Stevia Market: Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2019 - 2029
Stevia Market: Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2019 - 2029
Report Digest
Global Stevia Market: Overview
The growing demand for artificial sweeteners has created humongous opportunities for growth across the global stevia market. The use of stevia as a sugar substitute has helped market vendors in tapping into the propensities of the consumers. Sugar substitute contain much lesser number of calories and food energy, making them a viable option for diabetics and other patients. The incidence of diabetes and other chronic conditions that necessitate control over calorie intake has increased in recent years. For this reason, several types of artificial sweeteners have made a niche for themselves across the shelves of retail outlets. In view of the factors mentioned herein, it is legit to be expect that the global stevia market would grow by leaps and bounds in the times to follow.
In this review, TMR Research decrypts an array of trends that have been conducive to the growth of the global stevia market. Medical benefits of using stevia in place or sugar have been at the helm of market growth and expansion. In addition to this, growing demand for natural and artificial sweeteners has also generated fresh revenues within the global stevia market.
Global Stevia Market: Key Developments
The medical and food industries have played a crucial role in directing the growth graph of the global stevia market.
- Nutritionists have constantly dispelled key information with regard to the use of stevia as a food supplement or sugar substitute. The growing inclination of the masses towards following low-calorie diets has created a range of opportunities for growth within the global stevia market. The vendors operating in the stevia market can capitalise on the unmet demands of diabetics and other persona suffering from chronic diseases.
- The International Stevia Council (ISC) has led several conversations around the use and perceptions about stevia. The ISC conducted a survey in 2013 to understand the propensities and perceptions of the masses about stevia. Consequently, this sugar substitute was found to be the most talked about artificial sweetener amongst the masses.
Key Players
- Cargill
- PureCircle Ltd.
- Ingredion Inc.
Global Stevia Market: Growth Drivers
- Availability of Stevia Derivatives
Stevia is derived from specialized plant species that are native to the lands of Paraguay and Brazil. For this reason, the export dynamics of stevia largely rely on the policies and taxes levied by these countries on foreign sales. Several countries have started the cultivation of stevia rebaudiana, the plant group that is the primary source of the sweetener. The pH-stable and heat-stable nature of stevia has helped several for manufacturers in substituting sugar with stevia. Furthermore, stevia is several times sweeter than sugar, another important factor responsible for the use of this compounds in certain food ingredients.
- Role of FDA in Market Expansion
Different countries have their own sets of regulations governing the use of stevia in the medical, food, and healthcare industries. Stevia has been approved as a good additive in several countries, while it has gained the status of a dietary supplement/medical drugs in others. This factor shall play an integral role in driving sales across the global stevia market. The Food and Drug Administration (FDA) has not approved the use of stevia in food products. This could be a setback to the growth of the global stevia market. However, the European Union approved the usage of stevia additives, creating new pathways to market growth.
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- Industrial Analogy
- COVID-19 Impact
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- How has COVID-19 affected the market?
- What will be the post-pandemic scenario of the market?
- What are the major threats that will dent the growth prospects of the market?
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