Stevia is a natural high-intensity sweetener that is an extract of Stevia Rebaudiana plant. Active compounds of stevia include steviol glycosides, primarily rebaudioside and stevioside. It is 200-350 times sweeter than sugar and has zero calorie content in them. Stevia has very low glycemic index and it does not trigger blood sugar levels, which makes it appropriate for diabetic patients. It is non-cariogenic in nature which makes it gentle on teeth ensuing in good dental health. Although, stevia rebaudiana plant is native to Latin America, however, it is commercially grown in Mexico, Asia Pacific and some parts of the U.S. and Europe. The global stevia market is segregated on the basis of extract type and application. Based on extract type, the global stevia market is segmented into powder liquid and leaf. Liquid extract is further segmented into dark liquid extract and clear liquid extract. Powder extract is further segmented into stevia blends and sweet glycosides.
Powder extracts held majority market share in 2016 and is expected to witness a steady growth rate during the forecast period. This is attributed to powder stevia also being used in form of tablets in dietary supplements and as table top sweeteners. Liquid extract is expected to witness the fastest growth rate during the forecast period of 2017-2025, owing to ease of use and high solubility of liquid in food products and beverages. Based on application, the global market for stevia is segregated into bakery, table top sweetener, dairy product, packaged food, beverages, confectionery, dietary supplements and others. Table top sweetener held the majority market share in 2016 and is forecast to witness a substantial growth rate during the forecast period. This is attributed to its zero calorie content and low glycemic index which makes it essential for diabetic and health conscious consumers. Dairy food products and dietary supplement are expected to witness rapid growth rates during the forecast period owing to fitness conscious consumers globally.
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Major drivers driving the global market for stevia include increase awareness about health benefits of stevia is driving the global market positively. Stevia has numerous medicinal benefits and increasing awareness about this among consumers is acting as a major driver to the global stevia market. In addition, increasing availability of stevia across the globe is also triggering market growth. Rise in fitness conscious and calorie conscious consumers is also triggering market growth for the global stevia market. Rising popularity of natural ingredients and antioxidants is also a major driver to the global stevia market. Stevia formulation is a colex process and requires highly skilled labour and equipments which involves high cost. This is a major restraint to the global stevia market. Increasing use of stevia in the pharmaceutical sector is proving to be a major opportunity to the global stevia market.
Geographically, the global stevia market is segregated into North America, Europe, Asia Pacific, Middle East & Africa and Latin America. Asia Pacific held the majority market share China being the largest producer of stevia in the global market. North America follows Asia Pacific in the global stevia market. Latin America is forecast to witness the most rapid growth rate among the regions owing to huge demand from countries such as Brazil, Peru, Columbia, Uruguay and Paraguay. Europe is also expected to witness high growth rate during the forecast period owing to increasing number of health conscious consumers in the region.
Major players of the global stevia market include Evolva Holding S.A. (Switzerland), Stevia Corporation (U.S.), Cargill, Inc. (U.S.), Ingredion Incorporated (U.S.), PureCircle Ltd. (Malaysia), The Coca-Cola Company (U.S.), Tate & Lyle Plc (U.K.), PepsiCo Inc. (U.S.), GLG Life Tech Corp. (Canada) and Stevia First Corporation (U.S.) among others.