Stevia Market Overview
Stevia can be defined as a natural sweetener with zero-calorie properties. The product has significant contributions in various sectors that are related to the food and beverage industry. Among these sectors dairy, bakery & confectionery, beverages, convenience foods, tabletop sweeteners, and others are pretty impressive. Stevia’s medicinal properties can also contribute significantly to the growth of the market. That is why it is gaining huge traction from people who are quite health-conscious. Growing innovations in the distribution channels can also make substantial impact on the market in the coming days. In fortified products, stevia can mark easy entry, which would trigger high growth. The global market for stevia, as predicted by Market Research Future (MRFR), is set to score high CAGR between 2018 and 2023 that is also the forecast period for the market.
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Dwindling price and seasonal production are two factors that can deter market growth for stevia. However, other prospects like growing health-conscious people can bring the market back on track.
The global market for stevia is witnessing a huge surge due to the rising participation of various companies that are known for their extensive market contribution. This contribution can be measured on the basis of their strategic inputs and high market acknowledgment. Their contribution can ensure a holistic growth for the global market for stevia. MRFR profiled a few companies to understand the various impacts these companies can have in the coming years. These companies are Ingredion Inc. (U.S.), Stevia Biotech Pvt. Ltd (India), Stevia Corp. (U.S.), Cargill Inc. (U.S.), Tate & Lyle Plc. (U.K.), PureCircle Ltd (Malaysia), GLG Life Tech Corp (Canada), and others.
In October 2019, HB Natural Ingredients received no objection status from the FDA for their stevia sweetener product line-up named Vitosa. HB Natural Ingredients is a subsidiary of BGG World. These sweeteners are cost-effective and can be used in various beverages like carbonated soft drinks, energy drinks, juices, and others.
The Stevia Market study conducted by MRFR reveals a detailed understanding on the basis of a category, type, and application. These segments are known for having details related to various market factors that can impact and bring in a change in the market. The analysis has a lot of backing from volume-specific and value-wise market figures.
By category, the global market for stevia includes organic and conventional. The health-conscious product is set to gain better market provision.
By type, the global market for stevia includes whole leaf, liquid, powder, and others. These segments are gaining significant market provisions from several quarters.
By application, the market report for stevia incorporates beverages, bakery & confectionary, tabletop sweeteners, dairy, convenience foods, and others.
MRFR makes interesting predictions regarding the contributions made by the Asia Pacific market. The regional market has the potential to take the lead and control the positioning of the product on a global scale. This is gaining significant market traction from factors like transforming lifestyle, better integration of the product in daily lives, contributions made by India, China, Japan, and others, and others. China is set to emerge as the biggest contributor in the global market with Japan and South Korea with the potentials to become the highest consumers. The regional market is also witnessing easy percolation of the product in the food and dietary segment with significant contribution in the making of various dietary supplements.
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North America’s contribution to the global market is also expected to be significant as the demand for natural sweeteners is expanding at a rapid scale. The market is also witnessing an easy percolation of the process into the industry related to food and beverage. Its supplementary contributions to various food products can also be assessed for a better market prediction. South America’s growth would be notable as well with Brazil and Argentina making good contributions. Europe is all set to witness significant upliftment in the market prospect due to growing health awareness in the market.
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