” Asia Pacific region expected to witness the fastest growth during the forecast period”
The global stevia market is expected to grow at a CAGR of 5.8% and was valued at US$ 380.2 Mn in 2018. Increasing demand for low-calorie sweeteners is a major factor resulting in a rise in demand for stevia. Stevia contains rebaudioside-A and stevioside, which are responsible for imparting a high degree of sweetness without having any side effects for health. Manufacturers are exploring artificial sweeteners that will help reduce calorie intakes without sacrificing the actual taste.
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Key findings/Recent News:
July 2017: Cargill launched EverSweet which is a new stevia product that combines Reb D and Reb M for candies and chocolates, in order to reduce the intake of sugar. In addition to this, the fermentation procedure is a cost-effective way for manufacturers using stevia as a sweetener.
January 2019: Ingredion’s Reb M stevia sweetener has received approval in New Zealand by the Food Standards Australia New Zealand (FSANZ). BESTEVIA® Reb M stevia sweetener is an alternative ingredient that is used in several applications and is considered 200 to 300 times sweeter than sugar.
Increasing consumer awareness regarding low calorie diet and an inclination towards sugar substitutes are resulting in a rise in demand for stevia. New products development by major companies such as Cargill Inc. and Ingredion is generating opportunities for the market during the forecast period.
Moreover, the growing health benefits of stevia is also resulting in extensive use of this product in the food & beverage industry. With the increasing number of obese and diabetic population, stevia is the best sugar alternative due to its zero-calorie property. However, stringent government rules and regulations on stevia are a major factor that is restraining market growth over the years.
CPs & CI
The major players operating in the global stevia market are Cargill, Inc., Evolva Holding S.A., PureCircle Ltd., Stevia Corporation, Tate & Lyle Plc, Ingredion Inc., GLG Life Tech Corp., The Coca-Cola Company, and PepsiCo Inc., among others.
The major players operating in the market are focusing on new product development, product launches, and strategies such as mergers and acquisitions, in order to grab greater customer attention. Companies such as Tate & Lyle launched a research project with its stevia partner Sweet Green Fields, which is a non-profit organization Earthwatch. Tate & Lyle is a leading provider of stevia to the food industry and the company wants to ensure that using stevia in greater quantities in the future as a replacement of sugar can benefit consumers across the globe.
Key Questions Answered
• What is the market value and volume of the overall stevia market?
• What are the key segments and sub-segments in the market?
• Which is the largest sub-segment in each segment in the scope of the study?
• What are the key drivers, restraints, opportunities, and challenges in the market and how are they expected to impact the market?
• What are the attractive segments and geographies to invest in?
• What is the market value and volume at the regional and the country level?
• Who are the key market players and their key competitors?
• What are the strategies for growth adopted by the key players in the market?