Stevia is a natural sweetener taken from a plant species known as Stevia Rebaudiana. It’s a healthy, zero-calorie sweetener 200 times sweeter than sugar. Stevia also contains a variety of antioxidants, including flavonoids, triterpenes, tannins, and quercetin. Despite rising recognition and a growing number of health benefits associated with its use, consumers are increasingly substituting stevia for sugar. Numerous food and beverage manufacturers also use it in coffee, tea, smoothies, and yogurt to deliver low-calorie products.
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Stevia is considered to have a range of health benefits, such as diabetes control, weight loss, and blood pressure, and sugar control. Increasing knowledge of these advantages has led to an increase in demand, which is now rising economically around the globe. Also, stevia serves as an antibiotic and helps prevent the spread of bacteria due to which it is used in topical skin conditions such as eczema and dermatitis.
As consumers opt for plant-based and natural goods, manufacturers, especially in the F&B industry, are trying to integrate natural ingredients into their goods. Increasing understanding of the side-effects of the hormones and antibiotics present in animal products, the vegan population and rising compassion for animals are expected to be some of the drivers of increasing demand for plant-based products. As a result, the growing trend towards the use of plant-based products is expected to have a positive effect on the stevia industry. Stevia is a natural, strong-intensity sweetener, 200-300 times sweeter than sucrose. This is safe and helps grow low-calorie products.
The growing prevalence of diabetes and obesity is expected to serve as a major driver for the stevia industry. According to the World Health Organization, about 1.6 million deaths were caused directly by diabetes in 2016 and is the seventh leading cause of death worldwide. Also, more than 1.9 million adults were overweight in 2016, while 650 million of these adults were obese. As the incidence of diabetes and obesity rises, customers are taking sufficient steps to maintain a safe lifestyle.
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Asia Pacific, followed by North America is expected to dominate the global stevia market. The market in North America is projected to have a healthy CAGR over the forecast period, while Asia-Pacific will also display strong market development over the same period. Similarly, China has a distinctive global supremacy over other countries in terms of production capacity and exports of stevia. Low cost of production and availability of qualified workers is a key factor for the growth of the Asia-Pacific.
Global Stevia Market is fragmented due to the presence of number of large-sized companies, mid-sized & small-sized companies, and many start-ups that are working together to develop Stevia. The leading companies of Stevia Market are Cargill Incorporated, Tate & Lyle, PureCircle, Stevia Corp., Ingredion Incorporated, Archer Daniels Midland Company, Evolva, GLG LIFE TECH CORP., HYET Sweet, Sunwin Stevia International, Inc.and other prominent players.
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