Parent Market Analysis

Sweetener market comprises ofcaloric and non-caloric sweeteners. Among which caloric sweetener includes sucrose, table sugar, raw sugar, and others. Whereas non caloric sweetener have been further segmented into natural as well as synthetic sweeteners. The natural sweeteners are further classified as low potency and high potency sweetener whereas synthetic sweeteners include advantame, aspartame, sucralose and others. Increased consumer awareness towards low caloric food across the globe has changed consumer preferences for food resources which have low carbohydrates and offer high energy. Moreover, shift in consumer preferences for sugar substitute products is a prime concern for consumers and thus has led to transitions in the sweetener market. Additionally, continuous product launches catering to demand for antioxidants and natural ingredient products is expected to support the robust growth for plant-based sweeteners such as stevia in the near future.

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Stevia Market Overview

Stevia holds an essential place under sweeteners segment owing to its benefits such as low-calorie and high protein ingredient. Stevia market is segmented on the basis of extract type and application. According to the extracts, the market is further segmented as liquid, powder, and leaf. The varied applications of stevia as a food ingredient include bakery, dairy food products, beverages, packaged food products, dietary supplements, confectionery, and others. Among the extracts type, liquid extracts are expected to record a higher CAGR as compared to the other extracts from 2014 to 2020. However, by application, table top sweeteners and dairy food products sub-segments are expected to collectively witness a substantial growth during the forecast period i.e. 2014–2020.

Market Value Forecast

Globally, the sweetener market is estimated to be US$ 68.1 billion in 2014 and expected to reach at US$ 95.9 billion by 2020, registering a CAGR of 5.7% during 2014-2020. Whereas, stevia market is estimated to value at US$ 347.0 million in 2014 and expected to reach US$ 565.2 million by 2020, reflecting a CAGR of 8.5% during the forecast period. In terms of volume consumption of stevia it is expected to reach 8,506.9 tonnes by the end of 2020, registering an annual growth of around 7-8% during the forecast period.

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Extract Type Analysis

On the basis of extract type stevia market segmentation includes liquid, powder, and leaf extract. Liquid extracts are further sub-segmented as clear liquid extract and dark liquid extract. Also, powder stevia extracts are sub-segmented into stevia blends, sweet glycosides (40-50%) and sweet glycosides (80-95%). Among the various extract types, powder extracts contribution to the overall pie is expected to dominant during the forecast period, accounting for 65% of the overall stevia market share by 2020. However, liquid extracts segment is experiencing a robust CAGR of 8.7% during the forecast period. This growth is supported by extensive use of stevia liquid in direct consumption as table top sweetener coupled with assorted stevia-based liquid products globally.