With the presence of a large pool of participants, the Global Stevia market is displaying a highly competitive business landscape, finds a new research report by Zion Market Research (ZMR). Tate & Lyle Plc, The Coca-Cola Company, PureCircle Ltd, Evolva Holding S.A., Nestlé S.A., and Ingredion Incorporation are some of the key vendors of Stevia across the world. These players are focusing aggressively on innovation, as well as on including advanced technologies in their existing products. Over the coming years, they are also expected to take up partnerships and mergers and acquisitions as their key strategy for business development, states the Stevia market study.
Citing an instance, recently, a research study published in The Journal of Nutrition demonstrated that steviol glycosides (also referred as Stevia sweetener) are not genotoxic, implying that these chemical compounds seemingly do not affect the cells’ genetic integrity. Reportedly, research studies performed on human safety have revealed that certain Stevia sweetener doses did not have adverse reactions to either blood pressure or fasting sugar in diabetics as well as healthy individuals.
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As estimated in this report, the global Stevia market stood at US$ 416.6 million in 2017. Witnessing a tremendous rise during the period from 2018 to 2024, the revenue in this Stevia market is expected to reach US$ 721 million by the end of the forecast period. The main extract types available in this Stevia market are liquid, powder, and leaf extracts. Among the three, the demand for powder extract is relatively higher and the trend is anticipated to remain so over the next few years, notes the research report.
Massive Awareness About Intake Of Low Calorie Food To Prolong Product Sales
“Rising consumer awareness towards the benefits of consuming low calorie diet along with end-user preference for food low in carbohydrates & rich in nutrition is anticipated to boost Stevia market trends, “ says the author of this study. Apart from this, consistent innovations in products for catering to the consumer demand for natural ingredients will spur the Stevia market space in the years ahead.
Shift in consumer preference for sugar substitutes, however, can put brakes & checks on the rapid evolution of Stevia market in the near future. Nevertheless, the demand for natural ingredients as well as antioxidants is expected to spur the growth of Stevia market in upcoming years, normalizing the impact of hindrances on the market, reports the study.
Rampant Product Use In Food & Beverages Sector to Augment APAC’s Dominance
Regionally, Asia Pacific has been leading the worldwide Stevia market and is anticipated to continue on the dominant position in the years to come, states the Stevia market study. The large-scale adoption of the product across countries such as India, China, Japan, and South Korea is the main factor behind the dominance of the Asia Pacific Stevia market. Massive use of the product in emerging food & beverages sector across countries such as Indonesia, Malaysia, and Thailand in Asia Pacific is another significant factor that is supporting this regional Stevia market. In addition, exploding population base, mammoth funding in Stevia production from manufacturers based in China, Japan, & India and rapid raising purchasing capacities of the consumers are the major growth drivers of Stevia market in the region.
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The global Stevia market is segmented as follows:
- Dairy Products
- Bakery and Confectionery Products
- Dietary Supplements
- Packaged Food Products
- North America
- The U.S.
- Asia Pacific
- Latin America
- The Middle East and Africa
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