The global stevia market is anticipated to touch USD 556.7 million by 2024, according to a report by Grand View Research, Inc. Stevia has found application in tabletop sweeteners, pharmaceuticals, beverages, and foods owing to its ability to have negligible effect on blood pressure. This factor is projected to have a positive impact on the overall sugar sweetener market over the forecast period.
Increasing penetration of stevia in the beverage segment, especially in carbonated drinks, will be a crucial factor determining the growth of the industry over the forecast period. Major health concerns related to sugar consumption and the rising prices of sugar has also influenced consumers to look into various alternatives which have helped in promoting demand for the sweetener over the past few years.
In depth research report on Stevia Market:
Further key findings from the report suggest:
· The food sector is expected to remain a potential segment for growth owing to increasing application of stevia as a sweetening agent in chocolates, baked foods, biscuits, soft drinks, candies, soda and jams. It is expected to be the second largest segment in the global market accounting for 25.5% in terms of volume in 2015.
· The beverage segment is projected to witness the fastest volume growth at a CAGR of 5.8% from 2016 to 2024. Several soft drink manufacturers are introducing products containing stevia, for health conscious consumers and diabetic patients. Rising consumer awareness regarding the benefits of stevia on account of strategic marketing by manufacturers is expected to drive the growth of the market over the forecast period.
· Stevia is increasingly being used in herbal medicines and tonics for patients suffering from diabetes. The antibacterial and anti-fungal properties of stevia leaves is yet to realize its full potential and will remain a major factor in influencing growth over the next eight years.
· Asia Pacific is expected to foresee a volume growth at a CAGR of 5.7% from 2016 to 2024. This increase is attributed towards the growing demand from the food & beverage industry in the emerging markets including China and India. Furthermore, South Korea and Japan have a higher adoption rate of stevia-based compounds and have made a positive impact on the overall industry.
· Major stevia manufacturers include PureCircle Ltd, GLG Life Tech Corp, Stevia Corporation, Stevia First Corporation and Evolva Holding S.A. Some other key players include Cargill Inc, Ingredion Inc., and Tate & Lyle Plc. In July 2016, PureCircle Ltd. invested USD 100 million in developing the stevia agronomy program.
Grand View Research has segmented the global stevia market by application, and region:
Application Outlook (Volume, Tons; Revenue, USD Million, 2013 - 2024)
· Beverage
· Food
· Pharmaceuticals
· Tabletop sweeteners
· Others
Regional Outlook (Volume, Tons; Revenue, USD Million, 2013 - 2024)
· North America
o U.S.
· Europe
o Germany
· Asia Pacific
o China
o Japan
o South Korea
· Latin America
o Brazil
· Middle East & Africa (MEA)
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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