Stevia Market Estimated to Rise at 8% CAGR by 2020

The global stevia market is projected to grow at over 8% CAGR and reach US$ 565 million by 2020. Rising awareness on the potential side effects of sugar is driving demand for alternatives, and stevia has emerged as one of the most feasible options. Stevia is widely used in various end-use applications, with the beverage industry taking a particular liking to this low-sugar variant.

While consumer awareness remains one of the most important factors for high demand, government advocacy has also spurred demand. As obesity levels grow at an alarming rate, governments are working towards disseminating information on reducing sugar intake.

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Stevia is also gaining traction in the food and beverage sector, owing to the greater industry-wide push towards plant-based sweeteners. It is expected that that push for plant-based sweeteners will contribute to growing sales of stevia in the future.

The food and beverage sector is increasingly aligning towards clean-label and natural products, and this is benefitting the growth of stevia, as it is derived from plants. The positive sentiment is especially high for stevia packaged foods. It is expected that positive consumer sentiment towards organic products will augur well for the growth of the global stevia market in the foreseeable future.

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Adoption of stevia is gaining traction in the U.S., owing to increasing emphasis on low-calorie food products. Many established brands are revamping their product lines to include more low-sugar products in their portfolio. Also, the level of awareness and obesity epidemic are on the higher side in the U.S. On account of these factors, the stevia market in North America is projected to grow at a higher rate than the global average.

While North America remains an important market, Asia Pacific excluding Japan has grown to become a key market for stevia. In terms of volume sales, the APEJ markets offers good opportunity owing to the high population of the region, especially in China and India. It is expected that Asia Pacific will be the second largest market for stevia after North America.

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Players in the global stevia market are focusing on consolidating their position by developing variants that do not alter the taste of a known product drastically. Currently, the key challenge for widespread adoption of low-sugar products is consumer concerns related to taste and flavor. Leading players are also focusing on collaboration with local manufacturers to source natural and organic raw materials.

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