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.
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.
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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.
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).
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.
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.
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