NEWARK, Del, Dec. 18, 2023 (GLOBE NEWSWIRE) -- According to Future Market Insights (FMI) analysis, the steviacane market is expected to reach US$ 101.0 million in 2024 and US$ 239.0 million by 2034. The market is anticipated to expand at a CAGR of 9.0% over the forecast period.
Steviacane is the ideal alternative to traditional sugar, offering a sweet taste with fewer calories. Steviacane is a sugar substitute in several sugar-free food and beverage products, providing them with a similar sweetness without harmful health effects.
Steviacane is developed and designed to taste and look like granulated sugar but has 2/3 fewer calories than sugar. Steviacane can be used in several recipes and is suitable for baking, as it tastes like sugar.
The food & beverage industry has been a significant consumer of steviacane, with manufacturers incorporating it into several products, from sugar-free confectionery and bakery items to beverages and even pharmaceuticals. The versatility of steviacane, coupled with its natural origin, has made it a sought-after ingredient in the food industry.
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The global steviacane market is experiencing a significant boom driven by the growing demand for natural and healthier sugar alternatives. Also, the trend of clean-label, organic, and non-GMO products fuels the market growth.
Key Takeaways from the Report:
- The global steviacane market is expected to reach a valuation of US$ 239.0 million in 2034.
- The market is expected to surge at a CAGR of 9.0% over the forecast period.
- The United States is projected to reach a market valuation of US$ 76.5 million in 2034.
- The powder form is estimated to hold a market share of 90.0% in 2024.
- Germany is projected to reach a market valuation of US$ 26.3 million in 2034.
"Companies in the sweetener sector form alliances or invest in research & development to improve the production and application of steviacane, which is leading to market growth and the creation of new products,"-says Nandini Roy Choudhury Client Partner for Food and Beverages at Future Market Insights, Inc.
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Competitive Landscape
Imperial Sugar (LDC), PureCircle Ltd., Cargill, Inc., Tate & Lyle PLC, Ingredion Incorporated, GLG Life Tech Corporation, and The Truvía Company, LLC are the leading players operating in the market. Introducing new products enables businesses to remain competitive, meet evolving consumer demands, attract clientele, retain existing customers, and expand their market share.
To hold onto their positions in the market, key firms are expanding their marketing and research & development budgets as well as their distribution networks. In order to create new-generation technology for the production of steviacane products, leading players are using competitive techniques.
For instance,
- In July 2022, Sweegen unveiled a brand-new line of liquid stevia called Bestevia LQ.
- In March 2022, Cargill revealed its plan to use EverSweet + ClearFlo technology to sweeten its stevia products commercially.
- In July 2021, Layn invested US$ 148 million to construct a new stevia plant to help fulfill the growing demand for natural sweeteners worldwide.
Key Companies Profiled
- Imperial Sugar (LDC)
- PureCircle Ltd.
- Cargill, Inc.
- Tate & Lyle PLC
- Ingredion Incorporated
- GLG Life Tech Corporation
- The Truvía Company, LLC
- In The Raw
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Global Steviacane Market Segmentation by Category
By Form:
- Powder
- Liquid
By Application:
- Dairy Products
- Bakery Products
- Beverages
- Confectionery Products
- Dietary Supplements
- Snacks
- Table Top Sweeteners
- Others (Electrolyte Mixes and Medicinal Formulations)
By Nature:
- Organic
- Conventional
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East and Africa
Author
Nandini Roy Choudhury (Client Partner for Food & Beverages at Future Market Insights, Inc.) has 7+ years of management consulting experience. She advises industry leaders and explores off-the-eye opportunities and challenges. She puts processes and operating models in place to support their business objectives.
She has exceptional analytical skills and often brings thought leadership to the table.
Nandini has vast functional expertise in key niches, including but not limited to food ingredients, nutrition & health solutions, animal nutrition, and marine nutrients. She is also well-versed in the pharmaceuticals, biotechnology, retail, and chemical sectors, where she advises market participants to develop methodologies and strategies that deliver results.
Her core expertise lies in corporate growth strategy, sales and marketing effectiveness, acquisitions and post-merger integration and cost reduction. Nandini has an MBA in Finance from MIT School of Business. She also holds a Bachelor’s Degree in Electrical Engineering from Nagpur University, India.
Nandini has authored several publications, and quoted in journals including Beverage Industry, Bloomberg, and Wine Industry Advisor.
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About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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