The value of stevia sales in Korea is projected to expand to US$ 38.1 million by 2033, up from US$ 15.2 million in 2023. From 2023 to 2033, the stevia industry in Korea is expected to advance at a CAGR of 9.6%. The popularity of stevia in Korea is influenced by rising consumer demand for sugar-free diets to support healthy lifestyles. There is a developing stevia demand in Korea as a blood sugar-lowering natural, organic, and plant-based sweetener.
| Attributes | Details |
|---|---|
| Industry Size (2023) | US$ 15.2 million |
| Forecasted Industry Size (2033) | US$ 38.1 million |
| CAGR Estimation (2023 to 2033) | 9.6% |
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Principal Consultant
This section contains an extensive segmentation analysis of stevia in Korea. The stevia manufacturers are carefully monitoring market developments and the growing demand for powder extract in the form category. The conventional stevia segment surpasses the product type category.
Organic stevia commands a larger share of the stevia industry in the nature category than conventional stevia. An increasing number of consumers are becoming aware of the benefits of organic products and are drawn to natural, chemical-free options. Since organic stevia are thought to offer advantages like less pesticide exposure and environmental sustainability, health-conscious consumers give them priority.
| Segment | Powder Extract |
|---|---|
| Industry Share in 2023 | 76.40% |
The above mentioned pattern corresponds with the growing emphasis on eco-friendly practices and healthy lifestyles. Demand for naturally derived sweeteners is higher in the organic stevia sales, indicative of a significant cultural shift towards conscientious consumption.
The ease of use and wide range of applications of powder extract have made it the leader in the stevia market of Korea. Its powdered form improves convenience in various industries, including food and beverage and pharmaceuticals.
| Segment | Conventional Stevia |
|---|---|
| Industry Share in 2023 | 72.50% |
The powder extract segment is prevalent because it fits in with multiple product formulations and satisfies consumer preferences for healthier options. Powder extract segment continues to lead the Korea market of stevia, propelling its expansion and solidifying its position as a top option for various applications.
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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
| Companies | Strategy |
|---|---|
| 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. |
| Attribute | Details |
|---|---|
| Estimated Valuation (2023) | US$ 15.2 million |
| Projected Valuation (2033) | US$ 38.1 million |
| Anticipated CAGR (2023 to 2033) | 9.6% |
| Historical Analysis of Stevia in Korea | 2018 to 2022 |
| Demand Forecast for Stevia in Korea | 2023 to 2033 |
| Quantitative Units | Revenue in US$ million and CAGR from 2023 to 2033 |
| Report Coverage | Revenue Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis |
| Key Countries Analyzed while Studying Opportunities in Stevia in Korea | South Gyeongsang, North Jeolla, South Jeolla, Jeju |
| Key Companies Profiled in the Industry Analysis of Stevia in Korea | PureCircle; Cargill; Tate & Lyle; Ingredion; Daepyung Co., Ltd.; Samyang Genex; Biospringer |
The sales of stevia in Korea to register a CAGR of 9.6% through 2033.
Demand for Stevia in Korea is likely to reach US$ 38.1 million by 2033.
The stevia demand in Korea is valued at US$ 15.2 million in 2023.
The powder extract segment to achieve a share of 76.40% from 2023 to 2033.
The conventional stevia segment to attain a share of 72.50% from 2023 to 2033.
1. Executive Summary
1.1. Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in Conservative Scenario
3.3. Opportunity Map Analysis
3.4. Product Life Cycle Analysis
3.5. Supply Chain Analysis
3.5.1. Supply Side Participants and their Roles
3.5.1.1. Producers
3.5.1.2. Mid-Level Participants (Traders/ Agents/ Brokers)
3.5.1.3. Wholesalers and Distributors
