Sweetener market comprises ofcaloric and non-caloric sweeteners. Among which caloric sweetener includes sucrose, table sugar, raw sugar, and others. Whereas non caloric sweetener have been further segmented into natural as well as synthetic sweeteners. The natural sweeteners are further classified as low potency and high potency sweetener whereas synthetic sweeteners include advantame, aspartame, sucralose and others. Increased consumer awareness towards low caloric food across the globe has changed consumer preferences for food resources which have low carbohydrates and offer high energy. Moreover, shift in consumer preferences for sugar substitute products is a prime concern for consumers and thus has led to transitions in the sweetener market. Additionally, continuous product launches catering to demand for antioxidants and natural ingredient products is expected to support the robust growth for plant-based sweeteners such as stevia in the near future.
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Stevia Market Overview
Stevia holds an essential place under sweeteners segment owing to its benefits such as low-calorie and high protein ingredient. Stevia market is segmented on the basis of extract type and application. According to the extracts, the market is further segmented as liquid, powder, and leaf. The varied applications of stevia as a food ingredient include bakery, dairy food products, beverages, packaged food products, dietary supplements, confectionery, and others. Among the extracts type, liquid extracts are expected to record a higher CAGR as compared to the other extracts from 2014 to 2020. However, by application, table top sweeteners and dairy food products sub-segments are expected to collectively witness a substantial growth during the forecast period i.e. 2014–2020.
Market Value Forecast
Globally, the sweetener market is estimated to be US$ 68.1 billion in 2014 and expected to reach at US$ 95.9 billion by 2020, registering a CAGR of 5.7% during 2014-2020. Whereas, stevia market is estimated to value at US$ 347.0 million in 2014 and expected to reach US$ 565.2 million by 2020, reflecting a CAGR of 8.5% during the forecast period. In terms of volume consumption of stevia it is expected to reach 8,506.9 tonnes by the end of 2020, registering an annual growth of around 7-8% during the forecast period.
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Extract Type Analysis
On the basis of extract type stevia market segmentation includes liquid, powder, and leaf extract. Liquid extracts are further sub-segmented as clear liquid extract and dark liquid extract. Also, powder stevia extracts are sub-segmented into stevia blends, sweet glycosides (40-50%) and sweet glycosides (80-95%). Among the various extract types, powder extracts contribution to the overall pie is expected to dominant during the forecast period, accounting for 65% of the overall stevia market share by 2020. However, liquid extracts segment is experiencing a robust CAGR of 8.7% during the forecast period. This growth is supported by extensive use of stevia liquid in direct consumption as table top sweetener coupled with assorted stevia-based liquid products globally.
By Application Analysis
On the basis of application or use the stevia market include dairy food products, bakery products, dietary supplements, confectionery, table top sweeteners, beverages, packaged food products, snacks, and others. Among all these segments packaged food products, beverages and table top sweeteners are collectively expected to account for around 72.0% of the global stevia market.
Increase awareness about health benefits of stevia is expected to drive the demand for stevia-based products in the near future. In addition, providing lucrative margins to distributors is expected to strengthen the partnership across the value chain. Increasing product visibility in modern retail formats as retail shelf space and product availability is predicted to create demand for stevia based products among the consumers across the globe. Since, stevia formulation is a complex process strengthening raw material procurement to finished product is a concern for companies in this market. Recognition of stevia as an ingredient in food and beverages sector, increasing awareness through online marketing, and strengthening supply chain particularly in countries such as India, Brazil, and Russia are key focus areas for companies in this market.
Competitive Players Outlook
The global stevia market competitive landscape includes suppliers such as Nestlé S.A., The Coca-Cola Company and PepsiCo Inc. and producers such as Cargill Inc., Evolva Holding S.A., PureCircle Ltd., Stevia Corp., Ingredion Inc., GLG Life Tech Corp. and Tate & Lyle Plc.
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