Korea’s stevia market is experiencing significant growth, with sales projected to reach US$ 38.1 million by 2033, up from US$ 15.2 million in 2023, at a robust CAGR of 9.6%. This growth is primarily driven by rising consumer demand for sugar-free diets and natural sweeteners to support healthy lifestyles. Stevia, known for its zero-calorie appeal and plant-based origin, is gaining traction in Korea as a blood sugar-lowering natural sweetener. However, the market faces challenges such as taste preferences, regulatory obstacles, and price volatility compared to traditional sweeteners.
The demand for stevia in Korea is fueled by several factors, including the increasing number of people with diabetes and obesity seeking healthier substitutes, rising awareness of the health benefits of natural sweeteners, and regulatory support for stevia as a food ingredient. Consumers in Korea, particularly those who are health-conscious, are gravitating towards stevia due to its zero-calorie appeal and suitability for diabetic-friendly products.
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Growing Factors:
- Rising Health Consciousness: The growing number of people with diabetes and obesity in Korea has led to increased demand for stevia as a healthier sugar substitute, driving market growth.
- Regulatory Support: Stevia’s expansion is aided by regulatory support and approvals as a food ingredient, instilling consumer confidence and encouraging its use in various products.
- Advancements in Processing Methods: Stevia companies are investing in advancements in processing methods to enhance taste profiles and eliminate aftertastes, appealing to a broader range of Korean consumers and fueling market expansion.
- Collaborations and Promotions: Collaborations with regional food and beverage producers and health companies, along with targeted marketing campaigns highlighting the advantages of stevia, are boosting adoption and driving demand in Korea.
Key Takeaways:
Korea’s stevia market presents lucrative opportunities for investors, with a projected CAGR of 9.6% and a forecasted valuation of US$ 38.1 million by 2033. Despite challenges such as taste preferences and regulatory obstacles, the market is poised for rapid expansion driven by rising health consciousness and increasing demand for natural sweeteners. Investors looking to capitalize on this growth should focus on companies offering innovative stevia products tailored to the Korean market, as well as collaborations with local businesses and promotional activities to enhance market penetration and consumer awareness.
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Competitive Landscape
Key players fighting for market share in Korea’s stevia industry are competing fiercely. Businesses use sustainable sourcing, quality control, and creative marketing techniques to obtain a competitive advantage. The equilibrium between well-known companies and emerging stevia players shapes the market dynamic and creates a competitive environment that pushes for continuous improvement and modification.
Key Developments Observed in Stevia in Korea
- Biospringer: The demand for natural-origin ingredients in the food industry is increasing, so Biospringer by Lesaffre is expanding its Cedar Rapids location. The investment bolsters their dedication to clean-label products and flavor innovation, meeting the growing demand for ingredients derived from fermentation.
- Ingredion: PureCircle was effectively acquired by Ingredion. Aligning with global trends in lowering sugar intake in the food and beverage industry, the strategic move puts Ingredion in a position to meet the growing demand for low-calorie sugar alternatives.
- Cargill: To better serve animal protein producers, BASF and Cargill are extending their partnership to offer cutting-edge enzyme solutions. To develop advanced solutions that improve animal welfare and support sustainability and productivity for United States farmers, the partnership brings together the research and development capabilities of BASF and the market reach of Cargill.
Pivotal Players of Stevia in Korea
- PureCircle
- Cargill
- Tate & Lyle
- Ingredion
- Daepyung Co., Ltd.
- Samyang Genex
- Biospringer
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Key Segments
By Nature:
- Organic Stevia
- Conventional Stevia
By Type:
- Liquid Extract
- Clear
- Dark
- Powder Extract
- Stevia Blends
- Glycoside (40%-79%)
- Glycoside (80% and above)
- Stevia Leaves
By Application:
- Dairy Food Products
- Bakery Products
- Beverages
- Packaged Food Products
- Dietary Supplements
- Confectionery Products
- Snacks
- Table Top Sweeteners
- Others (Electrolyte Mixes and Medicinal Formulations)
By Province:
- South Gyeongsang
- North Jeolla
- South Jeolla
- Jeju
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