Natural Sweetener Stevia Market to Reach 720 Million USD by 2022 - IndustryARC
Increasing Regulatory Approval Makes Stevia Fastest Growing Natural Sugar Substitute; estimated to reach $720 Million by 2022
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Stevia is considered a miracle herb owing to its high sweetness level from steviol glycosides low-calorie content. Rising health concerns among obese and diabetic people, increasing regulatory approvals are propelling production and consumption of stevia in households as well as packaged food and beverage industry. The global stevia market is forecast to reach revenue of $720m by 2022 growing at a CAGR of 8.6%.
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Demand for stevia is driven by changing lifestyle, rising disposable income and consumer awareness on health benefits offered by stevia. However, the most prominent factor fuelling the market growth is the approval on usage of stevia in many countries. Stevia was approved for use in food & beverages (F&B) in 2008 by FDA. With the approval from the U.S., the approvals for stevia have paced up in various other nations in the later years. Currently with approvals in more than 60 countries, stevia market is the fastest growing natural sugar substitute.
The end-use segment of stevia includes confectionery, bakery, snacks, beverage, dietary supplements, table top, surface & dressing food, dairy and packaged food. Beverage is the most dominant segment in the stevia market owing to increasing product launches and shifting preference of consumers towards diet soft drinks and fruit juices. Table top sweetener is the second dominant segment by value owing to its increasing use in household consumption.
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Asia-Pacific is the dominant market for stevia and is estimated to reach $248m by 2022 at a CAGR of 9.1% from 2017 to 2022. With heightened awareness and wide availability of stevia based products in the U.S., North America accounted for the second largest market share in 2016. With the growing awareness among consumers across EU nations and increasing stevia based product launches, this region is projected to be the fastest growing market in the coming years.
The Major Players in this Market Include
Stevia manufacturers are continuously investing into R&D and new product launches in order to increase sales and gain market position. These players account for approximately 60% share of the total stevia market revenue. The market shares are expected to remain the same in the near future owing to the increasing agreements of major companies with F&B companies and the entry of local players in each region.
Various end-useapplications included in the report are:
The overall market is also presented from the perspective of different geographic regions and the key countries for this industry.
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