Stevia: Key market research findings
- Product innovations
- Growing use in food and beverages
Technavio has released a new market research report on the global stevia market, which is expected to grow at a CAGR of around 9% between 2016 and 2020. The growing awareness about the health benefits associated with stevia is leading to the extensive use of these products in the food and beverage sector, thus driving the growth of the stevia market. APAC is the largest revenue contributing region in the global stevia market, as the demand for products containing stevia as an ingredient is on the rise in this region.
The new industry research report from Technavio discusses in detail the key drivers and trends responsible for the growth of this market and its sub-segments.
“New product development, improved taste, and versatility, along with high levels of marketing support are expected to increase the demand for stevia-based products and will boost the market growth during the forecast period. For instance, in 2013, Coca-Cola has launched products such as Lilt and Lilt Zero, sparkling drinks that have low sugar content, and the zero-calorie stevia-based Sprite to expand its consumer base. Such innovations in them market will attract customers and will enhance the growth of the stevia market during the forecast period,” says Vijay Sarathi, Lead Analyst, Food & Beverages, Technavio Research
Stevia is widely used in a variety of food products such as functional foods, confectionery, desserts, baked foods, snack foods, and jellies, as it can be easily incorporated and imparts sweetness to the product with very low calories. Thus, this segment contributed the largest revenue to the stevia market and accounted for over 41% of the market share in 2015.
The key vendors in the global stevia market include Cargill, PureCircle, GLG Life Tech, and Tate & Lyle. The burgeoning demand for low-calorie beverages such as juices, flavored water, sports drinks, energy drinks, and soft drinks is driving vendors to manufacture products that are not unique and attractive but also healthy. This is leading to a tough competition in the market with vendors competing on the basis of price, quality, product differentiation, distribution, and promotion.
A more detailed analysis is available in the Technavio report, Global Stevia Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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