New York, Aug. 27, 2021 (GLOBE NEWSWIRE) -- Stevia Market: Key Insights
According to our new research study on “Stevia Market to 2028 – Global Analysis and Forecast – by Type, and Application,” the Stevia Market is projected to reach US$ 965.82 million from US$ 465.0 million in 2019 by 2028; it is expected to grow at a CAGR of 8.7% from 2021 to 2028. The projected growth of the market during the forecast period is attributed to its use as a sugar substitute in several applications such as bakery & confectionery products, dairy products, beverages, tabletop sweeteners, and convenience foods.
Stevia Market: Competition Landscape and Key Developments
Cargill, Incorporated; Ingredion Incorporated; Tate & Lyle PLC; GLG LIFE TECH CORP; ADM; Sunwin Stevia International, Inc.; S&W Seed Company; Morita Kagaku Kogyo Co., Ltd.; Zhucheng Haotian Pharm Co., Ltd.; and PureCircle are among the key stevia market players. Major companies are focused on strategies such as mergers and acquisitions, and product launches to broaden their geographic presence and consumer base globally.
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In 2020, Asia Pacific held the largest share of the global stevia market. In Asia Pacific region, consumers, health experts and governments have become more concerned about health and diet. This has leads to the adoption of natural sweeteners, including stevia by the various food & beverage manufacturers. Stevia is a plant-based sweetener, which works well in various food & beverage applications. With the raising importance of stevia sweetener, its use has also increased in carbonated soft drink, ice creams, baked goods, flavored and sparking waters, ready to drink teas and coffees, flavored milks, tabletop sweeteners, and other food & beverage products in the region. Various government policies also contribute for the growth of the stevia market in the region. For instances, Singapore's Ministry of Health (MOH) recommended several policies that could have an impact on the food & beverage industries, including prohibiting the sale of high-sugar pre-packaged drinks and levying a tax on sugar-based beverages.
Growing Applications of Stevia in Beverage Industry:
Stevia is now predominantly used to control calorie, carbohydrate, and sugar intake. Liquid stevia is used as an alternative for cane sugar in sweetening coffee, tea, and smoothies. Stevia is gaining traction in the beverage industry and being preferred by leading beverage manufacturers for strategic approaches such as innovation, artificial sweetener replacement, sugar moderation for kids, and cost savings. In 2017, Coca-Cola introduced a soft drink that included stevia. The coke containing stevia has less sugar and provides a unique taste. Various features of stevia such as zero calories, tooth-friendly, pH stable, non-fermenting, highly soluble, heat stable, and shelf-stable have increased the demand for stevia in the beverage industry. In a few instances, stevia can be applied as a flavor enhancer depending upon the type of beverage. Stevia can also be used for reducing the sugar levels in alcoholic beverages such as beer and cocktails. Thus, an increased application of stevia in the beverage industry is expected to drive the stevia market across the world.
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Stevia Market: Segmental Overview
Based on type, the stevia market is segmented into whole leaf, powder, and liquid. In 2020, the liquid segment is expected to have highest growth rate. Stevia liquid drops are a mixture of stevia and fructooligosaccharides (FOS). FOS is a prebiotic substance found in several vegetables or natural foods. In vegetables such as onion, garlic, Jerusalem artichokes, asparagus, bananas, rye, wheat, and tomatoes, FOS is found in small amounts. These are calorie-free and non-cariogenic sweeteners. Stevia liquid drops are heat stable and can be used for making a wide variety of hot and cold beverages such as tea, coffee, desserts, breakfast cereals, and baked food items without any reduction in their sweetness. Stevia liquid drops help in controlling the daily calorie intake and maintaining a healthy body. One drop of stevia liquid is equivalent to one teaspoon of cane sugar in terms of sweetness.
Based on application, the stevia market is segmented into the dairy and frozen dessert, bakery and confectionery, tabletop sweeteners, beverages, and others. The bakery and confectionery segment is expected to have the highest growth rate. In the bakery sector, stevia is used to replace some or most of the sugar in various bakery products. The benefits of using stevia in the bakery sector is that it is stable when heated at high temperatures. Stevia can also increase the sweetness when combined with caloric sweeteners such as honey and molasses. Stevia is suitable for making pancakes, oatmeal, puddings as well as frozen homemade desserts. Confectionery items are those products that contain any form of sugar such as dextrose, sucrose, fructose, or lactose. Overconsumption of confectionery products may lead to an excess intake of sugar, which will result in obesity and metabolic diseases. Stevia extracts are being increasingly used in confectionery applications to reduce the sugar content. In confectionery applications, stevia provides benefits such as acid and temperature stability, sweetness stability throughout shelf life, and excellent synergies with other sweeteners. The reduced sugar products made from stevia can be considered as a substitute to full-sugar products in terms of sensory and functional characteristics. Stevia is used in bakeries and confectioneries due to its low cost, easy availability, and ease of use during the production process. Depending on the type of confectionery, stevia helps in providing sweetness, crystallization, texture, form, extended shelf life, flavor, and color to the final product.
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Impact of COVID-19 Pandemic on Stevia Market:
The ongoing COVID-19 pandemic has been impacting the sugar consumption patterns and its alternatives, as there is a reduced demand for the sweeteners from beverage and other FMCG companies amid the lockdown across multiple countries. Food & beverage industry is the bulk consumer of stevia and is likely to affect the consumption owing to the lockdown in various countries, which has implemented a shut down on various manufacturing units. Food & beverage products, which includes bakery products, confectionery, dairy products, and soft drinks containing food additives such as sweeteners are being pushed back as the supermarkets re-allocated stock priorities toward staples and essential supplies due to COVID-19 outbreak. This was mainly due to the mass lockdown instructions given by several countries’ governments to avoid the spread of the pandemic in their respective countries. Lockdown and quarantine measures along with import and export restrictions imposed by states and governments are impacting the stevia exporters due to the disruption in supply chains. The pandemic has been a reason for major shifts in consumer preferences, which has led to an increased awareness about having a healthy lifestyle. Consumers due to the pandemic are substituting conventional ingredients with healthier alternative, which is increasing the demand for natural sweeteners such as stevia. With an increase in the diet trend of no added sugars and low carbohydrates among consumers during the pandemic has led to an increase in demand for stevia. During the pandemic there has been rapid surge in demand for less sugary and immunity-boosting products, which is due to people seeking solutions to boost overall health and wellbeing. The COVID-19 pandemic has prompted the customers to become health-conscious and turn to low-calorie or sugar-free food. Hence, increasing health consciousness and high demand for sugar-reducing solutions among the global population due to the COVID pandemic has had a positive impact on the stevia market. Thus, COVID-19, had a significant impact on the stevia market across the world.
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