Stevia is a perennial herb plant that is 30.5–80 cm in height. Stem erect, base woody, soft upper part, densely short-hairy, corolla base light purple-red or white, upper part white. Achenes linear, slightly flattened, brown, crested. This species grows in a warm and humid environment and is sensitive to light. The leaf contains 6-12% inulin, and the exceptional product is a white powder. It is a low-calorie, high- sweetness natural sweetener. It is one of the raw materials in the food and pharmaceutical industries. Stevia is a plant with keen light sensitivity and has an optimal growth period is 100-120 days.
The global stevia market expected to fuel the market growth at substantial CAGR in the forecast period from 2020-2027. The stevia market has captured the demand based on rising per capita consumption of zero-calorie beverages and innovative stevia products that are cost-effective and healthy. The high growth potential of emerging markets and untapped areas provides new growth opportunities for market participants. Stevia has become popular in many countries due to its zero glycemic index and zero calories.
Moreover, stevia can assist in the treatment of hypertension and hyperglycemia, and its mechanism of action is similar to that of calcium ion blockers in western medicine. Patients with hypertension can brew stevia as a tea drink and as a health drink to help lower blood pressure. It is also suitable for patients with obesity, diabetes, hypertension, arteriosclerosis, and dental caries.
Furthermore, due to strong market demand, coupled with the level of obesity and diabetes continues to rise, calorie intake and consumption of healthy food and beverages have been widely recognized and valued. The high-intensity sweetener provides sugar with about 300 times the power of the sweetener without adding any calories. Therefore, due to its versatility, it is widely used as a top-sweet sweetener. Stevia increasingly recognized as an ingredient in finished products, mainly soft drinks.
Stevia is considered a healthy natural sweetener with zero calories and, thus, found as healthy ingredients. In many countries, people are consuming in their diet for centuries, and due to its magical properties, it is highly recommended and initiate high demand in the global stevia market. Many soft drinks companies like Pepsi, Coca-cola are using stevia in their cold drinks, vitamin water, etc.
The stevia plant widely used as medicine and diet. It is commonly used as a flavoring agent to correct the odor and strange smell of certain drugs and to use it as an adjunct to tablets, pills, capsules. Moreover, the stevia residue not only has a very high organic content but also contains a few amounts of minerals such as calcium and magnesium, which can be used as a natural fertilizer to improve the soil.
Based on product forms, the global stevia market segmented into Powder, Liquid, Leaf. The liquid form of the stevia segment has dominated the market share of the global stevia market. It is owing to its natural sweetener property widely used in soft drinks companies, a pharmaceuticals company. Moreover, it commonly applies to make sweet food for obese patients, stevia beverages, or stevia candies for children, which can prevent overweight people from gaining weight childhood obesity. Therefore, the liquid forms highly recommended by people, thus propel the market demand for the global stevia market.
Based on the Application, the global stevia market classified into Bakery, Dairy Food Products, Beverages, Dietary Supplements, Confectionery, Others. The beverages segment has bolstered the market share for the global stevia market. The stevia used as needed in foods and beverages, becoming a sweetener with the same safety level as sucrose. Sucrose also contains high calories and is the number one killer of human health. Sucrose is the root cause of many diseases such as obesity, diabetes, fatty liver, and heart disease.
However, the advantages of stevia are incomparable with sucrose. Using steviol glycosides instead of sucrose to process foods and beverages is not only more beneficial to the health of the body, but also meets the requirements of foods and drinks to develop low sugar gradually.
Based on geography, the global stevia market segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. The Asia Pacific has dominated the market demand for global stevia. The future of the stevia industry will increase demand for convenience foods, low-calorie drinks, and tabletop sweeteners, coupled with changing lifestyles, will increase demand for stevia in India and other developing economies in Asia. With the increase of disposable income and the tendency to western eating habits, more users are willing to spend on new stevia products and add sugar substitutes such as stevia to sweets.
Companies such as Evolva Holding S.A., Stevia Corporation, Cargill Inc., Ingredion Incorporated, PureCircle Ltd., The Coca-Cola Company, Tate & Lyle plc, Pepsico Inc., GLG Life Tech Corp. and Stevia First Corporation and others are the key players in global stevia market.
By Product Form
Middle East & Africa