Stevia has no calories and is 300 times sweeter than sugar in the similar concentration. Producers are progressively discovering substitute for sweeteners, which will permit a decrease in calorific content without forfeiting the taste. Growing awareness of the health benefits of low-calorie consumable products is a key catalyst to the market growth. Traditionally, stevia has been cultured for more than centuries, though it got the acknowledgement of being a safe alternative for sugar only in the recent past. Popularity of food products with stevia is very recent. In 1970s, Japan started stevia agriculture for commercial practice, Morita Kagaku Kogyo Co., Ltd. being the first company to market and sell stevia commercially.
New product development, enhanced taste, and adaptability, along with high levels of marketing support are expected to upsurge the demand for stevia-based products and lift the market growth. The rising awareness about the health benefits associated with stevia is leading to the widespread use of these products in the food & beverage sector. As the number of overweight and diabetic people is on the rise, stevia is the finest sugar alternative due to its zero-calorie property. Stevia has always been in the news owing to numerous supervisory constraints, which is a chief threat to the stevia market. Another threat to the market is the accessibility of other low-calorie sweeteners. The mounting sports nutrition and health drink market is further expected to boost the industry’s growth.
The global Stevia market is segmented based on extract type, end user and geography.
By extract type, the market is categorised into powder, liquid, and leaf. Stevia is extensively used in the powdered form across the world, hence, it embraces the largest segment in the market.
Based on application, the Stevia market has been sectioned into Beverages, Food Products, Table Top Sweeteners, Pharmaceuticals and others. Beverage section is projected to dominate the stevia market during the forecast period. Also, the segment is likely to observe fastest development over the forecast period owing to increasing use of stevia in numerous carbonated drinks. Apart from this, the product also can be utilized in quite a few low- and zero-calorie beverages, catering to soaring demand from health-conscious customers.
The unpleasant aftertaste of stevia has been a key concern for makers and consequently companies have started working on various solutions such as lining up stevia with taste modifiers and garnishes to diminish the bitterness. This is anticipated to progress consumer demand and enable its use in more food products.
Geographically, this market is segmented into North America, Europe, Asia-Pacific and Rest of the World. Asia Pacific is likely to spectate promising development over the forecast period. Flourishing food and beverage industry in Taiwan, China, South Korea, India, and Japan is possibly a favorable factor for the market. Growing investments by leading food and beverage manufacturing companies such as Cargill, The Coca-Cola Company, and PepsiCo is also predicted to promote demand for the estimated time frame.
The major players involved in this market are Royal Dutch Shell PLC, Cargill Incorporated, Dow Chemicals, BASF SE, Mitsui Chemicals, Inc., Bayer AG, Chemtura Corporation, COIM S.P.A., Emery Oleochemicals, Invista B.V., Lonza Group, Perstorp Ab, Royal Ducth Shell PLC, Shandong Dongda Chemical Industry Co Ltd, Stepan Company, Vertellus Specialties Inc., among others.
The global Stevia market is segmented by type, application and geography. Based on type, this market is classified into powder, liquid, and leaf.This market finds application in beverages, food products, table top sweeteners, pharmaceuticals and others. Beverage section is projected to dominate the stevia market during the forecast period.Geographically, this market is segmented into North America, Europe, Asia-Pacific and Rest of the World. Within Asia Pacific, China was the leading producer of stevia. Asia Pacific is followed by the North American region where request for natural sweeteners made from herbs is growing robustly especially in food and beverages. The third largest market for stevia was South America with Brazil, Colombia, Peru, Paraguay and Uruguay being the key producers.
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