly from added sugars. The World Health Organization (WHO) has recommended decreasing added sugars in daily diets. This has led consumers to prefer natural sweeteners like stevia, which aids in weight management by reducing added sugar and calories. Additionally, there's a growing consumer demand for products with no added sugar.

Technological Advancements

Technological advancements in stevia processing and production are also bolstering demand. For instance, in 2019, PureCircle developed a new stevia leaf variety that offers notable advantages over previous generations. This new variety provides a greater yield of next-generation stevia ingredients, leading to increased cost-effectiveness. In the same year, PureCircle partnered with Merisant, a specialist in low- and zero-calorie tabletop sweeteners, to ensure a long-term supply of high-quality stevia ingredients for Merisant's products.

Impact of COVID-19: North America Stevia Market

Initially, the COVID-19 pandemic led to disruptions in business operations, including stevia production, and negatively impacted demand in early 2020. However, the pandemic also triggered a significant shift in consumer preferences, with increased awareness about maintaining a healthy lifestyle. Consumers began substituting conventional ingredients with healthier alternatives, boosting the demand for natural sweeteners like stevia. The heightened preference for no added sugars and low carbohydrates during the pandemic, coupled with a surge in demand for immunity-boosting products, further propelled the stevia market as people sought solutions to improve their overall health and well-being. This made consumers more health-conscious and inclined towards low-calorie or sugar-free food, ultimately having a positive impact on the North America Stevia Market.

North America Stevia Market Segmentation

North America Stevia Market -By Type

• Whole Leaf

• Powder

• Liquid

North America Stevia Market -By Application

• Dairy and Frozen Dessert

• Bakery and Confectionery

• Tabletop Sweetener

• Beverages

• Others

North America Stevia Market – By Country

• US

• Canada

• Mexico

North America Stevia Market – Company Profiles

• Cargill, Incorporated

• Ingredion Incorporated

• Tate & Lyle PLC

• GLG Life Tech Corp

• The Archer-Daniels-Midland Company

• S&W Seed Company

• Morita Kagaku Kogyo Co., Ltd.

• PureCircle  

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Author’s Bio:

Suryakant Gadekar

Senior Market Research Expert at Business Market Insights