A Holistic Examination of the Stevia in Korea from 2023 to 2033
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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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.
Find your sweet spots for generating winning opportunities in this market.
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.
Comparative View of Adjacent Stevia in Key Markets
The table below provides a comparative overview of steviaand their different market dynamics in three important regions that are Korea, Western Europe, and Japan. Evidently, the trends for stevia reveals an upward trend in Korea.
Industry Analysis of Stevia in Korea:
Attributes
Industry Analysis of Stevia in Korea
CAGR between 2023 to 2033
9.6%
Industry Size in 2023
US$ 15.2 million
Key Trends
The stevia industry in Korea is expanding due to rising consumer demand for natural sweeteners.
In the Korea market for health-conscious products, stevia is popular because of its zero-calorie appeal.
Key Challenge
A barrier to stevia adoption in Korea is its more volatile price than other traditional sweeteners.
Industry Analysis of Stevia in Japan:
Attributes
Industry Analysis of Stevia in Japan
CAGR between 2023 to 2033
8.3%
Industry Size in 2023
US$ 18.6 million
Key Trends
Stevia's sales in Japan increase are fueled by growing awareness of its plant-based origin.
A significant factor in stevia's demand expansion is its use in diabetic-friendly products.
Key Challenge
Expanding the demand for stevia in Japan is hampered by regulatory obstacles and inconsistent approval procedures.
Industry Analysis of Stevia in Western Europe:
Attributes
Industry Analysis of Stevia in Western Europe
CAGR between 2023 to 2033
7.5%
Industry Size in 2023
US$ 157.4 million
Key Trends
Stevia's reputation for sustainability and environmental friendliness makes it the go-to sweetener in the Western Europe market.
The Western Europe stevia sector is innovative, offering various product formulations, from blends to extracts.
Key Challenge
The growth of the stevia industry in Western Europe is hampered by low consumer awareness and taste preferences.
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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)
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
Key Segments
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 Province:
South Gyeongsang
North Jeolla
South Jeolla
Jeju
Frequently Asked Questions
At What CAGR is the Industry for Stevia Growing in Korea?
The sales of stevia in Korea to register a CAGR of 9.6% through 2033.
How Big will the Stevia Market be in Korea?
Demand for Stevia in Korea is likely to reach US$ 38.1 million by 2033.
What is the Current Valuation of Demand for Stevia in Korea?
The stevia demand in Korea is valued at US$ 15.2 million in 2023.
Which is the Leading Form Category for Stevia in Korea?
The powder extract segment to achieve a share of 76.40% from 2023 to 2033.
Which Product Type Category Contributes Significantly?
The conventional stevia segment to attain a share of 72.50% from 2023 to 2033.
Table of Content
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 Used16. Research Methodology
