Asia-Pacific dominates with major share and growth in the Stevia Market
Asia-Pacific is the dominant market for stevia, and is estimated to reach revenue $3207.71 million by 2023 at a CAGR of 8.04% from 2017. Stevia have been in use in China and Japan for long time and the market has reached its maturity level. North America is the second leading in stevia market. The North America market held 29.2% of shares in 2017. The North American regions are expected to grow at a CAGR of 7.33% to reach revenue of $2717.28 million by 2023. In End-user segment, beverage is the leading market poised to grow at a CAGR of 8.3%, major reason behind the shifting consumer’s preferences in low calorie drinks. Europe is the third largest market to account $773.9 million in 2017. The market is expected to grow at a CAGR of 8.32% and to register revenue of $1250.11 million by 2023.
Selected Extracts Analysis done in the full Report:
Stevia market has a segment called type, which is further divided into three forms namely: Liquid, Powder and Leaves. The Global Powder Stevia market is the leading type since 2015 and it is expected to continue its dominance for the forecast period of 2018-2023. The powder stevia market is expected to grow at a CAGR of 8.5% to reach revenue of $505.11 million by 2023. Powdered extracts are further sub-segmented into Stevia Blend, Steviol glycosides (40%-50%), and Sweet Glycoside (80%-90%). Liquid stevia extracts market is the second leading form, which is expected to grow at a CAGR of 9.5% which is the fastest among all and will register revenue of $176.92 million by 2023. The advantage behind adopting liquid extract is due to its stevia sweetener leaves. This stevia sugar works as sugar substitute replacing high sweetener calories into artificial sugar. The third extract such as stevia leaves market is expected to grow at a CAGR of 7.5% for the forecast period of 2018-2023.
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Excerpts on Market Growth Factors:
Growing population and increasing awareness about health benefits of Stevia is expected to drive the demand for Stevia based products.
Herbal medicines play a vital role for patients suffering from diabetes. Organic Stevia is increasingly being used in herbal medicines as this play a role of antibacterial and anti-fungal properties, serving with full potential will be a major factor in influencing growth over the next forecast year.
Low cost of production and easy availability is a major reason behind the high adoption rate of the stevia products.
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Key players of the Stevia Market:
Companies such as PureCircle, Cargill Inc., GLG LifeTech, Tate & Lyle and SunwinStevia held major share in the market. These companies have strong tie-ups with Food and Beverages manufacturers as well as considerable brand image among the consumers. PureCircle has products such as Reb A, SG95, Sweta, PureCircle Alpha, and these are non-caloric sweetener. Cargill Inc., major products are Truvia stevia leaf extract, Truvia Stevia Leaf Extract Agglomerated Blends, ViaTech.
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