Stevia rebaudiana is a South American plant, belonging to the Asteraceae family. Traditionally, stevia has been used as a sweetener in beverages and tea. Stevia plants are harvested in many countries around the world, including Paraguay, Brazil, and China. China has the distinction of being the leading exporter of stevia in the world.
Albany, NY -- (SBWIRE) -- 09/25/2015 -- Although stevia has been available in the market for over four decades now, it is only in the recent past that food products containing stevia have become popular amongst consumers.
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. The key factors responsible for stevia's growth through 2020 include consumer awareness about the risk factors associated with high sugar consumption.
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Stevia's use as an ingredient was estimated to be 5,100.6 tonnes in 2014 and it is projected to reach 8.506.9 tonnes by 2020. Leading brands around the world are aware of the positive consumer sentiment about stevia, and they are widening their product offerings to cater to the demands of health-conscious consumers.
Stevia is available in three forms, including liquid extract, powder extract and leaf. Among these, the demand for powder extract was the highest in 2014 and it is anticipated that the demand will continue to be robust through 2020. On the other hand, the liquid extract- and leaf- segment are anticipated to be worth US$ 112 million and US$ 85.6 million by 2020.
Dominant application segments of stevia are beverages, table top sweeteners, and packaged food products. Among these, the beverage application segment was valued at US$ 120.4 Mn in 2014. According to PMR's analysis, this application segment will witness a steady CAGR to reach a valuation of US$ 196.7 by 2020. On the other hand, table top sweetener segment, which was valued at US$ 68.8 million in 2014 is projected to witness a steady CAGR through 2020.
Asia Pacific excluding Japan (APEJ) had the highest market share in 2014, accounting for over one-fourth of the market. According to PMR's analysis, APEJ will continue to be a dominant region for the demand of stevia; however, it will lose its dominance to North America by 2020. The North American region had a share of 24% in the global stevia market in 2014. It is projected that North America will have the largest market share of 25.8% by 2020. Another key region for stevia market is Latin America. Demand for stevia-based products will ensure that stevia market expands at a steady rate in the region.
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