The Asia Pacific stevia market is projected to grow at a CAGR of 6.49% during the forecast period, 2021-2028. Consumers are increasingly becoming health conscious, responding well to product innovations, and accepting new flavors. This provides lucrative growth opportunities for manufacturers with regard to no-calorie products.
The Asia Pacific stevia market growth analysis entails the assessment of Indonesia, Japan, South Korea, China, Vietnam, Australia & New Zealand, India, Thailand, and the Rest of Asia Pacific. In South Korea, the government is raising awareness regarding the harmful effects of table sugar. As a result, there has been an increasing demand for products that are not only sweet but also with fewer calories, more health benefits, and natural. In Thailand, the low-calorie sweeteners market is thriving, which is attributed to the growing calorie-conscious population. Also, there is a steady demand for sugar substitutes. This is because of the increasing obese and diabetic population.
Further, there is an increase in the number of consumers restricting sugar intake in Australia attributed to high education regarding the harmful effects of excessive sugar consumption. Although, the country was granted the approval to use steviol glycosides as a good ingredient, there is a restricted commercial production of stevia. This is because there are no processing facilities for the crop. Hence, the demands are met through imports. In India, the market growth is accredited to the rising diabetic population and the increasing health-consciousness.
Some of the eminent companies in the market include, Van Wankum Ingredients, Evolva Holding, Haihang Industry Co Ltd, Fraken Biochem Co Ltd, Sunwin Stevia International Inc, etc.
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- Geographical Analysis: Assessments of the mentioned regions and country-level segments with their market share
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