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Stevia Market to Record Steady Growth by 2022

Apr 15th 2020 at 12:14 AM

Stevia is a white powder composed of one or more intensely sweet glycosides derived from the leaves of stevia; it finds use as a non-caloric sweetener in various applications such as dairy, bakery & confectionery, tabletop sweetener, beverages, and convenience foods. The key drivers for the market’s growth are changes in consumer lifestyles, preferences for zero-calorie beverages, and increase in demand for natural sugar alternatives. Growth in demand for stevia and increase in per capita consumption of beverages incorporating stevia are driving this market.

The stevia market is projected to grow at a CAGR of 9.5% from 2017, reaching a value of USD 771.5 million by 2022. The market growth is driven by the increase in the customer demand for natural sugar alternatives, zero-calorie beverages, and healthier foods incorporating natural sugar substitutes. The market is also driven by factors such as the positive outlook for stevia as a natural sweetener and an increasing number of innovative product developments for stevia and stevia-based products that are cost-effective and find application in a wide range of food & beverage applications.

Among the types of stevia extracts, powdered & whole leaf extracts are widely used in the food & beverage industry and face high demand in North America and developing Asia-Pacific markets. Increase in demand for healthier, innovative products, and sugar alternatives is driving the growth for stevia in the emerging markets of the Asia-Pacific, South America, and the Middle East.

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Urbanization and the changes in diet styles influence the market for stevia-based products in the Asia-Pacific region. Moreover, in the U.S., the stevia market is highly fragmented and is growing at a fast pace owing to factors such as use of high-quality natural ingredients and specialization of stevia products to meet the changing consumer demands for healthy foods & beverages.

Increased demand for tabletop sweeteners in developed European countries such as Germany, the U.K., and France, has, in turn, increased the demand for stevia. Asia-Pacific accounted for the largest share in the global stevia market in 2016. The Asia-Pacific market is projected to grow at the highest CAGR, in terms of both value and volume, from 2017 to 2022. Japan accounted for the largest country-wise market share in the Asia-Pacific region in 2016, followed by China. The U.S. and Japan accounted for the two major stevia consumers, globally, in 2016.

Based on application, the tabletop sweeteners segment is projected to progress at the highest CAGR during the forecast period (2017 to 2022), whereas, on the basis of extract type, the whole leaf extract segment is projected to grow at the highest CAGR during the forecast period.

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The key players profiled in this report include Cargill (US), Ingredion Incorporated (US), Tate & Lyle Plc (UK), PureCircle Ltd (Malaysia), GLG Life Tech Corporation (Canada), Wild Flavors and Specialty Ingredients (Germany), Sunwin Stevia International, Inc. (China), S&W Seed Co (US), Pyure Brands LLC (US), Morita Kagakau Kogyo Co., Ltd. (Japan), Zhucheng Haotinan, Pharm Co., Ltd (China), and Evolva Holdings SA (Switzerland).

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