The Asia-Pacific region accounted for the largest market share for stevia, followed by North America and RoW. With a population of more than 4.2 billion and rising incomes of consumers, stevia sweeteners are expected to find more buyers in this region as stevia is an important segment of the sweeteners industry in the region.
The report "Stevia Market by Extract Type (Whole Leaf, Powdered, Liquid), Application (Dairy, Bakery & Confectionery, Tabletop Sweeteners, Beverages, Convenience Foods), Form (Dry, Liquid), and Region - Global Forecasts to 2022", The stevia market is projected to grow at a CAGR of 9.5% from 2017 to reach a projected value of USD 771.5 Million by 2022.
Browse 62 market data tables and 59 figures spread through 141 pages and in-depth TOC on "Stevia Market by Extract Type (Whole Leaf, Powdered, Liquid), Application (Dairy, Bakery & Confectionery, Tabletop Sweeteners, Beverages, Convenience Foods), Form (Dry, Liquid), and Region - Global Forecasts to 2022"
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Stevia has its own unique taste profile and sweetness intensity which is approximately 200 to 350 times greater than regular sugar. Many food & beverage companies use stevia to create products with enhanced taste and fewer total calories.
With heavy investment in R&D, new applications such as zero-calorie products and flavor enhancers are emerging rapidly. Stevia offers several advantages such as sugar preplacement, reduction in calories, sweetness, texture, color, and flavor enhancement.
Hence, stevia will be viewed as a business opportunity in the next five years. As a result, many multinational players have entered into the production of varied types of stevia.
Powdered extracts segment is projected to be the fastest-growing in the stevia market
Among the extract types of stevia which include whole leaf, powdered, and liquid the powdered extracts segment is expected to grow at the highest CAGR with increasing applications in the convenience foods and beverage industries. Stevia powdered extracts vary in terms of taste, sweetness, and cost of various white stevia powders; these parameters are more likely to be dependent on the degree of refinement and the quality of the stevia plant used.
It is also a cost-effective option which further satisfies the growing demand for sugar replacement products from consumers as well.
Beverages: The most popular application for stevia globally in 2016
The beverages segment accounted for the largest share in the stevia market in terms of both, value as well as volume in 2016. Stevia is the most preferred option for beverage manufacturers as the bulking properties provided by sugar are not required.
Stevia is one of the most common natural sweeteners used for zero- or low-calorie beverages. It is mostly used in beverages such as diet carbonated drinks, flavored water, soft drinks, fruit juices, ready-to-drink beverages, and sports & energy drinks.
Increase in consumption of convenience foods in developing countries to boost the stevia market
Developing economies in the Asia-Pacific region are prospering in terms of increasing GDP with the working population on the rise. With the rise in population and improved purchasing power of developing countries such as China and India, the market for stevia is expected to show double-digit growth in the future.
Factors such as changes in eating habits of consumers, increase in urbanization, and rise in the consumption patterns of stevia products have driven growth in the market in the Asia-Pacific region.
This report includes a study of marketing and development strategies, along with the product portfolios of leading companies. It includes the profiles of leading companies such as Cargill (U.S.), Ingredion Inc.
(U.S.), Tate & Lyle PLC (U.K.), PureCircle Ltd. (Malaysia), and GLG Life Tech Corporation (Canada).
The report covers the stevia whole leaf, powdered, and liquid extracts segments in terms of value and volume. In terms of insights, this research report has focused on various levels of analysis industry analysis, market share analysis of top players, and company profiles, which together comprise and discuss the basic views on the competitive landscape, emerging & high-growth segments of the global stevia market, high-growth regions, countries, and their respective regulatory policies, government initiatives, drivers, restraints, and opportunities.
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