- Increasing preference among consumers for low-calorie beverage and food products and the rising demand for stevia-based sugar substitute products from the food and beverage sector are driving the demand of the market
- Market Size - USD 595.8 million in 2019, Market Growth - CAGR of 9.6%, Market Trends- Growing consumer preferences for plant-based sweeteners
VANCOUVER, B.C., Oct. 29, 2020 /PRNewswire/ -- The Global Stevia Market is estimated to be worth USD 1,185.0 million by 2027, according to a current analysis by Emergen Research. The growth of this market can be attributed to the rising awareness among consumers regarding the adverse effects of sugar on health. Rising obesity and diabetes, coupled with the growing number of patients suffering from cardiovascular disease, is speculated to drive the demand for stevia-based sugar substitutes.
Growing preferences among consumers for plant-based sugar substitutes are most likely to propel the growth of the market over the forecast period. The zero calories and zero glycemic index characteristics of stevia are projected to increase its adoption. Moreover, the wide popularity of clean-labeling has also boosted the sales of stevia.
Growing government initiatives to promote the adoption of stevia-based sugar substitutes and reduce sugar intake is predicted to increase the demand for stevia. Governments in the U.S. and Europe are also providing support to the cultivation of stevia by drafting favorable regulations, which is likely to propel the industry's growth over the forecast period.
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Key Highlights From The Report
In July 2020, PureCircle was acquired by Ingredion Incorporated. The acquisition was made with an aim to enhance the production of plant-based natural sweeteners and to expand the product portfolio.
The Liquid Segment is projected to grow with the fastest CAGR of 9.7% over the forecast period owing to the growing preferences among consumers towards the liquid form of stevia. Manufacturers of sugar substitutes mostly prefer it, as a very small amount of the liquid is required to enhance the taste of the food products.
The powder form accounted for the largest share in the stevia market in 2019 as they are available in various packaging formats making it more affordable for the consumers. Besides, it possesses the exact taste and flavor of a spoonful of cane sugar but with a lower-calorie content, which is contributing to the growing demand for the product over the forecast period.
The Beverages sub-segment held the largest market share of 41.0% in the year 2019 due to the growing demand for low-calorie beverages among health-conscious people.
The Asia Pacific region is projected to be the fastest-growing region over the forecast period due to the rising urbanization coupled with growing disposable income. Besides, increasing investments by beverage manufacturing companies to produce beverages with lower sugar content and low-calorific value are expected to drive the market growth over the forecast period.
Key participants include Ingredion Incorporated, Cargill, Tate & Lyle PLC, Archer Daniels Midland Company, PureCircle Limited, Evolva Holding SA, GLG Life Tech Corporation, The Coca-Cola Company, PepsiCo Inc. and Sunwin Stevia International, Inc., among others.
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Emergen Research has segmented the Global Stevia Market on the basis of Product Form, Application, and Region:
Product Form Outlook (Revenue, USD Billion; 2017-2027)
Application Outlook (Revenue, USD Billion; 2017-2027)
Regional Outlook (Revenue, USD Billion; 2017-2027)
5. Rest of Europe
3. South Korea
4. Rest of APAC
2. Rest of LATAM
1. Saudi Arabia
3. Rest of MEA
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