3.5.2. Value Added and Value Created at Node in the Supply Chain
3.5.3. List of Raw Material Suppliers
3.5.4. List of Existing and Potential Buyer’s
3.6. Investment Feasibility Matrix
3.7. Value Chain Analysis
3.7.1. Profit Margin Analysis
3.7.2. Wholesalers and Distributors
3.7.3. Retailers
3.8. PESTLE and Porter’s Analysis
3.9. Regulatory Landscape
3.9.1. By Key Regions
3.10. Regional Parent Market Outlook
3.11. Production and Consumption Statistics
3.12. Import and Export Statistics
4. Industry Analysis and Outlook 2018 to 2022 and Forecast, 2023 to 2033
4.1. Historical Market Size Value (US$ Million) & Volume (Tons) Analysis, 2018 to 2022
4.2. Current and Future Market Size Value (US$ Million) & Volume (Tons) Projections, 2023 to 2033
4.2.1. Y-o-Y Growth Trend Analysis
4.2.2. Absolute $ Opportunity Analysis
5. Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033, By Extract
5.1. Introduction / Key Findings
5.2. Historical Market Size Value (US$ Million) & Volume (Tons) Analysis By Extract, 2018 to 2022
5.3. Current and Future Market Size Value (US$ Million) & Volume (Tons) Analysis and Forecast By Extract, 2023 to 2033
5.3.1. Liquid
5.3.1.1. Clear
5.3.1.2. Dark
5.3.2. Powdered
5.3.2.1. Blends
5.3.2.2. Sweet Glycosides (40-50%)
5.3.2.3. Sweet Glycosides (80-95%)
5.3.3. Leaves
5.4. Y-o-Y Growth Trend Analysis By Extract, 2018 to 2022
5.5. Absolute $ Opportunity Analysis By Extract, 2023 to 2033
6. Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033, By End-use Industry
6.1. Introduction / Key Findings
6.2. Historical Market Size Value (US$ Million) & Volume (Tons) Analysis By End-use Industry, 2018 to 2022
6.3. Current and Future Market Size Value (US$ Million) & Volume (Tons) Analysis and Forecast By End-use Industry, 2023 to 2033
6.3.1. Dairy Foods
6.3.1.1. Ice cream
6.3.1.2. Yogurt
6.3.1.3. Flavoured Milk
6.3.2. Packaged Food
6.3.2.1. Pickle
6.3.2.2. Jam
6.3.2.3. Sauce
6.3.2.4. Nutritional products
6.3.2.5. Chilled
6.3.2.6. Frozen
6.3.3. Beverages
6.3.3.1. Energy Drinks
6.3.3.2. Soft Drinks
6.3.3.3. Hot Drinks
6.3.3.4. Flavoured Drinks
6.3.3.5. Naturally sweetened water
6.3.4. Bakery
6.3.4.1. Bread & Roll
6.3.4.2. Biscuit
6.3.4.3. Cakes
6.3.4.4. Others
6.3.5. Dietary Supplements
6.3.6. Confectionary
6.3.7. Snacks
6.3.7.1. Potato Chips
6.3.7.2. Processed Snacks
6.3.7.3. Others
6.3.8. Table Top Sweeteners
6.3.9. Others
6.4. Y-o-Y Growth Trend Analysis By End-use Industry, 2018 to 2022
6.5. Absolute $ Opportunity Analysis By End-use Industry, 2023 to 2033
7. Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033, By Region
7.1. Introduction
7.2. Historical Market Size Value (US$ Million) & Volume (Tons) Analysis By Region, 2018 to 2022
7.3. Current Market Size Value (US$ Million) & Volume (Tons) Analysis and Forecast By Region, 2023 to 2033
7.3.1. South Gyeongsang
7.3.2. North Jeolla
7.3.3. South Jeolla
7.3.4. Jeju
7.3.5. Rest of Korea
7.4. Market Attractiveness Analysis By Region
8. South Gyeongsang Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033
8.1. Historical Market Size Value (US$ Million) & Volume (Tons) Trend Analysis By Market Taxonomy, 2018 to 2022
8.2. Market Size Value (US$ Million) & Volume (Tons) Forecast By Market Taxonomy, 2023 to 2033
8.2.1. By Extract
8.2.2. By End-use Industry
8.3. Market Attractiveness Analysis
8.3.1. By Extract
8.3.2. By End-use Industry
8.4. Key Takeaways
9. North Jeolla Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033
9.1. Historical Market Size Value (US$ Million) & Volume (Tons) Trend Analysis By Market Taxonomy, 2018 to 2022
9.2. Market Size Value (US$ Million) & Volume (Tons) Forecast By Market Taxonomy, 2023 to 2033
9.2.1. By Extract
9.2.2. By End-use Industry
9.3. Market Attractiveness Analysis
9.3.1. By Extract
9.3.2. By End-use Industry
9.4. Key Takeaways
10. South Jeolla Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033
10.1. Historical Market Size Value (US$ Million) & Volume (Tons) Trend Analysis By Market Taxonomy, 2018 to 2022
10.2. Market Size Value (US$ Million) & Volume (Tons) Forecast By Market Taxonomy, 2023 to 2033
