MarketResearchReports.Biz
announces addition of new report"
Global Market Study on Stevia: Beverages Will Remain the Dominant
Application Segment Through 2020 "to
its database.
Stevia
rebaudiana is a South American plant, belonging to the Asteraceae
family. Traditionally, stevia has been used as a sweetener in
beverages and tea. Stevia plants are harvested in many countries
around the world, including Paraguay, Brazil, and China. China has
the distinction of being the leading exporter of stevia in the world.
It
is believed that the Guaraní peoples of South America have been
using stevia rebaudiana for more than 1,500 years. In the modern
times, it was in the 1970s that Japan began cultivating stevia for
commercial use. The first company to produce stevia commercially was
Morita Kagaku Kogyo Co., Ltd. Today, stevia is widely consumed as a
sweetener in Japan; it accounts for approximately 40% of the
sweetener market in Japan.
Stevia
was introduced in the U.S. market in the 1980s as a non-caloric
natural sweetener. The popularity of stevia in U.S. and other
developed countries has grown steadily over the years, and rising
obesity levels have augured well for generating its demand.Leading
multinational brands, such as Coca-Cola and Pepsi have launched
products containing stevia as an ingredient to appeal to
health-conscious consumers.
Stevia
is intensely sweet and it adds little or no calories when used as an
ingredient in the manufacture of food products. This property of
stevia has made it a viable sugar substitute.
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Stevia
Market Analysis
The
global stevia market was valued at US$ 347 million in 2014 and it is
projected to expand at a healthy single-digit CAGR to reach a
valuation of US$ 565.2 million by 2020. On the other hand, stevia
consumption as an ingredient, which was valued at 5,100.6 tonnes in
2014 is forecasted to reach 8,506.9 tonnes by 2020.
PMR’s
analysis found that Asia-Pacific excluding Japan (APEJ) was the most
lucrative region for the stevia market, with a market share of over
25% in 2014. Availability of cheap, skilled labour is a key driver
for the growth of stevia market in APEJ. Increasing penetration of
private label companies and inclination of consumers towards natural
ingredients are other key drivers for this region. Other key regions
for the stevia market are North America and Latin America. Consumer
reluctance for stevia-based products in Europe will translate into
modest growth of stevia market in the region.
Stevia
Market: Key Drivers
Consumer
awareness on the benefits of consuming low-calorie sugars is
anticipated to be the key driver that will fuel the growth of the
global stevia market. Thanks to internet proliferation, which has
made quick dissemination of information possible, consumers today are
much more aware of the benefits of eating healthy foods. Stevia has
been viewed favourably by consumers, and the launch of stevia based
products has received a positive response from consumers.
In
addition to rising consumer awareness, government initiatives have
also helped provide an impetus to the stevia market. Governments
around the world are advocating the use of low-calorie sugars while
extending the support to the cultivation of stevia.
Favourable
government regulations governing the use of stevia are also
anticipated to boost the market. In Europe, stevia has been approved
as a sweetener in food, while in the U.S., the approval for sweet
glycosides as an ingredient in beverages is projected to augur well
for the prospects of the stevia market. Furthermore, regulatory
approvals for stevia in developing countries is also projected to
bolster the growth of the stevia market.
Aggressive
marketing of stevia-based products by key players, along with product
availability on the shelf has helped create brand awareness, which in
turn is anticipated to enhance the sale of these products. Demand for
antioxidants and natural ingredient products is projected to be
another key factor for the growth of the stevia market. Stability in
the supply chain and consolidated nature of the stevia industry is
anticipated to compel key players to broaden their offerings in the
market.
Stevia
Market: Social Media Sentiment Analysis
Persistence
Market Research’s social media analysis on the global stevia market
revealed that an overwhelming majority of users had a positive
sentiment towards stevia and food products containing stevia.
The
social media sentiment analysis further revealed that most of the
mentions about stevia originated in North America indicating that
consumer awareness was high in the region. Stevia-based drinks from
leading brands, such as Coca-Cola, PepsiCo, and Nestlé were the top
trending mentions across social media channels. Nestea, Coca-Cola
Life, Pepsi True, and Sprite Green were the most discussed products
and overall the sentiment was positive about them.
PMR’s
social media sentiment analysis further revealed that among
stevia-based beverages, confectionary, and packaged food,
stevia-based packaged foods generated the highest mentions and more
than 70% of these mentions were positive. Overall, PMR’s social
media sentiment analysis on stevia revealed that consumers
appreciated stevia-based products and were receptive towards using
them.
Stevia
Market: Competitive Landscape
Nestlé
S.A. is a dominant player in the stevia market and its stevia-based
offerings have been well-received by consumers. Nestlé has a wide
range of stevia-based beverages and food products. The company is
focusing on launching low-calorie products based on a combination of
stevia and cane sugar sweetener.
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Other
key companies in the global stevia market are,
- Cargill Inc.
- EvolvaHolding S.A.
- PureCircle Ltd.
- Stevia Corp.
- Ingredion Inc.
- GLG Life Tech Corp.
- Tate & Lyle Plc.
- The Coca-Cola Company
- PepsiCo Inc.
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