Stevia is a native plant to South America and consists of sweet leaves. Stevia is a semi-humid, subtropical, and perennial plant which can be grown anywhere like in garden and earthen pot. Stevia is popularly used as a sweetener in soft drinks, ice cream, desserts, sauces, yogurts, pickled foods, bread, chewing gum, candy, prepared vegetables, and seafood. Stevia is 200 to 300 times sweeter than table sugar, which makes it a popular raw material by the manufacturers. Stevia as a sweetener can be used in different forms as leaves, powdered extract and liquid concentrates. Stevia is healthier and preferable over table sugar, as it is a natural sweetener without any adverse effects.
Market Dynamics
Widespread awareness of the benefits of stevia, rising health consciousness, and high prevalence of diabetes are the key factors fueling growth of stevia market. Demand for stevia is high due to its low calorie and high protein content and natural sweetener properties, which makes it safe to use compared to artificial sweeteners such as aspartame, saccharin, and neotame. Stevia is a high intensity sweetener therefore, it is very popular in various food applications such as confectionery products, beverages, baked goods, and sweet dairy products. There are no severe allergies associated with stevia, which makes it safe to be used in products for children consumption. Therefore, increase in awareness of stevia and its health benefits across the world is projected to boost demand for stevia over the forecast period.
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Increasing popularity of stevia among various food and beverages companies across the globe is creating a conducive environment for growth of the stevia market. For instance, in May 2018, Coca Cola launched 100% based stevia-sweetened Coke in New Zealand.
However, stevia is not suitable for everyone as it can cause gastrointestinal symptoms such as nausea, vomiting, indigestion, cramping, bloating, and irritation. Stevia is also harmful for pregnant women and it can have adverse effects on fertility. Kidney toxicity, blood sugar level fluctuation and blood pressure alteration are other possible risks caused by consumption of stevia. The above factors might hinder growth of stevia market in the near future.
Market Outlook
Among applications, beverages and packaged food segments together accounted for the highest market share in 2017. Stevia’s sweetener concentration is much stronger compared to sugar and it causes minimal adverse effects on health and hence is increasingly being used in beverages and packaged food products. Stevia is approved for consumption by the regulatory bodies such as Food and Drug Administration of United States and European Nations.
On the basis of extract type, powdered segment was dominant in the market in 2017. This is owing to easy storage and transportation of this powered form. The other benefits of powdered form of stevia includes longer shelf life as compared to whole leaf and liquid extract. This segment is projected to be dominant in the stevia market over the forecast period.
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North America held the highest market share in the global market in 2017. The region is projected to maintain its dominance over the forecast period, owing to increasing health awareness and use of stevia in pharmaceutical sector.
Asia Pacific is projected to be the fastest growing region in the market over the forecast period. Key factors such as rising population of diabetes, growing health awareness and low cost of production of stevia compared to other sweeteners. In 2017 according to International Diabetes Federation, diabetic population of India and China accounted for 8.8% and 10.9% of the total adult’s diabetic population of the respective countries. Therefore, these factors are expected to create conducive environment for growth of the market in the region.
Key players in Global Stevia Market
Key players operating in the global stevia market are Cargill Inc., Evolva Holding S.A., Stevia Corp., PureCircle Ltd., Ingredion Inc., GLG Life Tech Corp., and Tate & Lyle Plc Inc.
Major players in the market are launching new stevia-based products, in order to meet the rising demand for such products in the market. For instance, NuNaturals, a premium sweetener company, introduced new zero calorie Stevia and Monk Fruit organic sweetener in August 2018.
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