The global Stevia Market size is likely to reach USD 553.7 million by 2024 and is anticipated to grow at a CAGR of 6.1% during the forecast period. Rising popularity of stevia owing to its superior sweetening properties, and its ability to restrict any contrary effects on the fitness of the consumers is thrusting the industry growth over the next nine years. The food sector is expected to remain one of the most vital segments of this market owing to the increasing demand for low-calorie substitute products. The increase in consumer awareness concerning consumption of healthy nourishment will ultimately lead to the rise in the penetration of stevia in confectionary and bakery products.
Promotion to use stevia in different forms such as powered and dried drives the positive perception of the food and beverage sector in countries such as Vietnam, Singapore, China, South Korea and Japan on account of growing acceptance of stevia-based compounds and new product launches. In addition, the rise in the awareness of consumers towards fitness routine has also caused various carbonated drink producers which consist of The Coca-Cola Company to announce the stevia based product in their product line of soft drinks, which also helped them to widen their consumer base.
The approval from the EU Commission and the U.S. FDA which resulted in optimistic regulatory outlook is presumed to be a crucial factor fueling the growth of stevia market soon. The favorable atmosphere and consumer awareness concerning the advantages of natural sweeteners have influenced large-scale production in APAC and Latin America which resulted in an acceptance of compounds based on stevia in nations such as South Korea, Japan, and Brazil.
In terms of total volume, the beverage was the primary application industry accounting for over 34.8% in 2015. Increasing demand for juices, carbonated drinks, and low-calorie beverages is anticipated to cause the expansion of stevia market over the next nine years.
A significant share of 22.2% global volume for tabletop sweeteners was projected as the third major industry. Artificial sugar is expected to be replaced by stevia-based sweeteners in this sector over the forecast period to cater consumers with diseases such as diabetes.
Another important segment of the market is pharmaceutical industry. Superior medicinal abilities such as its capacity to control obesity and blood pressure along with healing of injuries and wounds are presumed to open new growth opportunities soon.
In terms of global volume share, Asia Pacific was the major market which accounted for 35.3%. Stevia-based sweeteners has been a substantial part of the diet regime of consumers for a significant period which resulted in the broad acceptance in these countries such as South Korea, China, and Japan. Developing nations such as Malaysia, India, Indonesia, and Thailand are predicted to be the important markets for stevia on account of the growing food and beverage industry.
North America and Europe are anticipated to experience a substantial growth at CAGR of 4.5% and 4.3% respectively, over the forecast period. Latest approvals by the FDA regarding the product will have a positive impact on the total market and thus improve the penetration of stevia-based products.
With extensive coverage areas and large manufacturing capacities, the market is dominated by a limited number of players. On account of a firm foothold in application sector together with essential infrastructure for research and development, Evolva Holding S.A, GLG Life Tech Corp., Tate & Lyle Plc., Pure Circle Ltd. and Cargill Inc., are projected to lead the market.
The crucial features of the market are expected to be product innovation and the establishment of strategic partnerships with farmers and cultivators along with mergers and acquisitions. Archer Daniels Midland (ADM) Company partnered with GLG Life Tech Corp. to industrialize and distribute stevia-based products in July 2016.
Application Outlook (Volume, Tons; Revenue, USD Million, 2013 - 2024)
• Tabletop sweeteners
Regional Outlook (Volume, Tons; Revenue, USD Million, 2013 - 2024)
• North America
• Asia Pacific
• South Korea
• Latin America
• Middle East & Africa (MEA)
Research Support Specialist, USA