The global stevia market, which was valued at $347 million in 2014, is forecast to reach $565 million by 2020, according to figures from Persistence Market Research (PMR).
The main driver behind the market upsurge is the growing consumer awareness around high sugar drinks and the need for lower-calorie alternatives. With the discovery that artificial sweeteners don’t offer any dietary benefit, more consumers are turning towards natural alternatives.
Rising obesity levels, coupled with concern about the risk of developing cardiovascular disease and diabetes are prompting consumers to make more healthy choices, and this augured well for creating the demand for stevia in the market.
It is anticipated that by 2020, stevia will account for 15% of the share of the global sweetener market.
Government advocacy for reduction of sugar intake is also anticipated to push the demand for stevia. Governments around the world are encouraging the cultivation of stevia, and this is projected to boost the prospects of the stevia market through 2020.
According to PMR’s market research on global stevia market, recent favourable regulations about stevia in Europe and the US will create growth opportunities for the market during the forecast period.
Demand for plant-based sweeteners is another factor that is anticipated to boost the global stevia market through 2020. Consumers are proactively looking for natural and clean label products, and this change in consumer behaviour is anticipated to push the demand for stevia through 2020.
Another factor that is projected to provide an impetus to the global stevia market is aggressive marketing by stevia suppliers. Most of these suppliers are aware of the positive consumer sentiment about stevia and they are promoting their products to expand their user base. Stability in supply-chain is also projected to boost the global stevia market.
Although stevia is utilised in packaged food products, dietary supplements and as a table top sweeteners, it is the beverage market which will help drive the value of stevia in the coming years.