The global stevia market was worth US$ 539 Million in 2019. Stevia is a natural sweetener extracted from the plant species called Stevia Rebaudiana. It is a completely natural and zero-calorie sweetener that is 200 times sweeter than sugar. Stevia also contains a wealth of antioxidant compounds, including flavonoids, triterpenes, tannins, caffeic acid, kaempferol, and quercetin. With the rising awareness and a large number of health benefits associated with its consumption, consumers are widely substituting sugar with stevia. Numerous food and beverage manufacturers are also utilizing it in coffee, tea, smoothies and yogurt to offer products with a lower calorie count.
Stevia is known to provide several health benefits, such as controlling diabetes, aiding weight loss and regulating blood pressure and sugar levels. The growing awareness about these advantages has led to an increase in its demand, owing to which it is now commercially grown across the globe. Besides this, stevia acts as a steroid and helps in preventing the proliferation of bacteria due to which it is used in topical applications for skin conditions, such as eczema and dermatitis. Other than this, the health-conscious consumers are becoming more inclined toward low-calorie sweeteners like stevia, which in turn is boosting its sales around the world. Some of the other factors influencing the market growth are changing lifestyles, growing disposable incomes and several initiatives undertaken by the governments of various countries to minimize sugar intake so as to combat health problems like obesity and diabetes. Looking forward, IMARC Group expects the market value to reach US$ 900 Million by 2025, at a CAGR of 8.8% over the forecast period (2020-2025).
Breakup by Extract Type:
Powered stevia accounts for the majority of the global market share as it is less grainy than table sugar and is available in a variety of convenient packaging formats such as sachets, jars and bottles.
Breakup by End Use:
Amongst these, beverages exhibit a clear dominance in the market, as stevia and stevia-based products are used as sweeteners in various beverages such as juices, soft drinks, energy drinks and tea.
Region-wise, Asia Pacific holds the leading position in the market. This can be accredited to the increasing health-consciousness among consumers, owing to which they have become more inclined toward low-calorie products, including stevia.
The competitive landscape of the market has also been analyzed in the report. It is characterized by the presence of small- and large-scale manufacturers who compete in terms of quality and prices. Some of the leading players operating in the market are GLG Life Tech Corporation and PureCircle Ltd.
Key Questions Answered in This Report:
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