Rising health conscious population depending on health benefiting ingredients is mainly supporting the growth of stevia market.
Demand for stevia is increasing with growing trend of table sugar alternatives among the individuals in their daily diet. Due to growing incidence of diabetes and obesity, consumers are more inclined towards sugar substitute which is driving the growth of stevia market. Stevia being a natural plant-based sweetener is gaining acceptance among the food manufacturers too who are looking for natural sugar substitute in recent times. With the increase in awareness of stevia and the health benefits associated with its consumption, there is an uplift in the demand of the product. Health benefits gained out of Stevia consumption are the main drivers to the development of this segment.
Though there are several conflicts related to stevia consumption, the manufacturers promote the product stating its health benefits which attracts the consumers and is increasing the revenue of the market. Growth of bakery & confectionery industry along with the dairy industry will highly contribute to the growth of stevia market.
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The key players involved in this market are highly focused into new product launches. Due to growing demand for stevia from various food & beverage industry, the manufacturers are widening their product portfolio and coming up with new stevia launches. Moreover, R&D is at strong focus in this industry. The key players are highly investing in the R&D activities for their new product launches. Also, for expanding their geographical presence along with business expansion, they are undergoing acquisitions and mergers.
The key players profiled in stevia market are PureCircle Ltd (Malaysia), Ingredion Inc. (U.S.), Tate & Lyle Plc. (U.K.), Stevia Corp. (U.S.), Cargill Inc. (U.S.), GLG Life Tech Corp (Canada) and Stevia Biotech Pvt. Ltd (India) among many others.
Latest Industry Updates:
Jul 2017 Cargill has announced the launch of “EverSweet” which is a new stevia product that combines Reb M and Reb D. This sweetener is manufactured for a variety of confectionery applications including chocolate and candy production.
Jun 2017 Steviana Bioscience has launched high purity stevia product called “Viana”. The company took this step-in order to provide the consumers with high quality stevia product based on the rising demand for purified and quality stevia products.
Jun 2017 COCA-Cola has launched “Coke No Sugar” manufactured with stevia to suffice the rising demand for natural sweetener containing beverages.
Jan 2017 Evolva has announced its plan for collaboration with Cargill on the next-generation stevia sweetener, EverSweet™. The strategy will help the company to strengthen their portfolio in the stevia market.
The global stevia market has been divided into type, application and region.
On the Basis of Type: Whole Leaf, Powder, Liquid, and Others
On the Basis of Application: Dairy, Bakery & Confectionery, Tabletop Sweeteners, Convenience Foods, Beverages, and Others
On the Basis of Region: North America, Europe, Asia Pacific, and ROW.
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The global Stevia market is segmented into North America, Europe, APAC, and Rest of the World (RoW). Majority of the population in the U.S. is suffering from diabetes which is majorly driving the growth of stevia in this region. Moreover, the awareness and adoption of natural sweeteners is very high in this region due to which it is dominating the global stevia market. Europe also holds a substantial share in the global stevia market.
Asia Pacific is observed to be the fastest growing region due to growing awareness and high investment by the manufacturers in the emerging countries of the region. The consumption of stevia in countries like India is anticipated to grow at a high rate in the upcoming years.
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