Stevia plant leaves are substitute for sugar and is considered a good source of glycoside antioxidants, vitamins, and minerals. Food authorities have approved extraction of stevia leaves to be used as sugar alternative. Stevia helps in reducing weight, lowers blood pressure, controls diabetes, helps in prevention of cancer, protects oral health, builds strong bones, and has other health benefits as well.
Growing awareness about health benefits associated with stevia is leading to extensive use of these products in the food & beverages industry, which is expected to drive growth of the stevia market. Soft drink manufacturers are introducing products containing stevia, for health conscious consumers and diabetic patients. Introduction of innovative products with stevia extract is expected to drive growth of the global stevia market. Stevia extract has various other applications including bakery & confectionery, pharmaceuticals and other industries. Stevia also can be efficiently extracted from stevia leaves, which leads to low cost of its production.
The food sector is expected to remain a potential segment for growth owing to increasing application of stevia as sweetening agent in chocolates, baked foods, biscuits, soft drinks, candies, soda, and jams. While, the beverage segment is expected to witness the fastest volume growth over the forecast period.
However, high dosage of stevia may be lead to kidneys and reproductive system complications. Though, stevia is not very expensive, its price is comparatively more other high intensity sweeteners, which is expected to restrain growth of the global stevia market over the forecast period.
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The global stevia market report has been segmented on the basis of extract type, application, and region. On the basis of region, the global stevia market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
China dominates the global stevia market being the largest exporter due to growing demand from food & beverages industry in emerging markets. The market in North America is expected to register a significant CAGR over the forecast period, owing to increasing incidence of diabetes and other lifestyle diseases such as obesity, and growing health concerns of consumers towards low calorie intake. Stevia has been approved as a sweetener in Europe, which has resulted in high number of stevia-based product launches.
Prominent players in the global stevia market include Cargill Limited, Ingredion Inc., Tate & Lyle PLC, PureCircle Ltd., GLG Life Tech Corporation, Stevia Corp., Stevia First Corporation, Evolva Holding SA, and Archer Daniels Midland Company.