Stevia Market size is predicted to hint a value of $1,169.4 million by 2026
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Prime determinants of growth
Increase in applications in food & beverage industries, demand among diabetics and obese consumers, and launch of new products drive the global stevia market. However, threats from substitute product hinder the market growth. On the other hand, surge in demand for natural sweeteners and rise in adoption in animal feed create new avenues for growth in coming years.
The powder segment to maintain its dominance throughout the forecast period
Based on form, the powder segment held the largest share in 2019, generating more than two-fifths of the global stevia market in 2019, and is expected to maintain its dominance throughout the forecast period. This is attributed to surge in its usage in the food & beverages, pharmaceuticals, and otherindustries for its solubility, sweetness, and long shelf life. On the other hand,the liquid segment is estimated to portray the fastest CAGR of 8.6% from 2019 to 2026, owing to availability in different flavors including vanilla, chocolate, hazelnut, lemon, and others to improve flavor of food and drinks.
The direct channel segment to maintain its lead position by 2026
Based on distribution channel, the direct channel segment accounted for three-fourths of the global stevia market in terms of revenue in 2018, and is expected to maintain its lead position by 2026. This is due to emergence of new online web portals to sell stevia and surge in brand awareness among the potential customers. However, the indirect channel segment would witness the highest CAGR of 9.1% from 2019 to 2026, owing toeasy accessibility of products and huge discounts &offers on products.
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Asia-Pacific, followed by North America, to maintain its top position by 2026
Based on region, Asia-Pacific, followed by North America,accounted for nearly one third of the global stevia market share in 2018, and is estimated to maintain its top position by 2026. This is attributed toits surge ofusage in sports drinks, beverages, food products, toothpaste, and others in Asian countries along with it benefits in lowering blood pressure, managing diabetes and others.However, Europeis expected to maintain the largest CAGR of 9.5% from 2019 to 2026, owing torapid formulation and launch of new stevia containing products and reformulation of existing products by food & beverage manufacturers.
Top Key Players: 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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