Growth Strategies Adopted by Major Players in Stevia Market

Stevia is a natural, zero-calorie, high-intensity sweetener obtained from the stevia plant. It is becoming one of the most preferred natural alternatives to sugar due to its several benefits, namely, low-glycemic index, safe for diabetics, zero calories, and smaller land required for cultivation as compared to sugar. The global stevia market is largely dependent on the sugar market as the changes in the consumption of sugar owing to rising health concerns present opportunities for natural sweeteners. Stevia is an emerging market with several new entrants.

The stevia plant is indigenous to the rainforests of Paraguay and Brazil. The countries that hold the topmost positions in stevia leaf production are China and Paraguay, along with several other countries such as Kenya and the US, which are expanding their production to take advantage of emerging markets, particularly Europe. Globally, the majority of global commercial stevia production occurs in Asia Pacific, mainly China, due to highly favorable growing conditions and cheaper labor costs.

The global market for stevia is projected to reach USD 771.5 million by 2022, recording a CAGR of 9.5%

The increasing awareness about the health benefits of low-calorie consumable products is the major attributing factor for the exploration of alternative sweeteners such as stevia by manufacturers. The immense popularity of stevia as a sugar substitute has resulted in an increase in the number of new products in all regions worldwide. In the last five years, more than 9,000 stevia-based products were launched with more than 75% only in the last three years. These factors fuel the demand for stevia in the food & beverage industry.

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Geographical Prominence

The Asia Pacific region dominated the stevia market and is also projected to grow at the highest rate during the forecast period. This growth can be attributed to the growing market for beverages & snacks and an increase in the cultivation of stevia plants in countries such as China, India, and Malaysia. Factors such as the support extended by the governments of individual countries for the development of stevia and increased agricultural land availability for production have fueled the growth of this market. The rising awareness about diabetes and obesity in the Asia Pacific region drives the preference for natural sweeteners, such as stevia, over artificial sweeteners such as aspartame, saccharin, and sucralose. Natural sweeteners have gained more ground because of their natural origin and simple extraction process. According to the World Health Organization (WHO), stevia will replace 20%–30% of all dietary sweeteners in the future.

Stevia is a plant native to South America, whose leaf extracts are naturally sweet and are used to sweeten food & beverages. Commercially, stevia is a white powder composed of one or more intensely sweet glycosides derived from the leaves of stevia and finds use as a non-caloric sweetener. It has its unique taste profile and sweetness intensity, which is approximately 200 to 350 times greater than regular sugar.

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Many food & beverage companies use stevia to create products with enhanced taste and fewer total calories. Cargill (US), Ingredion Incorporated (US), and PureCircle Ltd. (Malaysia) are the major players in the stevia market. These players primarily focus on acquiring a leading market position through the provision of a broad portfolio, catering to the varied requirements of the market, along with a focus on the diverse end-user segments. They are also focused on innovation and are geographically diversified.

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