The global Stevia market is expected to grow at a CAGR of more than 8% during the period 2017-2022
Manufacturers are increasingly exploring alternative sweeteners, which will enable a reduction in calorific content without sacrificing the taste. Increasing awareness of the health benefits of low-calorie consumable products is a major catalyst to the market growth. Companies like Cargill, PureCirle, GLG Life Tech are major shareholders in the marketplace.
As consumers have moved away from sugar and towards natural ingredients, demand for plant-based sweeteners like Stevia has increased, which has established itself as a healthy alternative to sugar. New product development, improved taste, and versatility, along with high levels of marketing support are likely to increase the demand for stevia-based products and boost the market growth. The growing awareness about the health benefits associated with stevia is leading to the extensive use of these products in the food and beverage sector.
As the number of obese and diabetic people are on the rise, Stevia is the best sugar alternative due to its zero-calorie property. As a sweetener, it has always been in the news due to various regulatory constraints, which is a major threat to the stevia market. Another threat to the market is the availability of other low-calorie sweeteners. The growing sports nutrition product and health drink market would further boost this industry's growth.
The global stevia market is segmented by type into powder, liquid and leaf. Stevia is widely used in the powdered form across the globe; hence, it holds the largest segment in the market. The market is segmented by application into bakery, dairy food, beverages, dietary supplements, confectionery and others. Stevia is widely used in a variety of food products such as confectionery, desserts, baked foods, snack foods, and jellies, as it can be easily incorporated and imparts sweetness to the product, with very low-calorie.