Stevia is a native plant to South America and consists of sweet leaves. Stevia is a semi-humid, subtropical, and perennial plant which can be grown anywhere like in garden and earthen pot. Stevia is popularly used as a sweetener in soft drinks, ice cream, desserts, sauces, yogurts, pickled foods, bread, chewing gum, candy, prepared vegetables, and seafood. Stevia is 200 to 300 times sweeter than table sugar, which makes it a popular raw material by the manufacturers. Stevia as a sweetener can be used in different forms as leaves, powdered extract and liquid concentrates. Stevia is healthier and preferable over table sugar, as it is a natural sweetener without any adverse effects.

Market Dynamics

  • Widespread awareness of the benefits of stevia, rising health consciousness, and high prevalence of diabetes are the key factors fueling growth of stevia market. Demand for stevia is high due to its low calorie and high protein content and natural sweetener properties, which makes it safe to use compared to artificial sweeteners such as aspartame, saccharin, and neotame. Stevia is a high intensity sweetener therefore, it is very popular in various food applications such as confectionery products, beverages, baked goods, and sweet dairy products. There are no severe allergies associated with stevia, which makes it safe to be used in products for children consumption. Therefore, increase in awareness of stevia and its health benefits across the world is projected to boost demand for stevia over the forecast period.
  • Increasing popularity of stevia among various food and beverages companies across the globe is creating a conducive environment for growth of the stevia market. For instance, in May 2018, Coca Cola launched 100% based stevia-sweetened Coke in New Zealand.
  • However, stevia is not suitable for everyone as it can cause gastrointestinal symptoms such as nausea, vomiting, indigestion, cramping, bloating, and irritation. Stevia is also harmful for pregnant women and it can have adverse effects on fertility. Kidney toxicity, blood sugar level fluctuation and blood pressure alteration are other possible risks caused by consumption of stevia. The above factors might hinder growth of stevia market in the near future.

Market Outlook

  • Among applications, beverages and packaged food segments together accounted for the highest market share in 2017. Stevia’s sweetener concentration is much stronger compared to sugar and it causes minimal adverse effects on health and hence is increasingly being used in beverages and packaged food products. Stevia is approved for consumption by the regulatory bodies such as Food and Drug Administration of United States and European Nations.
  • On the basis of extract type, powdered segment was dominant in the market in 2017. This is owing to easy storage and transportation of this powered form. The other benefits of powdered form of stevia includes longer shelf life as compared to whole leaf and liquid extract. This segment is projected to be dominant in the stevia market over the forecast period.
  • North America held the highest market share in the global market in 2017. The region is projected to maintain its dominance over the forecast period, owing to increasing health awareness and use of stevia in pharmaceutical sector.
  • Asia Pacific is projected to be the fastest growing region in the market over the forecast period. Key factors such as rising population of diabetes, growing health awareness and low cost of production of stevia compared to other sweeteners. In 2017 according to International Diabetes Federation, diabetic population of India and China accounted for 8.8% and 10.9% of the total adult’s diabetic population of the respective countries. Therefore, these factors are expected to create conducive environment for growth of the market in the region.

Key players in Global Stevia Market

  • Key players operating in the global stevia market are Cargill Inc., Evolva Holding S.A., Stevia Corp., PureCircle Ltd., Ingredion Inc., GLG Life Tech Corp., and Tate & Lyle Plc Inc.
  • Major players in the market are launching new stevia-based products, in order to meet the rising demand for such products in the market. For instance, NuNaturals, a premium sweetener company, introduced new zero calorie Stevia and Monk Fruit organic sweetener in August 2018.

Key Developments

  • In 2017, the PureCircle has completed an expansion of its stevia production plant in Malaysia to increase its stevia production and strengthen its position in the Asian stevia Market. This expansion of facilities will enable the company to increase production capacity of stevia and focus on the more efficient extraction and processing from sustainably grown stevia leaf and purification for its next generation of pioneering stevia ingredients.
  • In 2018, the Coco-cola company launched patented no-sugar stevia-sweetened coke in the market. Coca-Cola Stevia No Sugar was launched in all major independent retailers across New Zealand. The company is testing their new no-sugar stevia coke in the New Zealand and then company will launch this product in other country.
  • In August 2019, PureCircle plan to launch new gourmet ice-cream line with stevia sweeteners in the Chicago. PureCircle plans to offer this new ice-cream parlors, hotels and other food services outlets. The new PureCircle ice cream available in the various flavors such as chocolate, vanilla, coffee and sea salt.

