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) -- 01/04/2016 -- According to a new market report published by Persistence Market Research "Global Market Study on Stevia Market - Beverages will Remain the Dominant Application Segment through 2020", the global stevia market was valued at US$ 347 million in 2014 and it will expand at a CAGR of over 8% to reach a valuation of US$ 565 million by 2020.
The global stevia market is fueled by an increase in consumer awareness about the advantages of consuming low-calorie sugars and government initiatives on reducing sugar intake among the population. Rising obesity levels, coupled with concern about the risk of developing cardiovascular disease and diabetes are prompting consumers to make more healthy choices, and this augured well for creating the demand for stevia in the market. It is anticipated that by 2020, stevia will account for 15% of the share of the global sweetener market.
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Government advocacy for reduction of sugar intake is also anticipated to push the demand for stevia. Governments around the world are encouraging the cultivation of stevia, and this is projected to boost the prospects of the stevia market through 2020. According to PMR's market research on global stevia market, recent favorable regulations about stevia in Europe and the U.S. will create growth opportunities for the market during the forecast period.
Demand for plant-based sweeteners is another factor that is anticipated to boost the global stevia market through 2020. Consumers are proactively looking for natural and clean label products, and this change in consumer behavior is anticipated to push the demand for stevia through 2020.
Another factor that is projected to provide an impetus to the global stevia market is aggressive marketing by stevia suppliers. Most of these suppliers are aware of the positive consumer sentiment about stevia and they are promoting their products to expand their user base. Stability in supply-chain is also projected to boost the global stevia market.
Positive consumer sentiment about stevia-based products is projected to be one of the most important factors for the growth of the stevia market through 2020. According to PMR's social media sentiment analysis, a majority of social media users had a positive sentiment about stevia across different social media channels, including Facebook, Twitter, YouTube, and LinkedIn. PMR's social media sentiment analysis revealed that stevia was most prominently discussed in North America. The analysis further revealed that Twitter was the most commonly used platform for discussions on stevia and stevia-based products. Stevia-based packaged foods had the highest mentions on social media, and a high percentage of these mentions were positive.
Application analysis on the stevia market revealed that the key applications of stevia market were beverages, packaged food products, table top sweeteners, dietary supplements, bakery products, and dairy food products. Among these application segments, beverages - which includes energy drinks, hot drinks, soft drinks, and others - is anticipated to register the maximum absolute value by 2020. Table top application segment is projected to witness a CAGR of over 8% through 2020 and maintain a healthy market share in the global stevia market.
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Region-wise, North America and Asia-Pacific excluding Japan (APEJ) will remain the most lucrative markets for the global stevia market. The North American stevia market is anticipated to expand at a CAGR of 9.8% through 2020, whereas APEJ is also projected to expand at a high single-digit CAGR. In addition to these two regions, Latin America is forecasted to witness high growth rate through 2020.
Key players in the global stevia market include Ingredion Inc., Stevia Corp., Evolva Holding S.A., Tate & Lyle Plc., Cargill Inc., The Coca-Cola Company, Nestlé S.A., PepsiCo Inc., and GLG Life Tech Corp.
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