Global Steviol Glycoside- Growth, Trends, COVID-19 Impact, and demonstrate 9.16% CAGR during the forecast period (2021-2027)
Market Synopsis
Market
Research Future (MRFR) proposes that the global steviol glycoside market is
presumed to demonstrate 9.16% CAGR during the forecast period (2018-2023).
Low-calorie properties of steviol glycoside are likely to favor the market
growth. Steviol glycosides are referred to as compounds which are extracted
from a plant named Stevia rebaudiana and are generally marketed under the trade
name of stevia. It is generally a sustainable sweetening ingredient and is
considered a viable solution for individuals suffering from diabetes. It is a
chemical compound which imparts a sweet taste to the plant leaves. They are pH
stable, stable in heat, and do not ferment. The maximum daily intake for
steviol glycoside is approximately 4 mg/kg as per the body weight.
Global Steviol Glycoside
Market: Segmental Analysis
The global steviol glycoside market has been
segmented on the basis of type and end-user.
By mode of type, the global steviol glycoside market
has been segmented into rebaudioside A, stevioside, dulcoside A, rebaudioside
C, and others. Among these, the stevioside segment occupied 65.8% of the market
share with a valuation of USD 325.1 million. The segment is anticipated to
touch USD 552.9 million, exhibiting 9.25% CAGR in the coming years.
By mode of end-users, the global steviol glycoside
market has been segmented into beverage, food, and others. Among these, the
beverages segment is presumed to occupy more than 50% of the market share and
is likely to garner USD 428.1 million in the coming years. The growth is
credited to its high usage in coffee, tea, alcoholic beverages, and soft
drinks.
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Market
Potential and Pitfalls
With the
rising prevalence of cancer and obesity is predicted to cause a shift towards
non-sugar substitutes such as stevia. New-found applications of such compounds
in other beverages and energy drinks are estimated to create growth
opportunities for the market. Continuous usage of steviol glycoside in
ready-to-drink beverages like coffee and tea are likely to balloon the market
volume throughout the estimated period. Steviol glycoside is gaining prominence
as sugar substitutes which are likely to drive the market growth. They are
stable in heat, exhibits pH stability, and do not ferment. Also, when ingested,
they do not induce a glycemic response. Therefore, they are a good sugar
substitute for people suffering from diabetes and others who require to control
carbohydrate in their diet. Additionally, the demand for artificial sweeteners
from the food manufacturers is expected to bolster the steviol glycoside market
growth in the coming years. With the augmenting demand from the food
manufacturers such as hot fluidity, fruit, and milk-based drinks, and yogurts
and delicacies, the market is estimated to flourish.
On the contrary, steviol glycoside has several
disadvantages which makes it difficult to be consumed. People allergic to
steviol glycoside needs to avoid consumption. They cause a severe allergic
reaction called anaphylaxis. Other symptoms such as hives dizziness, shortness
of breath, wheezing, difficulty in swallowing, and general weakness are
considered some of the major concerns estimated to inhibit the market growth
throughout the appraisal period.
Regional Insights
Geographically, the steviol glycoside market span
across regions namely, Asia Pacific, North America, Europe, Latin America, and
the Middle East & Africa.
Among all the regions, the Asia Pacific region is
considered to expand robustly and is likely to garner USD 318.5 million by the
end of the forecast period owing to the augmenting consumer awareness regarding
the benefits of stevia. With the increasing patient population suffering from
diabetes in this region, the market is likely to expand. Moreover, beverage
manufacturing companies like Coca-Cola are making large investments which are
further expected to induce the demand for steviol glycoside in the coming
years.
North America is predicted to be the second-largest
market owing to the increasing prevalence of diabetes in the U.S. and Canada.
The region is likely to showcase 9.29% CAGR and garner USD 227.6 million by the
end of the forecast period.
Europe is considered to exhibit a remarkable CAGR of
8.70% with Russia and Germany being the topmost contributors in this region.
Industry Updates
December 13, 2018: Royal DSM and Cargill have
recently established a joint venture. The companies will be producing sweet-tasting
molecules, highly sought-after, such as steviol glycosides Reb D and Reb M
through fermentation. This will provide the food and beverage manufacturers a
more sustainable and low cost-in-use solution.
Competitive Dashboard
The prominent
players operating the global steviol glycoside market are Cargill Inc. (U.S.),
Morita Kagaku Kogyo (Japan), Sunrise Nutrachem Group (China), GL Stevia
(China), PureCircle Ltd. (Malaysia), Zhucheng Haotian Pharm Co. Ltd. (China),
Sunwin Stevia International Inc. (China), Ingredion, Inc. (U.S.), Tate &
Lyle (U.K.), and GLG Lifetech Corporation (Canada).
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