The latest report by IMARC Group titled, “Stevia Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2017-2022”, finds that the global stevia market reached a value of more than US$ 400 Million in 2016, representing a CAGR of nearly 13% during 2011-2016. Being a zero-calorie sweetener, stevia has gained popularity as a natural sugar substitute worldwide. Extracted from a herbal plant species called Stevia rebaudiana, stevia is known to be 200 to 300 times sweeter than sugar in the same concentration. Owing to its low glycemic index, stevia does not influence the blood sugar levels which makes it suitable for diabetic patients. Furthermore, the active compounds in stevia, namely, Stevioside and Rebaudioside A, offer various positive health benefits. As a result, the health-conscious consumers are now replacing artificial low-calorie sweeteners with stevia.
Highlights of the global stevia market:
- Increase in health awareness among consumers represents the largest growth driving factor.
- The food industry dominates stevia consumption globally.
- Asia-Pacific is the largest market for stevia, accounting for a third of the total market share.
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The global stevia market is currently being driven by a number of growth inducing factors. One of the major factors is the rise in the incidences of lifestyle diseases such as diabetes, obesity, cardio vascular diseases, etc. Additionally, awareness about sustaining a healthy diet, growing disposable incomes, rising demand for natural ingredient-based products, government initiatives to promote healthy lifestyles and a continuous growth in the end-use industries of stevia are also driving its global demand. According to the report, the market is further expected to reach a value of nearly US$ 700 Million by 2022.
The market has been segmented on the basis of stevia extracts as powder, liquid and leaf. Currently, powdered stevia represents the most popular extract type, accounting for the majority of the total market. Based on end-use, the food industry accounts for the majority of the market share followed by the beverage and pharmaceutical industries. The demand for stevia in the food and beverage industries is primarily driven by the increasing popularity of low-calorie products. On the other hand, the demand in the pharmaceutical sector is driven by an increase in the consumption of dietary supplements and the use of stevia for other medicinal purposes.
On the basis of region, Asia-Pacific currently represents the largest market for stevia, accounting for a third of the total share. Within the Asia-Pacific region, China currently represents the leading producer of stevia. Asia-Pacific is followed by North America and Latin America. In terms of consumption, Japan accounts for the majority of the global stevia consumption. It was followed by the United States and China with both the countries holding an equal share and together accounting for a fifth of the total global consumption. Analysing the competitive landscape, the key global producers include Pure Circle, GLG Life Tech and Sunwin International. The market is highly concentrated in nature with the two leading players accounting for two-thirds of the total market share.
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The report has examined the global stevia market on the basis of:
Extraction Type:
- Powder
- Liquid
- Leaf
End-use:
- Beverages
- Food
- Table Top Sweeteners
- Pharmaceuticals
Region:
- Asia-Pacific
- North America
- Middle East and Africa
- Latin America
Major Manufacturers:
- Pure Circle
- GLG Life Tech
- Sunwin International
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