Global Stevia Market to Value US$565.2 million by 2020 due to Favorable Government Policies Encouraging the use of Stevia

New York City, New York, August 25, 2015: A recent market study published by Persistence Market Research analyses the key factors that are determining the current progress and will prove critical for the future development of the global market for stevia. The report is titled “Global Market Study on Stevia: Beverages Will Remain the Dominant Application Segment Through 2020”.

The global market for stevia, the sweetener manufactured by processing the plant Stevia rebaudiana, was valued at US$347 million in 2014. The market is expected to significantly benefit from the growing awareness about the benefits of low-calorie foods and beverages around the world and is expected to rise to US$565.2 million by 2020. The market is anticipated to develop at a high single-digit CAGR between 2014 and 2019. The consumption of stevia on a global front, which was nearly 5,100 tons in 2014, is expected to rise to 8,506.9 tons by 2020.

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Stevia is very popular across the globe as a sweetener that adds very less or no calories to food products that use it as a primary sweetener. Japan began cultivating stevia in the 1970s for commercial use. It is widely popular in the country and holds nearly 40% of the overall sweeteners’ market of the country. Stevia was introduced in the U.S. market in the 1980s as a non-caloric natural sweetener. Rising consumer awareness about benefits of low sugar consumption has greatly increased the popularity of stevia in the past few years. Demand for products containing stevia is significantly increasing among the health-conscious population of the world.

The approval of stevia as a standard sweetener by several governments across the globe has led to its widespread adoption in the food and beverages industry. In Europe, stevia has been approved as a sweetener for food, while in the U.S., it has been approved for use in beverages. Regulatory approvals in developing countries in the past years are also benefitting the overall stevia market.

Governments across the globe are not only approving stevia as a standard sweetener, they are also promoting its use by extending financial and regulatory support for the cultivation of Stevia rebaudiana.

The aggressive market strategies employed by product manufacturers are also fuelling the demand for stevia on a global front.

The report broadly categorizes the global stevia market into three key segments: extract type, applications, and key regional markets.

Of the extract types of stevia studied in the report, the demand for powdered stevia remained highest in the year 2014; demand for this segment is expected to rise continuously until 2020. The other two segments, liquid extract and leaves, are expected be worth US$ 112 million and US$ 85.6 million, respectively, by 2020.

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In the application area, demand for stevia is expected to remain high in the domains of packaged food products, table top sweeteners, and beverages.

Of the key regional markets for stevia studied in the report, the market of Asia Pacific excluding Japan (APEJ) held nearly one-fourth share of the market in 2014. The report states that while APEJ will continue to be a dominant regional market over the report’s forecast period, it will lose its dominance to the North America stevia market by the year 2020.

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