Demand and Trends Analysis of Stevia in Korea

A Holistic Examination of the Stevia in Korea from 2023 to 2033

The value of stevia sales in Korea is projected to expand to USD 38.1 million by 2033, up from USD 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)	USD 15.2 million
Forecasted Industry Size (2033)	USD 38.1 million
CAGR Estimation (2023 to 2033)	9.6%

Key Dynamics Escalating Momentum for Stevia Sales in Korea

• The growing number of people with diabetes and obesity has increased demand for stevia among those looking for healthier substitutes.
• Globally rising rates of obesity and diabetes have increased consumer stevia demand in Korea among people looking for healthier sugar substitutes.
• Growth in stevia sales is aided by regulatory support and approvals as a food ingredient. Customers are more confident, and stevia is encouraged to be used in various products since governments and health organizations support and regulate it.
• The stevia industry continues to expand due to advancements in stevia processing methods. To appeal to a broader range of Korean consumers, stevia companies are working to enhance the taste profile and eliminate any lingering aftertaste.

Stumbling Blocks for Stevia Adoption in Korea

• The taste factor is one of the main limitations. The fact that some people find Stevia to be very sweet, while others find it to taste slightly bitter, hampers the widespread of Stevia adoption in Korea.
• Regulations have an impact. For Korean businesses, navigating the regulatory environments and the laws governing the adoption of Stevia in food and drink can be difficult.
• Another potential limitation is the cost of production. Stevia's cost competitiveness is impacted by the fact that it can be more expensive to produce than traditional sweeteners. This inhibits the stevia sales in Korea.
• Consumers' lack of knowledge and comprehension about Stevia may prevent it from becoming widely used. There could be a delayed market uptake of Stevia because many people may not be aware of its advantages.

Korea Seems Like a Sweet Spot for Stevia

• As people become more health conscious, there has been an increase in stevia demand in Korea. Stevia capitalizes on that trend as a low-calorie, natural sugar substitute.
• Gaining traction in Korea can be facilitated by working with regional food and beverage producers to develop products infused with Stevia. Another approach is collaborating with wellness and health companies to run joint promotions. Marketing that highlights the advantages of Stevia, such as its suitability for diabetics, finds favor with Korean consumers who are health-conscious, boosts adoption of stevia in Korea.
• Since sweet and savory flavors are frequently balanced in Korean cuisine, adding Stevia to regional foods or drinks could be revolutionary, boosting the stevia demand in Korea. Stevia market is waiting to be explored because diabetes is becoming common, and people are becoming aware of the adverse effects of consuming sugar.

Category-wise Insights

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.

The Organic Advantage in Korea’s Stevia Demand

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 Rise of Powder Extract in Stevia Demand in Korea

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.

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

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.

Pivotal Players of Stevia in Korea

• PureCircle
• Cargill
• Tate & Lyle
• Ingredion
• Daepyung Co., Ltd.
• Samyang Genex
• Biospringer

Scope of the Report

Attribute	Details
Estimated Valuation (2023)	USD 15.2 million
Projected Valuation (2033)	USD 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 USD 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

Table of Content

• 1. Executive Summary
• 2. Market Overview
• 3. Market Background
• 4. Industry Analysis and Outlook 2018 to 2022 and Forecast, 2023 to 2033
• 5. Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033, By Extract
  • 5.1. Liquid
    • 5.1.1. Clear
    • 5.1.2. Dark
  • 5.2. Powdered
    • 5.2.1. Blends
    • 5.2.2. Sweet Glycosides (40-50%)
    • 5.2.3. Sweet Glycosides (80-95%)
  • 5.3. Leaves
• 6. Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033, By End-use Industry
  • 6.1. Dairy Foods
    • 6.1.1. Ice cream
    • 6.1.2. Yogurt
    • 6.1.3. Flavoured Milk
  • 6.2. Packaged Food
    • 6.2.1. Pickle
    • 6.2.2. Jam
    • 6.2.3. Sauce
    • 6.2.4. Nutritional products
    • 6.2.5. Chilled
    • 6.2.6. Frozen
  • 6.3. Beverages
    • 6.3.1. Energy Drinks
    • 6.3.2. Soft Drinks
    • 6.3.3. Hot Drinks
    • 6.3.4. Flavoured Drinks
    • 6.3.5. Naturally sweetened water
  • 6.4. Bakery
    • 6.4.1. Bread & Roll
    • 6.4.2. Biscuit
    • 6.4.3. Cakes
    • 6.4.4. Others
  • 6.5. Dietary Supplements
  • 6.6. Confectionary
  • 6.7. Snacks
    • 6.7.1. Potato Chips
    • 6.7.2. Processed Snacks
    • 6.7.3. Others
  • 6.8. Table Top Sweeteners
  • 6.9. Others
• 7. Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033, By Region
  • 7.1. South Gyeongsang
  • 7.2. North Jeolla
  • 7.3. South Jeolla
  • 7.4. Jeju
  • 7.5. Rest of Korea
• 8. South Gyeongsang Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033
• 9. North Jeolla Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033
• 10. South Jeolla Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033
• 11. Jeju Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033
• 12. Rest of Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033
• 13. Market Structure Analysis
• 14. Competition Analysis
  • 14.1. Daepyung
  • 14.2. Korea
  • 14.3. Cargill Incorporated
  • 14.4. Ingredion Incorporated
  • 14.5. Koninklijke DSM NV
  • 14.6. Tate and Lyle Plc.
  • 14.7. Sunwin International, Inc.
  • 14.8. GLG Life Tech Corp
  • 14.9. Evolva Holding SA Nemours & Co
  • 14.10. Archer Daniels Midland Company
• 15. Assumptions & Acronyms Used
• 16. Research Methodology