Stevia Market was estimated at $637.1 million in 2018 and is expected to hit $1.16 billion by 2026, registering a CAGR of 8.0% from 2019 to 2026. The report provides an all-inclusive analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and wavering market trends.
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Stevia is a non-nutritive natural sweetener, which has low or no calorie, low glycemic index, and is non-cariogenic. It has wide application in different industries such as food & beverages, pharmaceutical, and cosmetics. This is attributed to different properties offered by stevia. For instance, it acts as an antioxidant, stabilizer, flavor enhancer, prevents fermentation & discoloration, has high heat resistance, and. Furthermore, it is available in liquid, powder, and other forms in the market through different distribution channels that include direct channels online stores, and medical stores.
The market is segmented on the basis of form, end user, distribution channel, and region. Based on form, the powder segment contributed to more than two-fifths of the global stevia market share in 2019 and is expected to rule the roost by the end of 2026. The liquid segment, on the other hand, would manifest the fastest CAGR of 8.6% till 2026.
Based on end user, the food and beverages segment held the major share in 2019, generating nearly one-third of the total market and is projected to retain its dominance throughout the forecast period. Simultaneously, the retail segment would register the fastest CAGR of 9.5% during the study period.
Based on distribution channel, the direct channel segment accounted for three-fourths of the global stevia market in terms of revenue in 2018, and is expected to maintain its lead position by 2026. This is due to emergence of new online web portals to sell stevia and surge in brand awareness among the potential customers. However, the indirect channel segment would witness the highest CAGR of 9.1% from 2019 to 2026, owing toeasy accessibility of products and huge discounts &offers on products.
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Based on region, Asia-Pacific, followed by North America,accounted for nearly one third of the global stevia market share in 2018, and is estimated to maintain its top position by 2026. This is attributed toits surge ofusage in sports drinks, beverages, food products, toothpaste, and others in Asian countries along with it benefits in lowering blood pressure, managing diabetes and others.However, Europeis expected to maintain the largest CAGR of 9.5% from 2019 to 2026, owing torapid formulation and launch of new stevia containing products and reformulation of existing products by food & beverage manufacturers.
The key market players analyzed in the global stevia market report include BENEO (SUDZUCKER Group), Cargill, Incorporated., Van Wankum Ingredients, FRAKEN BIOCHEM CO. LTD, Haihang Industry Co., Ltd, Archer Daniels Midland Company, Ingredion Incorporated, PureCircle, Tate & Lyle PLC., and Foodchem International Corporation.These market players have implemented several strategies including partnership, expansion, collaboration, joint ventures, and others to heighten their status in the industry.
Covid-19 impact-
The pandemic has impacted the global stevia market moderately. The first phase of the lockdown led to shortage of raw materials and disruptions in the supply chain. However, the outbreak of Covid-19 has made people more health conscious than ever before. More and more individuals have now started consuming this natural, zero calorie, non-cariogenic sweetener as a healthy substitute of refined sugar.
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