Stevia accounts for a fundamental spot under sweeteners fragment inferable from its advantages, for example, high protein and low-calorie ingredient. The market is fragmented based on application and extract type. As per the extracts, the market is additionally fragmented as leaf, powder, and liquid. The diverse applications as a food ingredient comprise dairy food products, bakery, packaged food products, beverages, confectionery, dietary supplements, along with others.
Upsurge awareness regarding the medical advantages of stevia is anticipated to boost the need for stevia-based items over the years to come. Likewise, giving rewarding margins to wholesalers is anticipated to reinforce the partnership all over the value chain. Expanding product permeability in present-day retail setups as retail rack space & product accessibility is anticipated to make the need for stevia-based items amid the purchasers worldwide. As stevia preparation is an intricate procedure reinforcing raw material acquisition to finished product is a worry for organizations in this market. Acknowledgment of stevia as an ingredient in F&B industry, expanding awareness by online marketing, and fortifying supply chain especially in nations, for example, Russia, Brazil, and India are foremost center zones for organizations in this market.
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Future Market Insights (FMI), with sharp focus on emerging regions, delivers key insights on the global stevia market in its recent report titled, “Stevia Market: Global Industry Analysis and Opportunity Assessment 2014 – 2020”. According to the report, the global stevia market is projected to grow at a single-digit CAGR during the forecast period, accounting for US $ 565.2 Mn by 2020. Shifting consumer preference for natural sweeteners is a major factor driving growth of this market. Additionally, stevia extracts are finding increasing application in soft drinks and juices, ice creams and various other products. This is attributed to its high-intensity natural sweetness properties. Due to these factors, share of the stevia market is expected to account for around 15% of the overall sweetener market by 2020.
The global stevia market is sub-segmented on the basis of type into liquid, powdered and leaf form. The powdered stevia sub-segment is projected to account for around 65.4% share of the total stevia market by 2020, owing to ease of availability and use. The liquid stevia sub-segment on the other hand, is expected to record a CAGR of around 9.0% during the forecast period.
All forms of stevia extracts are extensively used in end-use industries such as dairy, bakery, confectionery, beverages, packaged food, snacks and others. Increasing introduction of products with stevia-based sweetener ingredients in various end-use industries is expected to bolster growth of the global stevia market by 2020. Increasing popularity of such products owing to growing modern retail, urbanization, awareness and health concerns and changing preferences among consumers are major factors driving growth of this market.
Apart from application in the food and beverages industry, introduction of products with stevia-based sweeteners across end-use industries such as bakery and confectionery is expected to bolster growth of the global stevia market by 2020. Furthermore, the global stevia market is driven by the need for effective alternatives for artificial sugar-based products owing to changing consumer lifestyle, increasing product visibility in urban areas and approval by the U.S. Food and Drug Administration (FDA) for rebaudioside A as an ingredient in food products in European countries.
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FMI analyst Vipassa K sheds light on why stevia extracts will become a mainstream ingredient in the global food and beverages industry in the near future. “Increasing demand for alternatives to synthetic or artificial sweeteners due to health concerns, coupled with rising demand for plant-based sweeteners is projected to fuel growth of the stevia market over the next five to six years,” she said.
Furthermore, use of stevia extracts with other ingredients such as monk fruit as a blend to be used in various food and beverage products and increasing consumer preference for products with natural ingredient is a key trend expected to drive growth of the stevia market at a significant single-digit CAGR during the forecast period.