According to the latest report by Market Research Future, a US-based market research company, the global stevia market will reach US$1.714 billion with a 10.2% CAGR by 2030.
With growing consumer knowledge of health issues which could arise due to over-consumption of sugary products, consumers in developed countries like the US, Europe and some Asian countries are now becoming more proactive and started to read carefully product labels before making their purchase decisions.
Food and beverage manufacturers have responded to this trend by increasing the use of natural sweeteners to substitute high-calorie polyols. Alternative sweeteners like stevia are increasingly displacing sugar alcohols such as sorbitol and maltitol on the market since they have been associated with gastrointestinal problems. Clean labeling has spurred a demand for natural sweeteners, notably stevia.
Despite the impressive growth, one major setback is the bitter aftertaste of stevia in addition to price fluctuations within this industry. Nevertheless, several food ingredients companies like Sweegen have successfully introduced taste solutions, using stevia, for sugar reduced food and beverages that offer a full taste experience delivering the sweetness profile and mouthfeel of sugar. Other major players mentioned in the report include Cargill, Ingredion, Tate & Lyle, ADM, Tereos and GLG Life. These companies have incorporated several strategies to stay ahead of the competition such as acquisitions, mergers and new product launches.
The report also highlighted that powder extract remains the largest product category within the stevia industry. The Asia Pacific region has the biggest market share with China being the top producer of stevia. The stevia industry in this region is anticipated to grow rapidly due to rising awareness of the harmful effects of sugar on health, brought by both public and private campaigns to reduce high sugar intake in daily consumer diets.
