Key players identified in the stevia market include Cargill (U.S.), Ingredion Inc. (U.S.), Tate & Lyle PLC (U.K.), PureCircle Ltd. (Malaysia), and GLG Life Tech Corporation (Canada). Other players, which include Jining Aoxing Stevia Products Co., Ltd. (China), Archer Daniels Midland Company (U.S.), Sunwin Stevia Internaional Inc. (China), S&W Seed Company (U.S.), and Stevia First Corporation (U.S.), also have a strong presence in the global stevia market.
The key market players adopted strategies such as new product developments, partnerships, and expansion of business operations to meet the demand for stevia. Leading players are focusing on strengthening their R&D capabilities by investing in advanced technologies to offer diversified product portfolios for different applications, particularly in the beverage industry.
The core strengths of the key players in this market are their strategic partnerships, new product developments & launches, and expansions & investments, to diversify their business geographically. They are strategically located, have large distribution networks, and follow cross-selling marketing strategies. Market leaders such as Cargill (U.S.), Ingredion Inc. (U.S.), Tate & Lyle PLC (U.K.), PureCircle Ltd. (Malaysia), and GLG Life Tech Corporation (Canada) have successfully tapped potential markets through acquisitions and expansions. Key companies focus on introducing and offering a wide range of stevia products for various applications to maintain their position in the market.
In May 2016, Cargill (U.S.) launched a new drink under the name Truvia Nectar, a liquid sweetener by combining stevia with honey and sugar blend. In December 2016, Ingredion Incorporated (U.S.) entered into an agreement with SweeGen Inc. (U.S.) to act as an exclusive global distributor for the stevia-based sweeteners manufactured by SweeGen Inc. in all the markets across the globe, except China.
PureCircle Ltd. (Malaysia) is one of the prominent players in the global stevia market. The company focuses on new product developments as its key business strategy to ensure its growth in the stevia market. In November 2016, PureCircle introduced stevia ingredients under the name of Sigma-Beverage that is specifically optimized for beverage formulations, which helped in sugar reduction in the range of 30% to 50% in beverages.
GLG Life Tech Corporation (Canada) has been extensively focusing on innovative new product launches offering four new products in the past three years. In February 2016, GLG Life Tech Corporation launched a natural and non-GMO (Genetically Modified Organism) zero-calorie sweetener under the brand name ‘GOZERO’. This product comprised zero-calorie natural sweeteners including enzymatically modified stevia, monk fruit, and bitter blockers.
Stevia Market by Extract Type (Whole Leaf, Powdered, Liquid), Application (Dairy, Bakery & Confectionery, Tabletop Sweeteners, Beverages, Convenience Foods), Form (Dry, Liquid), and Region - Global Forecasts to 2022
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