Global Demand for the Stevia Market
by Susan Hill Business ConsultantThe global stevia market size is expected to reach USD 553.7
million by 2024, according to a new report by Grand View Research, Inc.,
progressing at a CAGR of 6.1% during the forecast period. Soaring demand for
low-calorie sweeteners is expected to be a major factor propelling market
growth. Considering the market is still at a nascent stage, the market is yet
to realize its full potential.
Stevia contains rebaudioside-A and stevioside, which
are responsible for imparting high degree of sweetness without any side effects
on health. This is the major reason for the growing demand for stevia over the
past few years.
Stevia acts as a natural sugar substitute. The
production process starts with a herbal plant called stevia rebaudiana, which
is a member of the Chrysanthemum family and grows naturally in the forests of
Brazil and Paraguay. The components of stevia leaves responsible for the plant’s
sweetness are glycosides.
Beverages form the largest application segment and
in 2015, accounted for 34.7% of the total volume. This can be attributed to
increasing market penetration of stevia in various soft drinks, juices, teas,
and nectar. Companies such as PepsiCo, Inc. and The Coca-Cola Company have
incorporated the product in their diet
soft drinks and are marketed as drinks with no side effects on consumer
health. Biotechnology companies are marketing the product in various forms such
as liquids and powders. It is expected to replace sucrose in various food
products including confectionery jellies, traditional cakes, biscuits, and
other baked products.
Further key findings from the report suggest:
- The global market generated USD 337.7 million in 2015 and is
anticipated to progress at a CAGR of 6.1% during the forecast period
- Beverages accounted for the largest share by application in 2015,
holding 34.7% of the total volume. The segment is expected to witness the
fastest growth over the forecast period owing to increasing use of stevia
in various carbonated drinks to expand consumer base
- Asia Pacific was the largest market, accounting for 35.3% of the
global market volume in 2015. Positive outlook of the food and beverage
sectors in China, Japan, South Korea, and Vietnam is expected to promote
the consumption
- PureCircle Limited, GLG Life Tech Corp, and Stevia Corp are some of
the major producers. Stevia First Corp, Cargill, and Evolva S.A. are other
major players in the market. These players are integrated across various
stages of the value chain in order to improve their contribution margins
and gain higher market share
Access
full research report on global stevia market:
www.grandviewresearch.com/industry-analysis/stevia-market
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Created on Oct 15th 2019 07:50. Viewed 403 times.