Owing to this, stevia is now being increasingly used in the food and beverage industry which has further given impetus to the market.
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Stevia, derived from Stevia Rebaudiana plant, is a natural sweetener which is grown in South America. It encompasses 200 times more sweetness than sugar but may leave a bitter aftertaste at a high concentration. In addition, stevia is free from calories and due to its non-cariogenic nature, it is mild on to the teeth. A new research report by IMARC Group, titled “Stevia Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, estimates that the market was worth approximately US$ 448 Million in 2017. The report further anticipates the market to cross US$ 755 Million by 2023, at a projected CAGR of 9.1% over the forecast period.
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The increasing awareness about the health benefits of stevia, in comparison to sugar, has led to an increase in the demand for stevia because of which it is now commercially grown across the globe. This acts as one of the major driving forces supporting the global stevia market growth.
Other factors catalysing the global demand for stevia include changing lifestyles, surging incomes, increasing health consciousness among consumers, prevalence of diabetes and government initiatives on minimising the sugar consumption, particularly in developed nations.
As most of the low-calorie sweeteners available in the market are artificially created, the demand for natural sweeteners like stevia has proliferated.
However, one of the factors responsible for hampering the market growth is the ill-effects on kidneys, reproductive and cardiovascular system as well as blood pressure levels on excess consumption of stevia.
Extract Type Insights:
On the basis of extract type, the market is segmented as powder, liquid and leaf. Powder represents the most popular extract type of stevia, accounting for the majority of the total global consumption. Powdered stevia is followed by liquid and leaf stevia.
Based on end-use, stevia finds its application majorly in the beverage industry. Its consumption in the beverage sector is comparatively high due to the rising demand for low-calorie drinks owing to the rising cases of obesity and diabetes. Beverage Industry is followed up by food industry, table top sweeteners, pharmaceuticals and others.
On a geographical front, Asia-Pacific enjoys a leading position in the global stevia market on account of a high demand for stevia in the region. Within Asia Pacific, China represented the leading producer of stevia. Asia Pacific is followed by the North American, Latin America, Europe and Middle East and Africa.
The market is highly concentrated with the presence of established manufacturers who compete in terms of prices and quality. There is an intense competition in the market which makes it difficult for new entrants to survive.
Some of the leading players operating in the market are:
Associated British Foods
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