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% |
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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) | 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 |
The sales of stevia in Korea to register a CAGR of 9.6% through 2033.
Demand for Stevia in Korea is likely to reach USD 38.1 million by 2033.
The stevia demand in Korea is valued at USD 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 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
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Demand and Trends Analysis of Stevia in Korea
