The stevia market in Western Europe is experiencing significant growth, with a projected CAGR of 7.5% from 2023 to 2033. The market value is expected to increase from US$ 157.4 million in 2023 to around US$ 324.5 million by 2033. This growth is driven by factors such as the growing awareness of health and wellness, rising prevalence of diabetes and obesity concerns, and the demand for natural, zero-calorie sugar substitutes.
The demand for stevia in Western Europe is fueled by:
- Health and Wellness Awareness: Consumers in Western Europe are increasingly prioritizing health and wellness, leading to a growing demand for natural, low-calorie sugar substitutes like stevia.
- Diabetes and Obesity Concerns: The rising prevalence of diabetes and obesity concerns in the region has prompted consumers to seek healthier alternatives to traditional sugars. Stevia, with its zero-calorie profile and natural origin, is perceived as a healthier option.
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Key factors driving the growth of the stevia industry in Western Europe include:
- Health-Conscious Consumer Base: With an increasing number of health-conscious consumers seeking alternatives to traditional sweeteners, the demand for stevia is on the rise. Stevia’s natural origin and low-calorie profile make it an attractive option for individuals looking to manage their weight and blood sugar levels.
- Clean-Label Trends: Clean-label trends are driving the preference for natural and minimally processed ingredients in food and beverage products. Stevia, being a plant-derived sweetener, aligns with these trends and is perceived as a wholesome and transparent ingredient.
- Key Takeaway:
- With a projected CAGR of 7.5% and a valuation of US$ 324.5 million by 2033, the stevia market in Western Europe presents an attractive investment opportunity for investors seeking growth in the health and wellness sector.
- Changing consumer preferences towards natural, low-calorie sweeteners, coupled with rising health concerns, are driving the demand for stevia in Western Europe. Investors can capitalize on these trends by investing in companies that are innovating and expanding their presence in the stevia market.
- Countries like the Netherlands, France, and Italy are witnessing significant growth in the stevia industry. Investors can explore opportunities in these markets by investing in companies that are strategically positioned to meet the growing demand for stevia products.
Competitive Landscape
The competitive landscape for stevia in Western Europe is filled with numerous players, and their consumer base is spread across the continent. There are still some concerns regarding the aftertaste and texture of stevia compared to traditional sugars. Despite these challenges, key players in the industry have been successful in promoting their products to a wider consumer base. Small-sized companies also exist in this ecosystem, catering to the demands of local consumers and businesses.
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Recent Developments in the Stevia Industry in Western Europe
- In October 2023, Carlsberg announced that it is going to be using steviol glycosides as a sweetener in its new zero-sugar beer. The company is the first key brewer to use stevia in its products.
- In April 2023, Nestlé also announced that it is aiming to use steviol glycosides as a sweetener in its new Nescafé Gold Stevia instant coffee.
- In January 2023, Danone partnered with Ingredion to develop a new stevia-based sweetener blend. The new blend is going to be used in a variety of Danone’s products.
Some of the Key Players Offering Stevia in Western Europe
- Cargill
- Ingredion
- Tate & Lyle
- Archer Daniels Midland (ADM)
- Südzucker
- Givaudan
- PureCircle
- Evolva
- Stevia Natura (France)
- OVIATIS (France)
- Biostevera (Spain)
Key Segments in the Western Europe Stevia Industry
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 Country:
- United Kingdom
- Germany
- France
- BENELUX
- Sweden
- Norway
- Denmark
- Italy
- Spain
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