Beverages Segment to Dominate Europe Stevia Market during 2021-2028
According to The Insight Partners market research study on “Europe Stevia Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast – by Type, Application and Country,” is expected to reach US$ 207.46 million by 2028 from US$ 109.88 million in 2021. The market is estimated to grow at a CAGR of 9.5% from 2021 to 2028. The report provides trends prevailing in the Europe stevia market along with the drivers and restraints pertaining to the market growth. Shift in consumer preferences towards natural sweeteners and rising application base of stevia in beverage industry are major factors driving the growth of the Europe stevia market. However, fluctuations in the prices of stevia leaf may hinder the growth of Europe stevia market.
In Europe, Russia reported a huge number of COVID-19 cases, which led to the discontinuation of several business operations, including stevia production activities. Downfall of other food and beverage producing sectors negatively impacted the demand for stevia during the early months of 2020. However, the pandemic has been a reason for major shifts in consumer preferences with an increased awareness about having a healthy lifestyle. Consumers are substituting conventional ingredients with healthier alternatives, which is, in turn, increasing the demand for natural sweeteners such as stevia. With an increase in the diet preference for no added sugars and low carbohydrates among consumers during the pandemic has led to an increase in demand for stevia. During the pandemic, there has been a rapid surge in demand for low sugar and immunity-boosting products owing to people seeking solutions to improve their overall health and wellbeing. Hence, increasing health consciousness and high demand for low sugar alternatives among the Europeans has had a positive impact on the stevia market.
The market for Europe stevia market is segmented into type, application and country. Based on type, the market is segmented into whole leaf, powder, and liquid. The whole leaf segment is expected to be the fastest growing segment over the forecast period. Based on application, the Europe stevia market is classified into frozen dessert, bakery and confectionery, tabletop sweeteners, beverages, and others. In 2020, the beverages segment held the largest share in Europe stevia market. Based on country, the Europe stevia market is divided into Germany, UK, France, Italy, Russia and rest of Europe. In 2020, the rest of Europe held the largest share in Europe stevia market. Furthermore, in this present scenario of COVID 19 pandemic, the Europe stevia market has been facing difficulties and several countries have suffered heavily. The manufacturing sectors in the Europe countries have been experiencing low production and a weak supply chain. Thereby, impacting the market for stevia.
Cargill, Incorporated; Ingredion Incorporated; Tate & Lyle PLC; the Archer-Daniels-Midland Company; S&W Seed Company; Morita Kagaku Kogyo Co., Ltd.; and PureCircle are some of the leading companies in the Europe stevia market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market.
Contact Us
Phone: +1-646-491-9876
Email Id: sales@theinsightpartners.com