Market Trends of South America Stevia Industry
This section covers the major market trends shaping the South America Stevia Market according to our research experts:
Increasing Consumer Inclination Toward Clean Label Stevia
As health awareness is growing, most of the population thoroughly check the label of a product before buying it, especially in developing economies like Brazil, Argentina, Chile, etc. This awareness among consumers has prompted manufacturers to undertake the replacement of high-calorie polyols with natural sweeteners. Sugar alcohols, such as sorbitol and maltitol, are proven to be the cause of digestive problems, and thus, are being fast replaced by natural sweeteners stevia in the market. Clean label has triggered the demand for natural sweeteners, especially stevia, and both food and beverage producers have supported innovation and product launches by using stevia as a natural clean label sweetener. According to the Global Stevia Institute's internal survey, approximately 60% of Americans prefer low-calorie sugar alcohol in their food purchase decisions. Hence, companies are publicly committing to removing artificial sweeteners from at least some of their products.
Argentina to Drive the South American Market
Argentina accounts for the largest share in the South American stevia market, owing to the significant increasing rate of obesity and dietary guidance recommendations to reduce energy intake, particularly from sugars. According to a survey supported by the Global Stevia Institute in Argentina, the respondents preferred natural sweeteners, with stevia among the top choices in the country. Considering the growing demand for stevia globally, the government is also taking initiatives in utilizing the stevia sources in the country. The Government of Argentina has planned for elaboration in The Elaborated Missionary Bioproducts (Biomiel) plant located in the Posadas Industrial Park to produce stevia of very high quality, destined for the national markets, as well as for export. Also, the National Program for the Study, Promotion, and Development of Stevia introduced a new law in the country, aiming at the development of regional economies. The law declares the promotion, development, production, marketing, and research of stevia for the national interest.
