The global Stevia Market size is likely to reach USD 553.7 million by 2024 and is anticipated to grow at a CAGR of 6.1% during the forecast period. Rising popularity of stevia owing to its superior sweetening properties, and its ability to restrict any contrary effects on the fitness of the consumers is thrusting the industry growth over the next nine years. The food sector is expected to remain one of the most vital segments of this market owing to the increasing demand for low-calorie substitute products. The increase in consumer awareness concerning consumption of healthy nourishment will ultimately lead to the rise in the penetration of stevia in confectionary and bakery products.
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Market Synopsis of Stevia Market:
Promotion to use stevia in
different forms such as powered and dried drives the positive perception of the
food and beverage sector in countries such as Vietnam, Singapore, China, South
Korea and Japan on account of growing acceptance of stevia-based compounds and
new product launches. In addition, the rise in the awareness of consumers
towards fitness routine has also caused various carbonated drink producers
which consist of The Coca-Cola Company to announce the stevia based product in
their product line of soft drinks, which also helped them to widen their
consumer base.
The approval from the EU
Commission and the U.S. FDA which resulted in optimistic regulatory outlook is
presumed to be a crucial factor fueling the growth of stevia market soon. The
favorable atmosphere and consumer awareness concerning the advantages of
natural sweeteners have influenced large-scale production in APAC and Latin
America which resulted in an acceptance of compounds based on stevia in nations
such as South Korea, Japan, and Brazil.
Product Insights
In terms of total volume, the
beverage was the primary application industry accounting for over 34.8% in
2015. Increasing demand for juices, carbonated drinks, and low-calorie
beverages is anticipated to cause the expansion of stevia market over the next
nine years.
A significant share of 22.2%
global volume for tabletop sweeteners was projected as the third major
industry. Artificial sugar is expected to be replaced by stevia-based
sweeteners in this sector over the forecast period to cater consumers with
diseases such as diabetes.
Another important segment of the
market is pharmaceutical industry. Superior medicinal abilities such as its
capacity to control obesity and blood pressure along with healing of injuries
and wounds are presumed to open new growth opportunities soon.
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