The worth of the global stevia market was estimated to be US$ 347 million in 2014 and according to PMR’s market research, the market will witness a high single-digit CAGR through 2020 and reach a valuation of US$ 565.2 million.
New York, NY -- (SBWIRE) -- 01/19/2016 -- Stevia is unique compared to other sugar substitutes, as it does not add any calories to the food. Stevia is derived from a plant. This plant is part of the Asteraceae family and is thus related to daisy and ragweed. Stevia species are known as 'candyleaf' and are native to Texas, New Mexico, and Arizona. However, the species Stevia rebaudiana, prized for being a natural sweetener, grows in Brazil and Paraguay. Stevia is used in traditional medicine in these regions to treat burns, stomach problems, and colic. After the makers of PureVia and Truvia submitted their research to the FDA regarding the safety of a highly purified extract of stevia, Rebaudioside A (Reb A). The FDA affirmed the status of Reb A as a 'generally regarded as a safe ingredient' (GRAS).
Growing Demand for Stevia in Developed Countries to Drive Global Market
Stevia is commercially used as a sweetener. However, till 2008, stevia and its derivatives were only sold in the U.S., due to safety concerns. Currently, stevia is available all around the world. In the past few years, stevia has gained popularity among consumers. The popularity of stevia in developed countries has grown in the past few years due to the rising prevalence of obesity. Several multinational companies have launched products in the market that contain stevia as an ingredient to appeal to health-conscious consumers. The global stevia market was worth US$347 mn in 2014 and is projected to be worth US$565.2 mn by 2020. Stevia consumption as an ingredient was estimated at 5,100.6 tons in 2014 and is expected to be 8,506.9 tons by 2020.
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Favorable Government Regulations to Boost Market's Growth
The global stevia market is driven by consumer awareness about the benefits of consuming low-calorie sugar substitutes. Furthermore, government initiatives to boost awareness of consumers have had a positive impact on the stevia market. Governments around the world are advocating the use of low-calorie sugar substitutes and extending their support to the cultivation of stevia. Favorable government regulations are thus projected to boost the global stevia market significantly. In addition to this, increasing regulatory approvals for stevia in developing nations will also fuel the global stevia market.
Power Extract Stevia Segment to Dominate Global Stevia Market
Geography-wise, the global stevia market was dominated by Asia Pacific excluding Japan (APEJ) in 2014. This region is projected to lose its dominance to North America by 2020. Another key regional market for stevia is Latin America. Demand for stevia is projected to grow at a steady rate in the foreseeable future in Latin America. Stevia is available in three forms in the market: leaf, powder extract, and liquid extract. The demand for powder extract was the highest in the global stevia market in 2014. The powder extract segment is expected to witness strong growth in the coming few years.
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Rising Popularity of Stevia-based Beverages Online to Benefit Global Market
Nestle is one of the key players in the global stevia market and its stevia-based products have been well-received by consumers. Nestle offers a wide range of stevia-based beverages and food products. The company is planning to launch low-calorie products that are based on a combination of cane sugar and stevia. Some other key players in the global stevia market are Cargill, PepsiCo, The Coca-Cola Company, Tate & Lyle, GLG Life Tech, Ingredion, Stevia, PureCircle, and EvolvaHolding. Stevia-based drinks are increasingly gaining popularity online. Products such as Nestea, Sprite Green, Pepsi True, and Coca-Cola Life are among the most discussed products online. Aggressive marketing by key players in the global stevia market along with the product's increasing availability has created brand awareness, in turn enhancing the sale of these products.
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