Market Definition and Growth Factors:
Stevia can be easily cultivated, and like any other herbs, they can be stored for several months.
Enticed by the high popularity and advantages of stevia, F&B manufacturing companies are progressively incorporating the product in various beverages and food products. In addition, rigorous marketing efforts are also aiding the growth of the market.
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.
High investment and extensive efforts in R&D to innovate and develop new use cases for stevia have also yielded positive results which have boosted the growth of the market. They are being used in functional beverages and health drinks as sweeteners.
On the contrary, the growth of the global stevia market might be hindered by the availability of other natural sweeteners. Besides, stevia leaf availability relies on produce and is subject to seasonal fluctuations which create price instability and acts as an impediment to the growth of the market. Stevia market growth is also constrained by debatable correlations with weight gains. However, raising awareness regarding stevia is likely to augur the growth of the global stevia market over the forecast period.
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Market Scenario and Key Restraints:
The demand for stevia is largely driven by heightening popularity of low-calorie food products. The growing prevalence of diabetes and higher inclination of health-conscious consumers towards low-calorie items induces high demand for stevia. Also, stevia is devoid of sucrose and other carbohydrate compounds which is risky for diabetic patients. Being a non-carbohydrate glucoside compound, stevia is increasingly becoming popular among diabetic consumers.
Stevia is a zero-calorie sweetener derived from a natural source, a plant called Stevia rebaudiana. Stevia is widely used as a food sweetener and food additive and has gained massive momentum across the F&B industry in recent years. The global stevia market is projected to exhibit an upswing and attain a significant valuation over the forecast period which ends in 2023. Stevia is a great substitute for sugar and is progressively used in the F&B industry as a sweetener. Due to the presence of a variety of glycoside compounds such as stevioside, steviolbioside, rebaudiosides A-E, and others which make stevia 40 times sweeter than processed sugar.
Competitive Landscape:
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) are the key players in the global stevia market.
Industry Updates:
- In December 2018, PureCircle, a global leader and innovator of stevia products, announced new developments as a result of extensive research & development. It has identified high content of proteins, soluble fibers, and antioxidants in stevia plant which can be utilized for applications.
- A recent pact between Kenya and China is considered to be beneficial for stevia farmers. The deal would allow Kenyan farmers to export their produce to China
- In December 2018, Amyris, a biotech company announced plans to capture 30% of the global stevia sweeteners market by 2022.
Segmentation:
The Global Stevia Market has been segmented based on type and application.
By type, the global stevia market has been segmented into whole leaf, powder, liquid, and others. The powder segment is expected to exhibit substantial growth over the forecast period owing to its fine form and high sweetness potency.
By application, the global stevia market has been segmented into dairy & frozen desserts, bakery & confectionary, beverages, and others. The beverage segment is the largest segment followed by dairy & frozen desserts segment. Stevia finds extensive application in beverages and dairy products since they can be easily incorporated in these products.
Regional Analysis:
North America, Europe, Asia Pacific, and the Rest of the World (RoW) are the key markets for stevia. North America and Europe dominate the global stevia market. Established food & beverage industry in these regions coupled with high awareness and adoption of natural sweeteners drives the market in North America and Europe.
APAC stevia market is expected to register the highest growth over the forecast period. Increasing disposable income, expanding F&B industry, and growing awareness about the benefits of stevia supports the growth of the market in APAC. Furthermore, changing food consumption pattern in developing countries such as China and India accelerates market growth.
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