Stevia Market Projected to Reach $771.5 Million by 2022 | Top Key Players are Cargill, Ingredion Inc., Tate & Lyle PLC, PureCircle Ltd., GLG Life Tech Corporation

The stevia market is projected to grow at a CAGR of 9.5% from 2017, reaching a value of USD 771.5 million by 2022. The market growth is driven by the increase in the customer demand for natural sugar alternatives, zero calorie beverages, and healthier foods incorporating natural sugar substitutes. The stevia market is also driven by factors such as the positive outlook for stevia as a natural sweetener and increasing number of innovative product developments for stevia and stevia-based products that are cost-effective and find application in a wide range of food & beverage applications.

The years considered for the study are as follows:

Base year: 2016
Estimated year: 2017
Projected year: 2022
Forecast period: 2017 to 2022

The objectives of the report are as follows:

1. To define, segment, and measure the stevia market with respect to extract type, application, form, and region
2. To provide detailed information regarding the crucial factors influencing the growth of the market (drivers, restraints, opportunities, and industry-specific challenges)
3. To project the size of the market, in terms of value (USD million), in the key regions, namely, North America, Europe, Asia Pacific, South America, and the Rest of the World (RoW)
4. To analyze opportunities in the stevia market for stakeholders and study the details of the competitive landscape, to be provided to the key market leaders
5. To strategically profile the key players and comprehensively analyze their market share and core competencies
6. To analyze the competitive developments such as new product launches, acquisitions, investments, expansions, partnerships, agreements, joint ventures, and collaborations in the stevia market

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Powdered extracts segment is projected to be the fastest-growing in the stevia market

Among the extract types of stevia which include whole leaf, powdered, and liquid the powdered extracts segment is expected to grow at the highest CAGR with increasing applications in the convenience foods and beverage industries. Stevia powdered extracts vary in terms of taste, sweetness, and cost of various white stevia powders; these parameters are more likely to be dependent on the degree of refinement and the quality of the stevia plant used. It is also a cost-effective option which further satisfies the growing demand for sugar replacement products from consumers as well.

Beverages: The most popular application for stevia globally in 2016

The beverages segment accounted for the largest share in the stevia market in terms of both, value as well as volume in 2016. Stevia is the most preferred option for beverage manufacturers as the bulking properties provided by sugar are not required. Stevia is one of the most common natural sweeteners used for zero- or low-calorie beverages. It is mostly used in beverages such as diet carbonated drinks, flavored water, soft drinks, fruit juices, ready-to-drink beverages, and sports & energy drinks.

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Increase in consumption of convenience foods in developing countries to boost the stevia market

Developing economies in the Asia-Pacific region are prospering in terms of increasing GDP with the working population on the rise. With the rise in population and improved purchasing power of developing countries such as China and India, the market for stevia is expected to show double-digit growth in the future. Factors such as changes in eating habits of consumers, increase in urbanization, and rise in the consumption patterns of stevia products have driven growth in the market in the Asia-Pacific region.

This report includes a study of marketing and development strategies, along with the product portfolios of leading companies. It includes the profiles of leading companies such as Cargill (U.S.), Ingredion Inc. (U.S.), Tate & Lyle PLC (U.K.), PureCircle Ltd. (Malaysia), and GLG Life Tech Corporation (Canada).

The report covers the stevia whole leaf, powdered, and liquid extracts segments in terms of value and volume. In terms of insights, this research report has focused on various levels of analysis industry analysis, market share analysis of top players, and company profiles, which together comprise and discuss the basic views on the competitive landscape, emerging & high-growth segments of the global stevia market, high-growth regions, countries, and their respective regulatory policies, government initiatives, drivers, restraints, and opportunities.

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