The global Stevia market is expected to reach US $ 565.2 Million by 2020, due to shifting consumer preference.
According to a Future Market Insights report “Global Stevia Market – Market Analysis and Opportunity Assessment, 2014 – 2020,” the global stevia market is projected to grow at a single-digit CAGR during the forecast period, accounting for US $ 565.2 Mn by 2020.
Stevia extracts are finding increasing application in soft drinks and juices, ice creams, and various other products. This is attributed to its high-intensity natural sweetness properties. Due to these factors, share of the stevia market is expected to account for around 15 percent of the overall sweetener market by 2020.
The global stevia market is sub-segmented on the basis of the type of liquid, powdered and leaf form. The powdered stevia sub-segment is projected to account for around 65.4 percent share of the total stevia market by 2020, owing to ease of availability and use. The liquid stevia sub-segment, on the other hand, is expected to record a CAGR of around 9.0 percent during the forecast period.
All forms of stevia extracts are extensively used in end-use industries such as dairy, bakery, confectionery, beverages, packaged food, snacks and others.
Increasing introduction of products with stevia-based sweetener ingredients in various end-use industries is expected to bolster growth of the global stevia market by 2020.
Increasing popularity of such products owing to growing modern retail, urbanization, awareness and health concerns and changing preferences of consumers are major factors driving growth of this market.
Apart from the application in the food and beverages industry, introduction of products with stevia-based sweeteners across end-use industries such as bakery and confectionery is expected to bolster growth of the global stevia market by 2020. Furthermore, the global stevia market is driven by the need for effective alternatives for artificial sugar-based products owing to changing consumer lifestyle, increasing product visibility in urban areas and approval by the U.S. Food and Drug Administration (FDA) for rebaudioside A as an ingredient in food products in European countries.