Stevia has been used for centuries, traditionally, however, it became the recognized as a substitute for sugar in recent years.
Stevia contains no calories or very small amount of calories, though it is enough sweet, which in turn makes it suitable as an ingredient in food and beverage production.
Thereby, making it a feasible substitute for sugar. Stevia is gaining popularity in recent years as ingredient for food items.
Japan started cultivation of stevia for commercial usage, in 1970s, Morita Kagaku Kogyo Co., Ltd. was the 1st market player that sold and marketed stevia commercially.
The global stevia market reached nearly US$ 350 Mn in 2014. Additionally, the market is estimated to surpass US$ 565Mn by the end of 2020, exhibiting single-digit growth rate.
In terms of volume, the sales of stevia, as an ingredient is anticipated to reach more than 8,500 tonnes by the end of 2020 increased from 5,100 tonnes in the year 2014.
The stevia rebaudiana bertoni leaves are being used for the industries to sugarcoat beverages over centuries. This plant is largest source of sweet ent-kaurene diterpenoid glycosides.
However the key constituents are stevioside and rebaudioside.
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Factors Influencing Stevia Market
Increasing awareness of health benefits of low-calorie consumable products has led to increased demand for global stevia market, in recent years. In addition, encouraging initiative by government and rising consumer awareness is auguring healthy future of the global stevia market.
Stevia has been a favorable ingredient for consumer as it has earned the tag of being effectively healthy product. The launch of some products that are based on the stevia is pushing forward the growth of the market and has been well appreciated by customers.
Various health organizations advices use of minimum calories-based products in the daily diet, which will further fuel the growth of stevia market. Further, increasing demand for the natural ingredient products and antioxidants are other major factors that are driving the demand for stevia integrated products.
By Application Type
Based on application type, the stevia is segmented into beverages, packaged food products, table top sweeteners, bakery products, and food products. Among these, the beverages segment includes, soft drinks, energy drinks and hot drinks is anticipated to expand at higher growth rate throughout the assessment period.
Similarly, the table top segment is also estimated to expand at high single-digit CAGR through end of forecast period. The segment is projected to procure healthy market share through end of forecast period.
On the basis of region, the report reveals that the North America and Asia Pacific excluding Japan (APEJ) are anticipated to continue to retain their dominance in the market over the forecast period. Moreover, while the APEJ exhibits significant market growth, the stevia market in North America is projected to record a high CAGR of single-digit throughout the assessment period.
In terms of production capacity and export capacity of stevia, China will secure unique lead among rest of the economies in the world. Large availability of skilled labors and minimum manufacturing cost are the key factors that are fueling the growth of the stevia market in APEJ.
Moreover, Latin America is projected to exhibit sound growth through forecast period-end.
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Several leading players that are operating in the global stevia market are profiled in the report includes, Ingredion, Inc, Stevia Corp., The Coca-Cola Company, Nestlé S.A., GLG Life Tech Corp, PepsiCo Inc., Cargill Inc., Evolva Holding S.A., and Tate & Lyle Plc. Number of companies are engaged in hostile promotion of stevia-based products in order to enhance product visibility and positioning.
On-shelf availability and increased manufacturing of stevia-based products are resulting into considerable growth in sales of stevia. Steadiness in supply chain and consolidated nature of stevia industry are further encouraging leading market players.
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