Global Stevia Market Outlook, Industry Analysis and Prospect 2023
Stevia is a zero-calorie sweetener with numerous medicinal properties, which have led to its popularity among health-conscious consumers. The growing awareness of stevia products in the food and beverage sector helps in the growth of the stevia market. The major application of stevia is in dairy, bakery & confectionery, tabletop sweeteners, convenience foods, beverages, and others. It is extracted in the form of whole leaf, powder, and liquid and is used on a large scale in the food industry. Numerous applications across various industries help to boost the stevia market growth across various regions.
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Due to the large number of health advantages associated with
Stevia consumption, the market is growing at an incremental pace of development
on the global stage. Market Research Future, a firm which specializes in market
reports related to the Food, Beverages & Nutrition sector among others, recently
forecasted in its report on Global Stevia Market Research Report- Forecast to
2022 that the market will demonstrate an exceptional CAGR % while achieving
million dollar growth readily in the forecast period.
Health awareness and rising adoption of table sugar alternatives
have prompted the growth of stevia in the daily diet of individuals. The sector
is driven in a major way by the rising demand for natural plant based
sweeteners. Rising health concerns among the consumers and escalating
popularity of plant based sweeteners is identified to boost the demand for
stevia on a global platform. Health benefits gained out of Stevia consumption
are the main drivers to the development of this segment. Growth of the natural
sweeteners extracts market is also supporting the growth of this market.
However, conflicts related to stevia consumption and debatable correlations
with weight gain would affect the growth of this market on a large scale.
Being a natural sweetener, stevia imparts several health
advantages majorly to the diabetic consumers. Although there are several
conflicts related to stevia consumption, it still has become very popular among
the consumers based on the promotions stating health benefits obtained from it.
Boost in fitness and wellness sector awareness has enhanced the market growth
trajectory of this sector to an elevated level. Fast pace of lifestyle, increase
in awareness related to diverse effects of sugar consumption have led to
consumers demanding stevia to balance their nutritional requirements.
Latest Industry Updates
Jul 2017 Cargill has announced the launch of “EverSweet” which
is a new stevia product that combines Reb M and Reb D. This sweetener is
manufactured for a variety of confectionery applications including chocolate
and candy production.
Jun 2017 Steviana Bioscience has launched high purity stevia
product called “Viana”. The company took this step in order to provide the
consumers with high quality stevia product based on the rising demand for
purified and quality stevia products.
Jun 2017 COCA-Cola has launched “Coke No Sugar” manufactured
with stevia in order to suffice the rising demand for natural sweetener
containing beverages.
Jan 2017 Evolva has announced its plan for collaboration with
Cargill on the next-generation stevia sweetener, EverSweet™. The strategy will
help the company to strengthen their portfolio in the stevia market.
Global Stevia Market - Competitive Analysis
With the entry of new industry players in the Stevia segment,
the demand from various food and beverage manufacturers have increased based on
consumers trending demand for natural sweeteners. With companies aiming to
capture a considerable share of the market segment as early as possible, they
are competing and experimenting with various advantage points. The best
long-term growth opportunities for this sector can be captured by ensuring
ongoing new product launch and R&D investments.
The key players profiled in stevia market are PureCircle Ltd
(Malaysia), Ingredion Inc. (U.S.), Tate & Lyle Plc. (U.K.), Stevia Corp.
(U.S.), Cargill Inc. (U.S.), GLG Life Tech Corp (Canada) and Stevia Biotech
Pvt. Ltd (India) among many others.
Global Stevia Market – Segments
The global stevia market has been divided into type, application
and region.
On The Basis Of Type: Whole Leaf, Powder, Liquid, and Others
On The Basis Of Application: Dairy, Bakery & Confectionery,
Tabletop Sweeteners, Convenience Foods, Beverages, and Others
On The Basis Of Region: North America, Europe, Asia Pacific, and
ROW.
Global Stevia Market - Regional Analysis
The global Stevia market is segmented into North America, Europe,
APAC, and Rest of the World (RoW). Global dietary market is highly dominated by
North America and Europe due to high awareness and adoption of natural
sweeteners by the consumers. APAC is fastest growing region due to changing
lifestyle and improved disposable income in the region. The consumption of
Stevia in countries like India is anticipated to grow at a high rate in the
upcoming years.
Key Players
Some of the key players profiled in the global stevia market:
PureCircle Ltd (Malaysia), Ingredion Inc. (U.S.), Tate & Lyle Plc.
(U.K.), Stevia Corp. (U.S.), Cargill Inc. (U.S.), GLG Life Tech Corp (Canada),
and Stevia Biotech Pvt. Ltd (India), among others.
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