(Food-Beverage-News.Com, January 31, 2020 ) Stevia is a white powder composed of one or more intensely sweet glycosides derived from the leaves of stevia; it finds use as a non-caloric sweetener in various applications such as dairy, bakery & confectionery, tabletop sweetener, beverages, and convenience foods. The key drivers for the market’s growth are changes in consumer lifestyles, preferences for zero-calorie beverages, and increase in demand for natural sugar alternatives. Growth in demand for stevia and increase in per capita consumption of beverages incorporating stevia are driving the stevia market.
Among the types of stevia extracts, powdered & whole leaf extracts are widely used in the food & beverage industry and face high demand in North America and developing Asia-Pacific markets. Increase in demand for healthier, innovative products, and sugar alternatives are driving the growth for stevia in the emerging markets of the Asia-Pacific, South America, and the Middle East.
Urbanization and the changes in diet styles influence the market for stevia-based products in the Asia-Pacific region. Moreover, in the U.S., the stevia market is highly fragmented and is growing at a fast pace owing to factors such as use of high-quality natural ingredients and specialization of stevia products to meet the changing consumer demands for healthy foods & beverages.
Increased demand for tabletop sweeteners in developed European countries such as Germany, the U.K., and France, has, in turn, increased the demand for stevia. Asia-Pacific accounted for the largest share in the global stevia market in 2016. The Asia-Pacific market is projected to grow at the highest CAGR, in terms of both value and volume, from 2017 to 2022. Japan accounted for the largest country-wise market share in the Asia-Pacific region in 2016, followed by China.
The U.S. and Japan accounted for the two major stevia consumers, globally, in 2016. Based on application, the tabletop sweeteners segment is projected to progress at the highest CAGR during the forecast period (2017 to 2022), whereas, on the basis of extract type, the whole leaf extract segment is projected to grow at the highest CAGR during the forecast period.
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 strategies such as acquisitions & mergers, new product developments, and expansion & investments. Prominent players profiled in the report include Cargill (US), Ingredion Inc. (US), PureCircle Ltd. (Malaysia), and Tate & Lyle PLC (UK).
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