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Stevia Market is Estimated to be Valued at US$ 565 Mn Value by 2020: PMR
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The global stevia market is projected to rise at a CAGR of more than 8% from 2015 to 2020 and is expected to exceed a valuation of US$565 Mn by the end of 2020. The consumption of stevia as ingredient is predicted to cross 8.506 tonnes at the end of the forecast period.
The various applications of stevia comprise bakery products, dairy food products, dietary supplements, confectionery, beverages, packaged food products, snacks, and table top sweeteners. Of these, the beverages segment is projected to rise at the leading CAGR over the forecast period. The prominence of this segment is attributed to the wide popularity of stevia-based hot drinks, energy drinks, and soft drinks, and their acceptance among a wider populations. Regionally, Asia Pacific excluding Japan (APEJ) and North America are expected to hold a prominent share of the global market throughout the forecast period. The North America market for stevia is forecast to register an impressive CAGR of 9.8% during 2014–2020. The APEJ market is expected to be fueled by a burgeoning infrastructure and the substantial production and export of stevia in China.
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Wide Demand for Naturally-Sourced Low-Calorie Sweeteners to Accentuate Market
The growing demand for plant-based low-calorie sweeteners among populations world over is a key factor driving the global stevia market. The rising need for naturally-sourced low-calorie sweetener among populations with diabetes is a crucial factor bolstering the demand for stevia-based products in various regions. In a number of developing and developed countries, regulatory agencies have allowed the consumption of highly purified stevia glycosides and food products based on them, which augurs well for these regional markets. In addition, several studies have confirmed their safety and efficacy when consumed in regulated amounts.
The growing popularity of stevia-based products to be consumed with a variety of beverages, notably teas, and various weight-loss blends is a prominent trend accentuating the overall market. The launch of stevia-based formulations by several prominent food and beverages companies that are high on protein and have significant antioxidant properties is a key factor boosting the market. The sustained regulatory approval of these products bode well for the overall market.
Bitter Aftertaste May Hamper Consumption, Vast Therapeutic Benefits to Foster Demand
The demand for stevia-based food products has gained traction among a large health-conscious population that increasingly prefer plant-based ingredients, with an aim to gain therapeutic benefits, such as in lowering blood pressure. This is a crucial factor likely to bolster the uptake over the assessment period. Howbeit, the bitter aftertaste of stevia-based products and ingredients usually when taken with hot beverages is a key factor likely to hinder the growth of the market to an extent. Nevertheless, in recent years, the introduction of innovative formulations that have a variety of therapeutic benefits is a notable development expected to unlock exciting opportunities in the market.
In addition, the rising awareness of stevia-based products through online marketing and social networking sites, notably Twitter, is a key factor expected to accentuate the market in the coming years. The proliferation of positive sentiment about the therapeutics benefits of stevia in various social media channels is a significant factor boosting the overall market.
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The study presented here is based on a report by Persistence Market Research (PMR) titled “Global Market Study on Stevia Market - Beverages will Remain the Dominant Application Segment through 2020.”
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Persistence Market Research (PMR) is a third-platform research firm. Our research model is a unique collaboration of data analytics and market research methodology to help businesses achieve optimal performance.Our client success stories feature a range of clients from Fortune 500 companies to fast-growing startups. PMR’s collaborative environment is committed to building industry-specific solutions by transforming data from multiple streams into a strategic asset.
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