Research and Markets announced the addition of the "Global Market Study on Stevia: Beverages Will Remain the Dominant Application Segment Through 2020" report to its offerings.
According to the market research firm, the worth of the global stevia market was estimated to be $347 million in 2014 and will witness a high single-digit compound annual growth rate (CAGR) through 2020 to reach $565.2 million. Consumer awareness and concerns about high-sugar consumption are key drivers in stevia's growth through 2020, it adds.
Stevia's use as an ingredient was estimated to be 5,100.6 tons in 2014 and is projected to reach 8.506.9 tons by 2020, the company says. Leading brands around the world are aware of the positive consumer sentiment about stevia and are widening their product offerings to cater to the demands of health-conscious consumers, it adds.
Stevia is available in three forms including liquid extract, powder extract and leaf. The demand for powder extract was the highest in 2014 and is expected to continue to be robust through 2020. The liquid extract and leaf segments are anticipated to be worth $112 million and $85.6 million, respectfully, by 2020.
Dominant application segments of stevia include beverages, table-top sweeteners and packaged food products. Among these, the beverage application segment was valued at $120.4 million in 2014, the company says. According to its analysis, this application segment will witness a steady CAGR to reach $196.7 million by 2020. The table-top sweetener segment, which was valued at $68.8 million in 2014, also is projected to witness a steady CAGR through 2020.
The company notes that the Asia Pacific, excluding Japan, had the highest stevia market share in 2014, accounting for over one-fourth of the market. This will continue to be a dominant region for the demand of stevia; however, it will lose its dominance to North America by 2020, the market research firm says. The North American region had a 24 percent share in the global stevia market in 2014, and is projected to have the largest market share — 25.8 percent — by 2020, it adds. Latin America is another key region for stevia. Demand for stevia-based products will ensure that stevia market expands at a steady rate in the region, the company adds.