The demand for natural sweeteners is increasing as consumers are moving away from sugars in search of a healthy lifestyle and natural ingredients. Stevia has been established as a healthy alternative to sugar. Growth in sports nutrition and health drinks are also fuelling the growth of the market.
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Development of new products, improvement in taste and high marketing and publicity has increased the demand for the product. Regulatory constraints is a threat to the stevia market. Availability of low-calorie sweeteners is also hindering the growth of the market. In the 1970s, Morita Kagaku Kogyo Co., Ltd., a Japanese company became the first company ever to start selling Stevia commercially. Biotechnology is also marketing stevia in various forms such as liquid and powder.
Asia Pacific has the largest market growth rate. Increase in demand for food and beverage sectors in emerging nations such as South Korea, Japan, China, and Vietnam is fueling the growth of the market. Low cost of production and availability of skilled labor drives the growth of the market in the APAC region.
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Further key findings from the report suggest
- New innovation and discovery of sugar alternatives in food and beverage industry contribute towards the growth of the market. It holds a market share of 29% in the year 2018.
- The market is segmented on the basis of types into Reb A, Reb M, Reb D, and others. Reb A holds a market share of 27% in the year 2018.
- Reb A tastes less sweet and has more of a bitter aftertaste than Reb M and D, but low supply of Reb M and D is pushing the demand for Reb A in the market.
- Whole Stevia leaf dominates the market with 35% of the market share in 2018. The demand for whole leaves among the food and beverage industry is fueling its demand in the market.
- Dairy food products are using stevia leaves to reduce the level of health-related issues such as obesity and diabetes associated with sugar. Stevia is used as an alternative for sucrose in dairy industries.
- Confectionaries are increasingly using stevia as one of their ingredients as a substitute for sugar. Based on the confection, the product helps provide sweetness, gives a crystallization texture, improves mouthfeel and also has an extended shelf life.
- In beverages, stevia is used in carbonated drinks, soft drinks, juices, RTDs, and energy drinks. This segment is forecasted to hold a market share of 22% in the year 2026.
- Beverage companies such as The Coca Cola and PepsioCo, Inc. have started to incorporate stevia in their drinks and are now marketed as drinks with no side effects on consumer’s health.
- APAC dominates the market of Stevia. It holds a market share of 23% in the year 2018. China is the major contributor being the leading producer. The rising demand for zero-calorie products, shifting trend towards natural sweeteners and changing lifestyle is boosting the market for stevia in the region.
- Key participants include Cargill, Ingredion Incorporated, Tate & Lyle PLC, Purecircle Limited, GLG Life Tech Corporation, Archer Daniels Midland Company, Sunwin Stevia International, Inc., S&W Seed Company, Pyure Brands LLC, Morita Kagakau Kogyo Co. Ltd., Zhucheng Haotian Pharm Co. Ltd, and Evolva Holding SA, among
For the purpose of this report, Reports and Data have segmented the global Stevia Market on the basis of Extract Type, Types, Applications, End Users, Distribution Channel, and Region:
Extract Types Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2018-2026)
- Whole Leaf
Types Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2018-2026)
- Reb A
- Reb M
- Reb D
Applications Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2018-2026)
- Dairy Food Products
- Dietary Supplements
End Users Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2018-2026)
- Food & Beverage Industry
- Cosmetics Industry
- Other Industry
Distribution Channel Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2018-2026)
- Direct Sales
Regional Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2018-2026)
- North America
- Asia Pacific
- Latin America
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