Stevia has been gaining immense popularity across the globe as a natural sweetener and alternative for sugar. Growing awareness of consumers regarding low caloric food worldwide has also boosted the growth of the stevia market. Many food & beverage manufacturers are increasingly using stevia in order to create products with enhanced taste along with fewer total calories. Moreover, companies are actively investing in R&D, thus creating lucrative business opportunities in the coming years. Due to this, many multinational companies are now venturing into the production of various types of stevia products.
Market overview
The global stevia market that was estimated to be valued at USD 490.1 Million in 2017 is projected to reach a value of USD 771.5 Million by 2022, growing at a CAGR of 9.5% during the forecast period from 2017 to 2022.
Based on the types of extracts, the powdered extracts segment is the dominant market, followed by whole leaf and liquid segments. It is also expected to be the fastest-growing segment over the forecast period, owing to its cost-effectiveness and ability to be a good substitute for sugar.
Among applications, the beverages segment held the largest market share in 2016, since stevia is the most preferred option as a natural sweetener used by beverage manufacturers.
Which region is expected to be the dominant market, and why?
Among regions, the market for stevia in Asia-Pacific held the largest market share, followed by North America and RoW. It is also predicted to be the fastest-growing market, owing to the investments from various multinational manufacturers, especially in countries like China, Japan, and India. Moreover, rising population and incomes of consumers, stevia sweeteners are anticipated to find more buyers in this region, since it is an integral part of the sweeteners industry. Also, the improved purchasing power in developing nations such as China and India, the market for stevia is expected to witness a double-digit growth in the coming years. Apart from these, varying eating habits of consumers, growing urbanization, and rise in the consumption patterns of stevia products are also driving the growth of the stevia market in the Asia-Pacific region.
What is driving and restraining the market growth?
The growth of the worldwide stevia market is being primarily influenced by the following factors:
- Increased demand for natural sugar substitutes by consumers
- Growing number of stevia-based product launches
- Increasing applications in the beverage industry
- Rising number of diseases and other concerns related to health
- Growing awareness regarding ill-effects of sugar on health
- Positive regulatory outlook for stevia as a natural sweetener
However, the fluctuation in the prices of stevia leaves and availability of stevia leaves due to seasonal fluctuations and crop yield are the major factors likely to act as deterrents for the market growth. Moreover, advancements in extraction technologies and formulations are the major challenge to be tackled by the players in this market.
Ask for Samples Pages @ https://www.marketsandmarkets.com/requestsample.asp?id=167065378
Key players and strategies adopted for sustenance
Cargill (U.S.), Ingredion Inc. (U.S.), PureCircle Ltd. (Malaysia), and Tate & Lyle PLC (U.K.) are the major companies involved in the global stevia market. These companies are adopting strategies such as acquisitions & mergers, new product developments, and expansion & investments in order to expand their global presence and maintain their position in the market.
