31 October 2019
Visiongain has launched a new Consumer goods report Stevia Market Report 2019-2029 Forecasts by Extract Type (Powder, Liquid, Leaf), by Product (Reb-A Series, STV Series, Glucosyl Stevia), by Application (Beverages, Bakery, Dairy foods, Beverages, Confectionery, Dietary Supplements, Others)) PLUS Profiles of Leading Companies and Regional and Leading National Market Analysis.
The global stevia market is expected to grow at a lucrative rate during the forecast period. Some of the key factors driving the market include the increase in obese and diabetic population, growing awareness regarding the health benefits of low calorie products, rising demand for natural and plant-based sweeteners. The stevia market can be segmented based on product, extract type, application, and region.
Stevia’s potential market has expanded to the overall sweeteners market. According to the WHO, the current global sugar market values to approximately USD 50 billion, annually. WHO’s estimates suggest that the growing usage of Stevia has the potential to capture almost 20% of the share of the global sugar market. More and more consumers check amount of sugar in their food products before purchasing. Additionally, consumers are also avoiding artificial sweeteners, which has in turn led to
high growth potential for natural sweeteners such as stevia. Rising demand among consumers for natural low or zero calorie products has propelled the growth. Stevia when blended with sugar is known to is known to reduce the calorie content by 30-40% without compromising with the taste of functionality of sugar.
Asia Pacific is expected to dominate the global market and witness the fastest growth during the forecast period owing to growing diabetic population, growing awareness, and availability of multiple local players. China is world’s biggest supplier of stevia and also has the largest planting area for the plant. Such factors are expected to continue to propel the growth of the stevia market in the country and also of the overall Stevia market.
Key players such as Cargill, Inc. Archer Daniels Midland Corporation, GLG Life Tech Corp., Tate & Lyle Plc, Stevia Corporation are currently dominating the market. These major companies are increasingly focusing on research and development activities so as to gain competitive advantage. Few of other companies operating in the market include Ingredion Inc., The Coca-Cola Company, PepsiCo Inc., Imperial Sugar, Future Organics, Zydus Cadila. With growing health awareness across the globe, manufacturers are focussing on development of alternative sweeteners with low or no sugar value. For instance, in March 2019, India based LB Industries launched Ray NoSugar, a liquid sweetener produced from 99.8% pure stevia extract. Ray NoSugar can be consumed by everyone including obese, diabetics, and calorie conscious people. The product has no calories and scores zero on the Glycemic Index. Ray NoSugar is first-of-its kind product in India and is available in sachets, which are convenient to use and mess free. Earlier, in June 2018, c-LEcta, a Germany based biotechnology company collaborated with a leading supplier to expand production of Stevia based sweetener. Such factors are expected to propel the growth of the global Stevia market.
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