Steviol Glycoside Gaining Significance as Sugar Substitutes
Steviol glycoside is a Chemical compound that imparts a sweet taste to the leaves of the plant Stevia rebaudiana a native South American plant and forms the main basic component of a variety of sweeteners sold under the generic name stevia and other various trade names. They naturally occur in related species like Stevia phlebophylla and the plant Rubus.Chingii (Rosaceae). Chemical compounds react with the bitter and sweet receptors leading to a bitter taste after consumption. The sweet compounds are called steviol glycoside and is approximately 30 and 320 times sweeter than sucrose. They are stable in heat, pH-stable, do not ferment, when ingested they do not induce a glycemic response, therefore, making them good options as sugar substitutes for people suffering from diabetes and other people who require controlling the carbohydrates in their diet. The maximum daily intake for steviol glycoside, also known as steviol equivalents, is approximately 4 mg/kg as per the body weight per day.
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Demand for Artificial Sweeteners from Food Manufacturers to Drive the Growth of the Steviol Glycoside Market
The steviol glycoside market has improved performance due to the large demand for artificial sweeteners. It’s a safe option for diabetes patients. The increasing demands from food manufacturers, such as fruit and milk based drinks, hot fluidity, yoghurts and delicacies in terms of artificial sweeteners drives the steviol glycoside market. This helps in retaining the sweetness for longer than sugar. Steviol glycoside is highly in high demand in the market since the consumer is more inclined towards safe and quick intake of food chemicals or ingredients.
The various factors that can restrain the growth of the steviol glycoside market are that it cannot be used a sugar substitute for children. People allergic to steviol glycoside require to be avoid the consumption. In some cases, steviol can cause a severe allergic reaction called anaphylaxis, however this occurs rarely. Symptoms of allergic reactions are, hives dizziness, wheezing, shortness of breath, general weakness or having a hard time swallowing shortly after consuming steviol glycoside.
Fragmentation of the Steviol Glycoside Market
On the basis of the end-use industry, steviol glycoside market can be segmented as follows:-
- Personal Care
- Canned Foods
Regional Analysis of the Steviol Glycoside Market: APEJ to Showcase Significant Growth during the Forecast Period
The global steviol glycoside market is segregated into seven regions, namely North America, Asia Pacific excluding Japan (APEJ), Latin America, Eastern Europe, Japan, Western Europe, and the Middle East and Africa (MEA). The food industry is performing in a dynamic manner on a global level, where food manufacturers and suppliers are evolving and working closely to meets the wide range of consumers demands. The steviol glycoside market in North America and Europe is declining. The consumption of sweeteners is going down in developed economies due to the slowdown in the consumption of soft-drink consumption.
The growing consumption in emerging markets with regards to products of daily consumption has given a boost to industries such as cosmetics, food and beverage, FMCG, etc. which can lead to the growth in demand for steviol glycoside. Preparing food freshly on a regularly is also difficult due to busy schedules due to long working hours. The retailers these days keep knowledge on purchase habits and preferences of the consumers which are transmitted to the manufacturers in the supply chain. This flow of information from retailers to the manufacturers fosters the demand growth of steviol glycoside, since it a raw material for food manufactures. Thus, the manufacturer has to strategize their business through the regional shift in the eating habits, consumer insights and responses, and penetration of modernizing food products such as fast food, etc. The APEJ steviol glycoside market is expected to grow at healthy CAGR during the period of forecast, owing to the growth in end-use industry such as pharmaceutical food and personal care.
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Players Contributing to the Global Steviol Glycoside Market
The prominent players in the Steviol glycoside market are:
- GL Stevia
- Sunrise Nutrachem Group