Over the last decade or so, there has been a marked change in the preference of consumers towards healthy food products. There has been greater awareness among consumers about reducing their calorie intake and this has increased the demand for low-calorie food items. This paradigm shift in the consumer behaviour has bolstered the demand for natural food products, such as stevia extracts.
Demand for Low-Calorie Sugars: Catalyst for the Stevia Market
Consuming foods that are high in sugars increases the risk of obesity, diabetes, and cardiovascular disease. Consumers today are aware of the harmful effects of sugary foods and this has created the demand for food products that taste like sugar, but don’t have high calories. Among the alternatives for sugar, stevia extracts have been the most promising, as they are not only derived from nature, but they don’t come with the side effects of artificial sweeteners.
Stevia plant grows naturally in Paraguay and Brazil, and the ethnic people in these nations have been using stevia extracts for sweetening medicines and drinks. Today, owing to the various applications of stevia in the food industry, it is cultivated in several countries, including China, Vietnam, India, and Colombia.
Stevia Market: Segmentation on the Basis of Type and Application
The global stevia market is segmented on the basis of form and includes powdered, liquid, and leaf. Powdered stevia is the most dominant segment of the global stevia market with a whopping 65% market share. Powdered stevia is easily available and is easier to use than other segments, and this is the prime reason why it has a major share in the overall stevia market. However, due to the innovation in manufacturing and packaging technology, it is forecasted that liquid stevia will witness a high growth rate through 2020.
On the basis of end-user applications, the stevia market is segmented into confectionary, bakery, snacks, and dairy. Among these segments, the confectionary and bakery segments are projected to witness a high CAGR on account of increase in demand for low-calorie products.
Prospects of the Global Stevia Market
The global sweetener market is dominated by sugar, and according to FMI analysis, sugar will continue to be the leading sweetener through 2020. However, the market share of stevia will see a significant growth through 2020 and it is anticipated that it will have a 15% share of the global sweetener market.
According to FMI, growing awareness among consumers for low-calorie food products and the demand for clean label products will boost the stevia market globally. Furthermore, the use of stevia extracts in making juices, ice creams, soft drinks, etc. will increase its demand and give a fillip to the stevia market. Streamlining of supply chains in the emerging economies is also forecasted to be a key driver for the growth of the global stevia market.
Key Regions for the Global Stevia Market
Key regions for the stevia market include the United States, France, and Japan. The consumers in these countries have better awareness about clean label products and this will create the demand for stevia extracts. The demand from developing nations, including India, Russia, China, Chile, and Brazil is also projected to increase in the near future, and this will further bolster the prospects of the global stevia market.
Key Players of the Stevia Market
Some of the leading companies in the global stevia market are Cargill Inc., Evolva Holding SA, GLG Life Tech Corporation, Ingredion Inc., and Tate & Lyle Plc.
Browse full Report of Global Stevia Market: http://www.futuremarketinsights.com/reports/details/global-stevia-market
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