Traditionally, stevia has been cultivated for more than centuries, however it got the recognition of being a safe substitute for sugar only in the recent past. Stevia contains very little or no calories and is adequately sweet, which in turn makes is a suitable ingredient in food and beverage manufacturing. Thus, making it a viable substitute for sugar. Popularity of food products with stevia is very recent. In 1970s, Japan started stevia cultivation for commercial usage, Morita Kagaku Kogyo Co., Ltd. became the first company to market and sell stevia commercially. In 2014, the global stevia market was estimated at US$ 347 Mn. In addition, the market is anticipated to cross US$ 565 Mn by 2020, registering a CAGR of more than 8%. Moreover, stevia as an ingredient is estimated to surpass 8.506 tonnes by 2020 from 5,100.6 tonnes in 2014.
In recent years, the global stevia market has witnessed an uptick owing to increasing awareness on the health benefits low-calorie consumable products. Moreover, encouraging government initiatives and growing consumer awareness is auguring positive signs for the growth of global stevia market. By earning the tag of being a healthy consumable product, stevia is viewed favorably by consumers. The introduction of several stevia based products is positively supporting the overall market and has been well appreciated by consumers. Health organization advocate the use of low-calorie sugar substitutes, while calling for higher production of stevia. Further, demand for natural ingredient products and antioxidants are additional factors expected to supplement the market growth.
On the basis of application, the global stevia market is segment into packaged food products, beverages, dietary supplements, table top sweeteners, dairy food products, and bakery products. In addition, the beverages segment including hot drinks, energy drinks and soft drinks is expected to witness the highest growth over 2020. Similarly, the table top sweeteners segment is anticipated to witness a CAGR of over 8% through 2020, registering for a healthy share of the overall market.
Based on regional analysis, Asia Pacific excluding Japan (APEJ) and North America will continue to dominate the global stevia market. In addition, the market in North America is expected to record a healthy CAGR of 9.8% over the forecast period, while APEJ will also exhibit significant market growth during the same. Likewise, China has a distinctive lead over other countries in terms of production capacity and export of stevia globally. Low cost of production and availability of skilled resource is a major factor driving for the market growth in APEJ. Further, Latin America is also projected to witness a sound growth through 2020.
Key Market Participants
Key participant operating in the global stevia market include Stevia Corp., Tate & Lyle Plc., The Coca-Cola Company, GLG Life Tech Corp, Evolva Holding S.A., PepsiCo Inc., Cargill Inc., Nestlé S.A., and Ingredion, Inc. Most of the companies engage in aggressive promotion of stevia-based products in order to improve product positioning and visibility. Higher production and on-shelf availability of stevia-based products are translating into a significant rise in stevia sales. Key player are further encouraged by the consolidated nature of the stevia industry and steadiness in the supply chain.
Persistence Market Research (PMR) provides key insights on global stevia market over the forecast period (2014-2020). The primary objective of the report is to provide in-depth analysis and future market estimations, including growth drivers, restraints, opportunities, trends, key segments, status of the regional markets and key market players operating in the global stevia market. Along with the provision of quality insights, quantification of data has been considered through discussions with, industry experts, marketing managers and market experts.
To understand and assess opportunities in the global market, the report is categorically split into two sections in terms of market value (US$ Mn), namely market analysis by application and by region. The report further provides comprehensive data on global market estimations, competitive landscape and forecast values. The aforementioned segments have been analyzed in terms of Basis Point (BPS) to understand each segment’s relative contribution to the overall market growth.
The geographical analysis studies the market on the basis of the regional opportunities and estimates the market value for each region during the forecast period. The report also considers a year-on-year growth based on regional market analysis, in order to identify right opportunities in each of the regions and to understand predictability of the market.
The last part of the report provides an exhaustive analysis on the global competitive landscape including leading market participants and a dashboard view. Market strategies of prominent players and their key developments are also included in the report.
To deduce the global stevia market, the report considers various aspects based on secondary research. Furthermore, key data points such as region-wise split and market split by application, and qualitative inputs from primary respondents have been incorporated to arrive at appropriate market estimates. The forecast presented in the report assesses the total revenue generated and expected revenue contribution in the global stevia market.
The report begins with sizing the market in terms of value and volume for the base year, which forms the basis for forecasting how the market is anticipated to take shape in the near future. Given the characteristics of the market, gathered data is triangulated via different analysis based on the supply side and demand side drivers and other key dynamics of the global stevia market. To develop the market forecast, Persistence Market Research has also conducted a factor analysis to understand the impact of various forces/factors on the target market. The report provides forecasts not only in terms of CAGR but also presents a detailed analysis based on key parameters such as Year-on-Year (Y-o-Y) growth to understand market predictability and to identify the right opportunities.
Another key feature of this report is an analysis of the global stevia market and the corresponding revenue forecast in terms of absolute dollar opportunity, usually overlooked while forecasting the market. However, absolute dollar opportunity is critical in assessing the level of opportunity that a provider can look to achieve, as well as to identify potential resources from a sales perspective in the global stevia market. Further, to understand key segments in terms of their growth and overall global stevia market performance, Persistence Market Research has developed a market attractiveness index to help providers identify existing market opportunities in the global stevia market.
Other key companies in the global stevia market are,