Market Taxonomy

On the basis of application type, the global stevia market is segmented into:

  • Beverages
  • Packaged Food
  • Bakery and Confectionery Products
  • Table Top Sweetener
  • Others (Pharmaceutical and dietary supplements)

On the basis of extract type, the global stevia market is segmented into:

  • Powdered
  • Whole Leaf
  • Liquid Extract

On the basis of form, the global stevia market is segmented into:

  • Dry
  • Liquid

On the basis of region, the global stevia market is segmented into:

  • North America
    • U.S.
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Rest of South America
  • Europe
    • U.K.
    • Germany
    • Italy
    • Spain
    • France
    • Russia
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • ASEAN
    • Australia
    • Rest of Asia Pacific
  • Middle East and Africa

Research Methodology

Coherent Market Insights followsa comprehensive research methodology focused on providing the most precise market analysis. The company leverages a data triangulation model which helps company to gauge the market dynamics and provide accurate estimates. Key components of the research methodologies followed for all our market reports include:

  • Primary Research (Trade Surveys and Experts Interviews)
  • Desk Research
  • Proprietor Data Analytics Model

In addition to this, Coherent Market Insights has access to a wide range of the regional and global reputed paid data bases, which helps the company to figure out the regional and global market trends and dynamics. The company analyses the industry from the 360 Degree Perspective i.e. from the Supply Side and Demand Side which enables us to provide granular details of the entire ecosystem for each study. Finally, a Top-Down approach and Bottom-Up approach is followed to arrive at ultimate research findings.

Data Triangulation Methodology | Coherent Market Insights

Coherent Market Insights desk research is based on a principle set of research techniques:

  • National level desk research: It Includes research analysis of regional players, regional regulatory bodies, regional trade associations, and regional organization.
  • Multinational level desk research: The research team keeps a track of multinational players, global regulatory bodies, global trade associations, and global organization.

Coherent Market Insights has a large amount of in-house repository of industry database. This is leveraged as a burner for initiating a new research study. Key secondary sources include:

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  • Company Annual reports, SEC filings, Corporate Presentations, press release, news, and specification sheet of manufacturers, system integrators, brick and mortar - distributors and retailers, and third party online commerce players.
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Market Analysis | Coherent Market Insights

Preliminary Data Mining

The raw data is obtained through the secondary findings, in house repositories, and trade surveys. It is then filtered to ensure that the relevant information including industry dynamics, trends, and outlook is retained for further research process.

Data Standardization

Holistic approach is used to ensure that the granular and uncommon parameters are taken into consideration to ensure accurate results. The information from the paid databases are further combined to the raw data in order to standardize it.

Coherent Statistical model

We arrive at our final research findings through simulation models. Coherent Data Analytics Model is a statistical tool that helps company to forecast market estimates. Few of the parameters considered as a part of the statistical model include:

  • Micro-economic indicators
  • Macro-economic indicators
  • Environmental indicators
  • Socio-political indicators
  • Technology indicators

Data Processing

Once the findings are derived from the statistical model, large volume of data is process to confirm accurate research results. Data analytics and processing tools are adopted to process large chunk of collected informative data. In case, a client customizes the study during the process, the research finding till then are benchmarked, and the process for new research requirement is initiated again.

Data Validation

This is the most crucial stage of the research process. Primary Interviews are conducted to validate the data and analysis. This helps in achieving the following purposes:

  • It provides first-hand information on the market dynamics, outlook, and growth parameters.
  • Industry experts validates the estimates which helps the company to cement the on-going research study.
  • Primary research includes online surveys, face-to face interviews, and telephonic interviews.

The primary research is conducted with the ecosystem players including, but not limited to:

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  • End-users