Technavio analysts forecast the global stevia market to reach over USD 572 million by 2020, according to their latest report.

The stevia market is mainly driven by the growing number of overweight, obese, and diabetic people worldwide, and therefore a rising awareness about eating low-calorie foods..

“Growing incidences of lifestyle-based disorders like obesity and diabetes have fuelled the consumers’ need for natural alternatives such as stevia. Stevia is available in three forms based on extract type: powder, liquid, and leaf. Liquid stevia is used widely in the beverage sector, in order to reduce the net calorie content of the product,” says Technavio’s lead research analyst, G Vijay Sarathi.

In terms of application, the food segment accounted for the highest share of more than 41% in the global stevia market in 2015. Stevia is used in a variety of food products, such as functional foods, confectionery, desserts, baked foods, snack foods, and jellies, as a sweetener.

APAC dominates the market with high consumption of stevia in China, Japan, and India. The region is estimated to account for more than 36% of the market share by 2020.

This report study analyses the driving forces behind the growth of the global stevia market::

  • Growing number of overweight, obese, and diabetic people
  • Countries encouraging low-calorie foods
  • Growth of organized retailing

Growing number of overweight, obese, and diabetic people

Consumers are becoming increasingly aware of the problems related to being overweight and diabetic. Efforts to lose weight and avoid medical conditions have increased the demand for stevia-based sweetener products.

Obesity leads to a number of health problems such as heart ailments, respiratory disorders, weight gain, diabetes, anxiety and depression, stroke, and certain types of cancer. Obesity is increasing dramatically among children in many countries, such as the US and the UK. In 2014, it was observed that more than one-third of the adults in the US are obese.

“According to WHO, approximately 347 million individuals were suffering from diabetes worldwide in 2013. The diabetic population is increasing widely in developed and developing nations around the world. China and India have the largest number of diabetic cases among the developing nations. Among the developed nations, the US houses a large number of people with diabetic conditions,” says Technavio’s lead research analyst, G Vijay Sarathi.

Countries encouraging low-calorie foods

Government agencies worldwide are implementing policies and regulations to penalize manufacturers of unhealthy food products. Initiatives have been taken to ban soft drinks in schools and colleges, as they contain a high amount of sweetening agents that can cause obesity in children and adults.

Technavio’s lead research analyst, G Vijay Sarathi says, “Public Health England’s mission focused on reducing the nation’s sugar intake to tackle obesity by promoting a low calorie diet through initiatives like launching the social marketing programme Change4Life to urge families to make a positive change to their diets and activity levels.”

Growth of organized retailing

Stevia-based products are primarily sold by large organized retailers, signifying the heavy reliance of vendors on large organized retailers. Worldwide, organized retailers are growing with the establishment of hypermarkets, supermarkets, and specialty stores. Convenience and value have become important for consumers, owing to their hectic lifestyle and work schedules.

Technavio’s lead research analyst, G Vijay Sarathi says, “Organized retailers provide a large number of products under the same roof, which enable consumers to save time and also have a variety of choice. Several vendors are competing for the limited shelf-space of these major retailers.”

Browse Related Reports:

  • Global Low-calorie Food Market 2016-2020
  • Global Sweetener Market 2016-2020
  • Artificial Sweetner Market in the UK 2015-2019

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