Stevia Market Encouraged by Growth and Demand for Natural Sweeteners
Stevia is a natural sweetener extracted from the plant called Stevia rebaudiana, which is native to the tropical regions of the Americas. The plant has been used for hundreds of years in South American countries for sweetening beverages and making tea. It has also been utilized as a medicine for treating burns, colic, stomach problems, etc. The sweet taste of stevia is a result of two major compounds present in its leaves, called Rebaudioside A and Stevioside. These compounds can be 40 to 300 times sweeter than sugar and have no calories. When consumed, they are not absorbed in the bloodstream and do not affect the sugar levels, thereby being safe for diabetics and people on carbohydrate-control diets.
According to IMARC Group, the global stevia market sizewas estimated to be US$ 448 Million in 2017. Looking forward, the market is projectedto register a CAGR of more than 9% during 2018-2023, reaching a value of US$755 Million by 2023.
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Superior health benefits bolstering market growth
As consumers worldwide are becoming health-conscious, they are seeking preventive measures which help reduce the risk of developing a medical condition. Owing to this, they are opting for naturally-derived products and medications such as stevia. Moreover, the growing demand for sugar-free foods and beverages has propelled the consumption of stevia. Apart from being a non-caloric sweetener, stevia has a number of other health benefits. It contains several antioxidant compounds which help in reducing the effect of cancer-causing free radicals in the body. They also assist in preventing premature ageing, cognitive malfunction and heart diseases. Certain glycosides present in stevia aid in dilating blood vessels and increasing sodium excretion, thereby regulating blood pressure in hypertension patients. Additionally, stevia reduces bacterial formation in the mouth, in turn, preventing cavities and gingivitis, and maintaining overall oral health. As a result, it is widely being used in oral-care products such as mouthwashes, toothpastes, chewing gums, etc.
Beverage industry: Largest consumer of stevia
As a result of its health benefits, stevia is used in a number of food and non-food applications. The beverage industry currently represents the largest end-user of stevia where it is utilized in low-calorie beverages such as soft drinks, juices, hot drinks, flavored water, etc. In the food industry stevia is used in chocolates, baked foods, biscuits, candies, jams, ice creams and prepared vegetables. Stevia is also replacing a large number of table top sweeteners such as sugar, honey, aspartame, sucralose, etc. Its applications in herbal medicine and tonics are also driving its consumption in the pharmaceutical industry.
Powdered stevia dominates the market
Different forms of stevia are available in the market with the most popular being powdered, liquid and leaf. Amongst these, powdered stevia accounts for the majority of the global stevia market share, representing the dominant segment. Powdered stevia is preferred by consumers on account of its ease-of-use and longer shelf-life.
Asia Pacific represents the largest market
Asia Pacific currently represents the largest consumer of stevia products. Within the region, China and Japan are the largest producer and consumer of stevia, respectively. Other major regions include North America, Latin America, Europe, and Middle East and Africa.
The market is highly concentrated in nature with the presence of a handful of manufacturers. Some of the leading players operating in the market include PureCircle, GLGLifeTec, Sunwin Stevia International Inc., Cargill Incorporated, Tate & Lyle PLC, Archer Daniels Midland Company, Associated British Foods PLC and Cumberland Packing Corporation.
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Source: apsense & imarc Group