As per the latest report by IMARC Group, titled “Stevia Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global stevia market reached a value of more than US$ 490 Million in 2018. Stevia is a natural and non-nutritive sweetener which is extracted from the leaves of the Stevia Rebaudiana plant. Its leaves comprise eight steviol glycosides, namely, stevioside, dulcoside A, steviolbioside, and rebaudioside A, C, D, E, and F, that assist in providing 200-300 times more concentrated sweetness than table sugar. Some of the health benefits offered by regular stevia consumption include controlling diabetes, aiding weight loss, building stronger bones, lowering blood pressure and protecting oral health. As a result, it is used in the food and beverage industry for adding sweetness to juices, yogurts, sauces, cereals, aerated drinks, flavored milk, salad dressings, confectionery items, and baked goods.
Manufacturers are organizing marketing campaigns through different means, such as newspapers, televisions and the internet, in order to increase product awareness amongst consumers. Moreover, as stevia consumption before meals results in relatively lower after-meal glucose levels, various food and beverage companies are utilizing stevia for preparing products with less sugar and fewer count of calories. Additionally, inflating disposable incomes and rising health consciousness among consumers, particularly in developing countries such as India and China, is proliferating the demand for stevia in these countries. Further, the increasing prevalence of lifestyle diseases, such as obesity, diabetes and high blood pressure, coupled with the rising geriatric population, is anticipated to strengthen the growth of the market in the upcoming years. Looking forward, the market value is projected to reach US$ 818 Million by 2024, expanding at a CAGR of around 9% during 2019-2024.
- Based on extract types, the market has been classified into powder, liquid and leaf. Currently, powder represents the most popular stevia extract as it is easy to use and available in a variety of convenient packaging formats such as jars, sachets and bottles.
- On the basis of end-uses, beverages account for the majority of the market share as stevia is used in several ready-to-drink beverages such as juices, and energy and aerated drinks. Other end-uses include food products, tabletop sweeteners and pharmaceuticals.
- The market has also been divided on the basis of regions into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. At present, Asia Pacific is the leading market, accounting for the majority of the global share. This can be accredited to the altering lifestyles and inflating disposable incomes of consumers.
- The competitive landscape of the global stevia market has also been examined along with detailed profiles of major players that are operating in the market.
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