10.2.1. By Extract
10.2.2. By End-use Industry
10.3. Market Attractiveness Analysis
10.3.1. By Extract
10.3.2. By End-use Industry
10.4. Key Takeaways
11. Jeju Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033
11.1. Historical Market Size Value (US$ Million) & Volume (Tons) Trend Analysis By Market Taxonomy, 2018 to 2022
11.2. Market Size Value (US$ Million) & Volume (Tons) Forecast By Market Taxonomy, 2023 to 2033
11.2.1. By Extract
11.2.2. By End-use Industry
11.3. Market Attractiveness Analysis
11.3.1. By Extract
11.3.2. By End-use Industry
11.4. Key Takeaways
12. Rest of Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033
12.1. Historical Market Size Value (US$ Million) & Volume (Tons) Trend Analysis By Market Taxonomy, 2018 to 2022
12.2. Market Size Value (US$ Million) & Volume (Tons) Forecast By Market Taxonomy, 2023 to 2033
12.2.1. By Extract
12.2.2. By End-use Industry
12.3. Market Attractiveness Analysis
12.3.1. By Extract
12.3.2. By End-use Industry
12.4. Key Takeaways
13. Market Structure Analysis
13.1. Competition Dashboard
13.2. Competition Benchmarking
13.3. Market Share Analysis of Top Players
13.3.1. By Regional
13.3.2. By Extract
13.3.3. By End-use Industry
14. Competition Analysis
14.1. Competition Deep Dive
14.1.1. Daepyung
14.1.1.1. Overview
14.1.1.2. Product Portfolio
14.1.1.3. Profitability by Market Segments
14.1.1.4. Sales Footprint
14.1.1.5. Strategy Overview
14.1.1.5.1. Marketing Strategy
14.1.1.5.2. Product Strategy
14.1.1.5.3. Channel Strategy
14.1.2. Korea
14.1.2.1. Overview
14.1.2.2. Product Portfolio
14.1.2.3. Profitability by Market Segments
14.1.2.4. Sales Footprint
14.1.2.5. Strategy Overview
14.1.2.5.1. Marketing Strategy
14.1.2.5.2. Product Strategy
14.1.2.5.3. Channel Strategy
14.1.3. Cargill Incorporated
14.1.3.1. Overview
14.1.3.2. Product Portfolio
14.1.3.3. Profitability by Market Segments
14.1.3.4. Sales Footprint
14.1.3.5. Strategy Overview
14.1.3.5.1. Marketing Strategy
14.1.3.5.2. Product Strategy
14.1.3.5.3. Channel Strategy
14.1.4. Ingredion Incorporated
14.1.4.1. Overview
14.1.4.2. Product Portfolio
14.1.4.3. Profitability by Market Segments
14.1.4.4. Sales Footprint
14.1.4.5. Strategy Overview
14.1.4.5.1. Marketing Strategy
14.1.4.5.2. Product Strategy
14.1.4.5.3. Channel Strategy
14.1.5. Koninklijke DSM NV
14.1.5.1. Overview
14.1.5.2. Product Portfolio
14.1.5.3. Profitability by Market Segments
14.1.5.4. Sales Footprint
14.1.5.5. Strategy Overview
14.1.5.5.1. Marketing Strategy
14.1.5.5.2. Product Strategy
14.1.5.5.3. Channel Strategy
14.1.6. Tate and Lyle Plc.
14.1.6.1. Overview
14.1.6.2. Product Portfolio
14.1.6.3. Profitability by Market Segments
14.1.6.4. Sales Footprint
14.1.6.5. Strategy Overview
14.1.6.5.1. Marketing Strategy
14.1.6.5.2. Product Strategy
14.1.6.5.3. Channel Strategy
14.1.7. Sunwin International, Inc.
14.1.7.1. Overview
14.1.7.2. Product Portfolio
14.1.7.3. Profitability by Market Segments
14.1.7.4. Sales Footprint
14.1.7.5. Strategy Overview
14.1.7.5.1. Marketing Strategy
14.1.7.5.2. Product Strategy
14.1.7.5.3. Channel Strategy
14.1.8. GLG Life Tech Corp
14.1.8.1. Overview
14.1.8.2. Product Portfolio
14.1.8.3. Profitability by Market Segments
14.1.8.4. Sales Footprint
14.1.8.5. Strategy Overview
14.1.8.5.1. Marketing Strategy
14.1.8.5.2. Product Strategy
14.1.8.5.3. Channel Strategy
14.1.9. Evolva Holding SA Nemours & Co
14.1.9.1. Overview
14.1.9.2. Product Portfolio
14.1.9.3. Profitability by Market Segments
14.1.9.4. Sales Footprint
14.1.9.5. Strategy Overview
14.1.9.5.1. Marketing Strategy
14.1.9.5.2. Product Strategy
14.1.9.5.3. Channel Strategy
14.1.10. Archer Daniels Midland Company
14.1.10.1. Overview
14.1.10.2. Product Portfolio
14.1.10.3. Profitability by Market Segments
14.1.10.4. Sales Footprint
14.1.10.5. Strategy Overview
14.1.10.5.1. Marketing Strategy
14.1.10.5.2. Product Strategy
14.1.10.5.3. Channel Strategy
15. Assumptions & Acronyms Used
16. Research Methodology
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Demand and Trends Analysis of Stevia in Korea
