The global stevia market is expected to reach
USD 556.7 million by 2024, according to a new report by Grand View Research,
Inc. Stevia is used in beverages, food, pharmaceuticals and tabletop sweeteners
on account of its superior properties such as higher levels of sweetness without
affecting blood pressure. This factor is projected to have a positive impact on
the overall sugar sweetener market over the forecast period.
Increasing penetration of stevia in the
beverage segment, especially in carbonated drinks, will be a crucial factor
determining the growth of the industry over the forecast period. Major health
concerns related to sugar consumption and the rising prices of sugar has also
influenced consumers to look into various alternatives which have helped in
promoting demand for the sweetener over the past few years.
In depth research report on Stevia
Market:
Further key findings from the report suggest:
·
The food
sector is expected to remain a potential segment for growth owing to increasing
application of stevia as a sweetening agent in chocolates, baked foods,
biscuits, soft drinks, candies, soda and jams. It is expected to be the second
largest segment in the global market accounting for 25.5% in terms of volume in
2015.
·
The beverage
segment is projected to witness the fastest volume growth at a CAGR of 5.8%
from 2016 to 2024. Several soft drink manufacturers are introducing products
containing stevia, for health conscious consumers and diabetic patients. Rising
consumer awareness regarding the benefits of stevia on account of strategic
marketing by manufacturers is expected to drive the growth of the market over
the forecast period.
·
Stevia is
increasingly being used in herbal medicines and tonics for patients suffering
from diabetes. The antibacterial and anti-fungal properties of stevia leaves is
yet to realize its full potential and will remain a major factor in influencing
growth over the next eight years.
·
Asia Pacific
is expected to foresee a volume growth at a CAGR of 5.7% from 2016 to 2024.
This increase is attributed towards the growing demand from the food &
beverage industry in the emerging markets including China and India. Furthermore,
South Korea and Japan have a higher adoption rate of stevia-based compounds and
have made a positive impact on the overall industry.
·
Major stevia
manufacturers include PureCircle Ltd, GLG Life Tech Corp, Stevia Corporation,
Stevia First Corporation and Evolva Holding S.A. Some other key players include
Cargill Inc, Ingredion Inc., and Tate & Lyle Plc. In July 2016, PureCircle
Ltd. invested USD 100 million in developing the stevia agronomy program.
Grand View Research has segmented the
global stevia market by application, and region:
Application
Outlook (Volume, Tons; Revenue, USD Million, 2013 - 2024)
·
Beverage
·
Food
·
Pharmaceuticals
·
Tabletop
sweeteners
·
Others
Regional
Outlook (Volume, Tons; Revenue, USD Million, 2013 - 2024)
·
North America
o
U.S.
·
Europe
o
Germany
·
Asia Pacific
o
China
o
Japan
o
South Korea
·
Latin America
o
Brazil
·
Middle
East & Africa (MEA)
Browse more research
reports of this category:
About Grand View
Research
Grand View Research, Inc. is a U.S.
based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, the company offers market
intelligence studies ensuring relevant and fact-based research across a range
of industries including technology, chemicals, materials, healthcare and
energy.
For more market
analysis reports, please visit:
http://www.grandviewresearch.com/
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