North America Stevia Market - Growth, Trends, and Forecasts (2017 - 2022)

Stevia is extracted from the leaves of stevia rebaudiana plant - a low-budding shrub cultivated natively in South America and in Asia-Pacific. In contrast to processed sugar, the liquid extract of stevia is 15 to 30 times sweeter. Stevia powder produced through the process of crystallization is considered to be sweeter than sugar by more than 200 times. The North America Stevia market is expected to grow at a CAGR of 9.8 % during the period 2017-2022. Manufacturers are increasingly exploring alternative sweeteners which will enable a reduction in calorific content, without sacrificing taste. Increasing awareness of the health benefits of low calorie consumable products is a major catalyst. Companies like Cargill, PureCirle, GLG Life Tech are the major shareholders in the marketplace.

Market Dynamics

Shift in consumer preference towards adopting food & beverages based on natural ingredient are likely to favor market growth. FDA (United States Food and Drug Administration) approval and attributing GRAS (Generally Recognized as Safe) status to steviol glycosides with reduced RebA in 2010 is likely to positively influence on stevia demand. North America is the largest market for confectionaries and baked goods, thus driving the demand for Stevia. Increasing demand for healthy and natural eating products has prompted the need for alternative sweeteners like Stevia. As the number of obese and diabetic people is on the rise, Stevia is the best sugar alternative as it has zero calories. Major threat is the availability of the other low calorie sweeteners. The growing sports nutrition product and health drink market would provide a further boost to the industry's growth. Food & beverage, healthcare and personal care industries create opportunities of a prospering market for Stevia.

Market Segmentation

The Stevia market is segmented on the basis of type into powder, liquid and leaf. Stevia is widely used in the powdered form, hence this segment is the biggest and the fastest growing in the stevia market. Stevia is widely used in a variety of food products such as confectionery, dairy, baked foods, beverages, and dietary supplements, as it can be easily incorporated and imparts sweetness to the product with very low calories.

Regional Analysis

In 2013, the European stevia market continued to develop at high speed. Europe accounted for around 40% of new product launches worldwide. Europe has not been able to register growth in the same pace in the stevia market because consumers here are reluctant in switching over to stevia from sugar or other sugar substitutes. France maintains a strong position in the European stevia market. China is the main stevia supplier to Europe.