Asia-Pacific Stevia Market - Growth, Trends, and Forecast (2018 - 2023)
Stevia is a non-caloric plant-based sweetener. It is made from a plant called stevia rebaudiana, which is grown for its sweet leaves. Stevia is also commonly known as sugar leaf or sweet leaf. The Asia- Pacific stevia market is expected to grow at a CAGR of 8.3 % during the period 2018-2023. Manufacturers are increasingly exploring alternative sweeteners that 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.
Many private label companies have ventured into the stevia market in Asia- Pacific (excluding Japan) to harness the opportunities that exist here. The ingredient has a broad acceptance in this region, especially in Japan, China, and South Korea, as stevia-based natural sweetenershave been a part of the diet of consumers in these countries for a substantial period. Consumers in this region are also becoming more aware about stevia as a sugar substitute, creating additional growth opportunities in this region. The shifting lifestyle patterns in Asia-Pacific and increasing sedentary lifestyle observed has increased the use of stevia. China and India have the largest number of diabetic patients. With a growing number of diabetics and calorie-watching consumers, the demand for sugar alternatives has exhibited an unprecedented rise. A major threat is the availability of the other low-calorie sweeteners. The food & beverage industry, along with healthcare and personal care industries, create opportunities for a prospering market for stevia.
The Asia-Pacific stevia market is segmented by 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. The market is segmented by application into food, beverages, and pharmaceuticals. Stevia is widely used in a variety of food products such as foods, confectionery, desserts, baked foods, snack foods, and jellies, as it can be easily incorporated and imparts sweetness to the product with very low calories.
Asia-Pacific (excluding Japan) holds enormous opportunities for companies in the stevia market. Asia-Pacific has more than 25% share of the global stevia market. China produces millions of tons of stevia every year and has emerged as the leading stevia exporter globally. The region is the largest consumer market for stevia. In Asia-Pacific, Japan and China are the largest consumers. Emerging economies such as India, Thailand, Indonesia, and Malaysia are expected to be the key markets for the product owing to the growing food & beverage industry.