Stevia is a type of zero-calorie sweetener which is made from steviol glycosides. Stevia is also called stevia rebaudiana – belonging to a member of the chrysanthemum family and a subgroup of the Asteraceae family. The stevia extract can be taken from the grocery store and can be grown at home. Stevia leaf extract is obtained from the stevia plant and is known to be originated in South America mainly Brazil. The major components that are extracted from the stevia leaf are called steviol glycosides. The extract obtained from these plants is used as sweeteners in order to offer a sweet taste without putting calories in many foods & beverages. According to the US Food and Drug Administration (FDA) the only considered high-purity steviol glycosides – is the only stevia extract for human consumption currently in the market.
Many research and development activities are carried out to launch new variants of stevia, as well as studies, are carried out to study new applications of stevia and to enhance the flavor of products is the current trend witnessed in the target market.
There are many different types of stevia extract available such as 0.5, 0.6, 0.8, 0.9, and 0.95. The stevia extract is primarily used at foods, pharmaceutical, and cosmetics. Among the geography, it is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa regions.
$ 380.9 Mn
6.7%
- By Type
- By Region
- By Application
$ XXXX Mn
There are a significantly higher consumption and production for stevia extract from Asia Pacific region countries such as China, Thailand, Japan, and India. This is primarily due to, growing preferences among consumers for organic products, increasing demand for cosmetic and skin care sector, and growing awareness regarding medical health benefits of stevia extract in countries in the region. The market in Europe is expected to witness the second highest demand for stevia extract, owing to increasing demand from the food and beverages industry and changing consumer’s preferences towards natural products in countries in the region. North America stevia extract market registered the highest share. This is primarily attributed to, higher demand for stevia extract based nutritional supplements and growing demand for stevia extract herbal and Ayurveda skin care products in countries such as Canada and US.
Major players are adopting extensive growth strategy in order to cater to the growing demand for stevia extract. For instance, in February 2018 – GLG Life Tech Corp.which is a Canada-based company launched its Reb M sweetener product portfolio in collaboration with US-based Archer Daniels Midland Co. Major players in the global stevia extract market include Evolva, Layn, Tereos & PureCircle, GLG Life Tech, Tianjin Jianfeng, Huzhou LiuYin Biological, Hunan NutraMax Inc., Biolotus Technology, Tate & Lyle, Hunan NutraMax Inc., and Cargill
