Stevia Market to Grow Rapidly in Future | Global Key Players - Cargill Inc., Evolva Holding S.A., Stevia Corp., PureCircle Ltd., Ingredion Inc., GLG Life Tech Corp., and Tate & Lyle Plc Inc.

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.

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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.

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.

Market Outlook

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.

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.

Market Taxonomy

On the basis of application type, the global stevia market is segmented into:

Beverages
Packaged Food
Bakery and Confectionery Products
Table Top Sweetener
Others (Pharmaceutical and dietary supplements)

On the basis of extract type, the global stevia market is segmented into:

Powdered
Whole Leaf
Liquid Extract

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