Future Market Insights (FMI) in its research report, “Stevia Market: Global Industry Analysis and Opportunity Assessment 2014 – 2020” provides key insights on the prospects of stevia market in Western Europe.
According to the report, increasing obesity rates, rising awareness about the potential impact of excessive sugar consumption, and increase in healthcare spending are driving the market for low-calorie foods, and stevia has gained traction due to this. Stevia market in Western Europe accounted for 12% share of the global stevia market.
Obesity levels have reached epidemic proportions around the world and owing to awareness initiatives by not-for-profit organisation and health food companies, a substantial percentage of consumers is now looking to buy healthy foods.
Popularity of stevia as a natural sweetener has been growing in Western Europe, with many leading brands launching their products to cater to the health-conscious segment.
Although artificial sweeteners were touted as the answer to sugar, concerns about the ingredients used to manufacture them has prompted many consumers to look for safer, natural alternatives.
Stevia is extracted from a plant, and it adds little to zero calories to a food product, owing to which it has witnessed widespread adoption in the food processing industry.
Although stevia has been received positively by health-conscious consumers, its popularity among the masses has not seenmassive success.. According to respondents in FMI’s end-user survey, stevia-based products tasted ‘different’ than sugar, or artificial sweetener based products.
Request Free Report Sample@ http://www.futuremarketinsights.com/reports/sample/rep-gb-38
The stevia market in Western Europe was worth US$ 41.7 Mn in 2014; FMI estimates that the market will witness a compound annual growth rate (CAGR) of 7.2% through 2020 and reach a valuation of US$ 63.3 Mn.
On the manufacturing side, demand for stevia powder extracts is anticipated to be the highest and FMI estimates that it will account for nearly 80% share of Western Europe stevia market in 2020. Launch of stevia based products and aggressive marketing by retailers is anticipated to fuel the market through 2020.
On the end-use application side, demand for beverages and packaged foods is projected to remain robust through 2020. Beverages and packaged foods collectively accounted for nearly 55% of Western Europe market share in 2014.
Increased demand for dietary supplements is also anticipated to provide an impetus to the stevia market in Western Europe. Health-conscious consumers pay specific attention to the ingredients mentioned on the label, and they are proactively looking for products that use natural or organic ingredients.
France, Germany, and the United Kingdom are the most lucrative markets for stevia in Western Europe. High level of awareness among consumers in these countries is anticipated to be the key driver for growth.
Send An Enquiry@ http://www.futuremarketinsights.com/askus/rep-gb-38
Leading players in Western Europe stevia market, such as PureCircle Ltd., Cargill Inc., and Merisant Company are offering stevia-based formulations to end-use industries.
A key trend analysed by FMI in the Western Europe stevia market is the formation of strategic alliances between companies to boost the supply chain.
Stevia was granted approval as an ingredient in the food and beverages sector by European Union in 2012, and since then, commercialisation of stevia has occurred on a massive scale. Owing to the high demand for stevia in the region, leading brands are focusing on broadening their product offerings. FMI estimates that growing demand from consumers will prompt manufacturers and retail stores to pay more attention to stevia-based products.