Global Stevia market is expected to foresee significant growth during the forecast period.

Global Stevia Market is expected to reach a market valuation of above USD 800 million by 2027 expanding at a reasonable CAGR of ~8% during the forecast period (2021-2027) from around USD 490 million in 2020. Stevia is a naturally sweet-tasting plant native to Paraguay and Brazil but is also grown in Japan and China. This plant is used as a non-nutritive sweetener and herbal supplement which contains little or no calories. It is a healthful alternative to added sugar in many meals and beverages.

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The implementation of taxes on sugar-sweetened beverages is considered an appealing solution for tackling diseases such as obesity and diabetes. Many governments all over the world see taxes as a way to increase the prices of various sugary drinks and therefore reducing their consumption. In addition to this, these taxes on sugary beverages have also encouraged manufacturers to reformulate their products and to create drinks and beverages using natural sweeteners which will eventually augment the growth of the stevia market across the globe. For example, according to BMC Medicine, In UK, 6 out of the top 10 brands affected by the soft drink industry level sugar taxes reformulated more than 50% of the products in their portfolios between 2015 and 2018.

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Furthermore, the inclination toward living a healthy life and the rise in demand for low-calorie food products are the other critical factors driving the growth of the stevia market in the region. Also, the clean label has triggered the demand for sugar substitutes, such as stevia, and the food and beverage producers have supported this with innovations and product launches, by using stevia as a natural, clean-labeled sweetener. For instance, above 4,400 products containing stevia were launched in 2018 and APAC led the pack, as per the data provided by a leading research firm.

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Based on type, the market is segmented into whole leaf, powder, liquid, and others. The powder segment dominated the stevia market and grabbed XX% market share in 2020 and will witness a considerable CAGR of XX% during the forecast period (2021-2027F) owing to the powder’s high concentration and ease of use in various applications due to high mixability.

Based on application, the global stevia market is segmented into food, beverage, dairy & frozen desserts, bakery & confectionery, and tabletop sweeteners. The beverages segment occupied the largest share and is expected to grow at a CAGR of XX% during the forecast period 2021-2027. The growth of this segment is attributed to the growing use of stevia in beverages and the growing awareness of health benefits related to sugar substitutes in beverages.

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Additionally, the report provides detailed report also provides insights into the global stevia market according to the regions such as North America (United States, Canada, and the Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest...

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