New Jersey, NJ, Jan. 17, 2020 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global stevia market is expected to grow from USD 694.71 Million in 2018 to USD 1,134.61 Million by 2026, at a CAGR of 6.32% during the forecast period from 2019-2026. Potential use of stevia in the pharmaceutical industry coupled with the growing consumer preference for low calorie sweeteners are driving the global stevia market.
Stevia is a sweetener and sugar substitute extracted from the leaves of the plant species named Stevia rebaudiana. It is a natural sweetener that tastes 200 to 300 times sweeter than table sugar. Stevia has emerged as a non-nutritive or zero-calorie sweetener substitute for the sugar. The artificial sweeteners such as aspartame, saccharin, sucralose, and cyclamate are known to cause adverse health effects. Thus there has been growing demand for the natural sweeteners. Stevia is also known for its superior medicinal and herbal properties. It is also known for its ability to control blood pressure and in weight management. Thus, continuous research and development in the pharmaceutical industry is anticipated to propel the global stevia market over the forecast period.
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Global Stevia Market Key Findings:
- Even though the factors such as increased awareness of the health benefits of low-calorie sweeteners, rising demand for plant-based natural sweeteners coupled with rising incidence of diabetes and obesity are driving the global stevia market. The stringent regulatory environment and availability of alternative low-calorie sweeteners are expected to restrain the growth of the market over the forecast period.
- Increasing research activities on the herbal and medicinal properties and potential use in sports nutrition products is anticipated to develop new opportunities for the global stevia market. However, availability of alternative low-calorie sweeteners is the major challenge for the global stevia market.
- The type segment is divided into powder, liquid and leaf. Due to its easy to use property the powder form segment led the global stevia market with USD 574.59 million revenue in 2018. Stevia are sweeter than sugar and is majorly used as a sugar substitute. The stevia does not contain calories and hence are preferred by the health conscious peoples. In addition, it can help to decrease not only overall daily sugar intake, but also caloric intake of the person. The liquid type is expected to be the fastest growing segment during the forecast period owing to the consumers preference for liquid form of stevia to sweeten recipes is increasing as well as few drops of the liquid stevia is able to replace a teaspoon of sugar for sweetening tea, coffee, and smoothies. Furthermore, liquid type of stevia are easily available in the form of syrups that are commonly used to enhance the flavour of many foods.
- The application segment is categorized into bakery, dairy food products, beverages, dietary supplement, confectionary, and others. The beverages segment is dominating the global stevia market and is anticipated to grow with the highest CAGR of 8.66% over the forecast period. This increased growth rate can be attributed to the rising use of stevia in the production of various carbonated drinks as well as low and zero calorie beverages. Furthermore, the rising use of the stevia in the sweetened carbonated soft drinks such as Sprite Green, Blue Sky Free, and other has supplemented the beverages segment growth.
- The regions analyzed for the global stevia market include North America, Europe, South America, Asia Pacific, and Middle East and Africa. The Asia Pacific region dominated global stevia market by accounting the largest market share of 39.43% in 2018 whereas the North America region is anticipated to be the second fastest growing region during the forecast period.
- The Asia Pacific region is witnessing a burgeoning demand for the food and beverages products. Major food and beverages companies such as Pepsico, Coca Cola are also heavily investing in the region. As the result the Asia Pacific region led the global demand for the stevia in 2018 due to growing use of the artificial sweeteners.
- The North America region held a considerable share of market in 2018. This increased demand can be attributed to the growing consumer awareness about the health benefits of natural sweeteners and stevia in particular and the rising focus on decreasing the sugar consumption with the development of alternative sweeteners.
- For instance in 2018, GLG Life Tech Corp. launched its Reb M sweetener product line in collaboration with Archer Daniels Midland Co., a global sales and marketing partner. The sweeteners are made from GLG Life Tech’s proprietary high Reb M Dream Sweetener stevia leaf, which has high quantities of Reb M steviol glycosides that have a sugar-like taste.
- For instance in 2017, the Archer Daniels Midland Company (ADM) launched two new sweetener brands, SweetRight stevia and VerySweet monk fruit, in the market. These products offers benefits of stevia and monk fruit and access to ADM’s extensive ingredient portfolio, formulations expertise and blending capabilities. Both the products are sourced through GLG Life Tech Corporation, a partner of ADM.
- Major players in the global stevia market are Evolva Holding S.A., Cargill, Inc., Stevia Corporation, PureCircle Ltd, Ingredion Inc., Tate & Lyle Plc, The Coca-Cola Company, GLG Life Tech Corp., Stevia First Corporation, PepsiCo Inc., In the Raw, Archer Daniels Midland Company, Sunwin Stevia International, Inc, Pyure Brands LLC, HYET Sweet, and among others.
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All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment.
This study forecasts revenue growth and volume at global, regional, and country levels from 2016 to 2026. Fior Markets has segmented the global stevia market on the basis of below mentioned segments:
Global Stevia Market by Type:
- Powder
- Liquid
- Leaf
Global Stevia Market by Application:
- Bakery
- Dairy Food Products
- Beverages
- Dietary Supplement
- Confectionary
- Others
Global Stevia Market by Region:
- North America
- Europe
- Asia-Pacific
- South America
- Middle East and Africa
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