The stevia market is driven by growing demand for the natural sweeteners (in beverages, in particular). Stevia’s superlative sweetening properties are expected to revolutionize the stevia market in the years to come.
As of now, the market has saccharin, cyclamate, sucralose, and aspartame (all artificial sweeteners) ruling the market. However, stevia is giving them a tough competition as it is devoid of any adverse effects of artificial additives.
Stevia also renders a helping hand in controlling blood pressure and also helps in checking the weight. Research being conducted on continuous basis in pharmaceutical industry is certainly helping in creation of novel avenues for the key market players.
Stevia is also in demand in biscuits, confectionery, chocolates, and various other baking products. The growing acceptance in Latin America and Asia-Pacific (Brazil, India) is bound to make these two regions the major revenue generators in the upcoming period.
Though beverages make use of stevia, the aftertaste is quite bitter, which is certainly a matter of concern to the manufacturers and consumers alike. The manufacturers are collecting feedback from consumers and also working on the solutions like integrating stevia with enhancers and taste modifiers, so as to help in nullification of bitterness. This move is likely to enhance consumer appeal. Also, more food products could opt for stevia then.
Key Takeaways from the Stevia Market
- By application, the beverage sector is expected to hold the largest market share as stevia is being extensively used in several carbonated drinks. Plus, product does find its applications in various zero- and low-calorie beverages. This will cater to an increasing demand on the part of consumers who are duly particular about their health.
- Europe holds the largest market share, with North America holding the second position. This could be credited to growing awareness amongst the consumers regarding advantages provided by natural sweeteners like stevia.
- The Asia-Pacific is likely to witness proper growth between 2020 and 2030. This could be reasoned with food and beverage industry going great guns in Japan, India, South Korea, China, and Taiwan. Plus, companies like PepsiCo, The Coca-Cola Company, and Cargill are investing extensively regarding coming up with new variations of beverages. Diet variants are especially being tried out.
- In the Asia-Pacific, China and South Korea are amongst the leading exporters of stevia. Governments are also extending full support to the utilization of organic food products.
How is the stevia market structured?
The key players in the stevia market include The Coca-Cola Company, PepsiCo Inc., Cargill, Inc., PureCircle Ltd., Cargill, Inc., Evolva Holding S.A., Ingredion Inc., and Tate & Lyle Plc. The biotechnology firms are seen marketing stevia as powders and liquids. The companies are trying out various flavours of beverages with stevia incorporated, so that consumers don’t miss out on anything nutritional.
The other areas of application apart from beverages and food products include tabletop sweeteners and pharmaceuticals. Initially, stevia wasn’t taken that seriously regarding usage in medicines. However, with the advent of research, stevia is seen spreading its wings all through the pharmaceutical vertical. Medical practitioners find it proper to use stevia as they don’t have to work on side-effects (as there aren’t any – stevia being a natural sweetener).
Impact of Covid-19 on Stevia Market
Covid-19 has increased the demand for stevia as natural sweeteners are preferred by people to avoid any further risks related to artificial sweeteners. This situation is bound to continue even going forward owing to several health benefits offered, which will continue to keep people on the safer side.
“The global stevia market has accelerated after the outbreak of Covid-19 as natural sweeteners are being asked for in the wake of the WHO asking to increase immunity. Ones suffering from diabetes or even on the verge of getting it are seen opting for stevia. So, it could be inferred that stevia market is driven by people suffering from chronic ailments”.
Stevia Market: Conclusion
The stevia market doesn’t see anything obstructing it at present or even in the near future. Be it a pandemic-like situation or something as usual, stevia market is slated to grow at an exponential rate.