Stevia Market On Target to Reach $1,169.4 Million by 2026
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The retail segment is anticipated to garner the highest market share during the forecast period, due to rise in consumer awareness about stevia as a natural zero calorie sweetener, which is non-cariogenic sweetener with low glycemic index. Furthermore, health benefits associated with stevia has made it popular in the household sector. Thus, the demand for stevia especially among the diabetic and obese consumers is expected to increase significantly, thereby driving the growth of the stevia market.
Moreover, rise in number of consumers adopting a healthy lifestyle has propelled the adoption of free form product. This, in turn, has triggered the trend of reducing the consumption of sugar in their diet, which encourages consumers to seek for healthy alternatives of sugar. This factor has urged food & beverages manufacturers to use stevia in their products, which is expected to offer potential growth opportunity for market expansion during the forecast period. In addition, stevia has been also known for improving the palatability of animal feeds, resulting in enhancing the appetite of livestock. This is anticipated to boost the demand for stevia in the animal feed industry.
Furthermore, the food service industry, including cafes, restaurants, and hotels are increasingly adopting stevia as table top sweetener for tea and coffee. This, in turn, is anticipated to provide immense opportunity for the stevia market growth in the food service industry during the forecast period.
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The global stevia market is segmented into form, end user, distribution channel, and region. On the basis of form, the market is classified into liquid, powder, and others. By end user, it is divided into food & beverages industry, pharmaceutical industry, retail industry, and others. Depending on distribution channel, it is bifurcated into direct channel and indirect channel. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Top Key Players: The key players operating in the stevia industry are Archer Daniels Midland Company, BENEO (SUDZUCKER Group), Cargill, Incorporated., Foodchem International Corporation, FRAKEN BIOCHEM CO. LTD, Haihang Industry Co., Ltd, Ingredion Incorporated, PureCircle, Tate & Lyle PLC., and Van Wankum Ingredients.
Key findings of the study:
o By form, the powder segment accounted for the highest stevia market share in 2018, growing at a CAGR of 7.2% from 2019 to 2026.
o Depending on end user, the food & beverages segment occupied the maximum share in stevia market analysis in 2018, and is expected to dominate the market forecast.
o On the basis of distribution channel, the direct channel was the highest contributor to the market in 2018, and is estimated to register a CAGR of 7.5% from 2019 to 2026.
o Region wise, Asia-Pacific accounted for about 34.8% in 2018 of the stevia market by share and is expected to grow at a CAGR of 7.0%.
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