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(MoneyNewsWire.Net, June 06, 2018 ) 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. Market growth is driven by the growth in customer demand for natural sugar alternatives, zero calorie beverages, and healthier foods incorporating natural sugar substitutes. The market is also driven by factors such as positive regulatory outlook for stevia as a natural sweetener and increase in a number of innovative product developments for stevia and stevia-based products that can be cost-effective as well as used in a wide range of food & beverage applications.
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Based on the types of extracts, the stevia market is led by the powdered extracts segment, followed by the whole leaf and liquid segments, in terms of value and volume. In terms of volume, the stevia market was led by the beverage application segment. Stevia is used on a large scale in regions where there is high per capita consumption of beverages and tabletop sweeteners.
Among the varied applications for stevia such as dairy, bakery & confectionery, tabletop sweeteners, beverages, and convenience foods, beverages accounted for the largest market share, followed by convenience foods and tabletop sweeteners. Stevia has largely found application in non-alcoholic beverages, which include carbonated soft drinks, juices, ready-to-drink (RTD) iced tea, and energy drinks. The adoption of stevia as a sweetener by soft-drink market players such has The Coca-Cola Company (U.S.) and PepsiCo Inc. (U.S.) has increased its popularity among global beverage manufacturers.
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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 Asia-Pacific region is projected to be the fastest-growing market with investments from several multinational manufacturers, especially in countries such as Japan, China, and India.
Stevia leaf availability depends on seasonal fluctuations and crop yield, the price volatility of the stevia leaf is one of the major factors hindering with the growth of the stevia industry. Increase in awareness about the ill-effects of the consumption of sugar on health is another factor enhancing the growth of the stevia market with increasing consumers preferring natural alternatives such as stevia over sugar.
The stevia market is fragmented and competitive, with a large number of players operating at regional and local levels. The key players in the market adopted acquisitions & mergers, new product developments, and expansion & investments as their preferred strategies. Prominent players such as Cargill (U.S.), Ingredion Inc. (U.S.), PureCircle Ltd. (Malaysia), and Tate & Lyle PLC (U.K.), have been profiled in the report.
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