Due to stevia’s increased use and application, stevia is expected to represent 15% of the overall sweetener market by 2020. Stevia extracts are generally used in end-use industries such as dairy, bakery, confectionery, beverages, packaged food, snacks etc. It’s expected growth in market share is predicted to come particularly from its increased popularity and application in soft drinks, juices, ice creams and various other end-use products.
Foodmag.com.au drew the above conclusions based on a Future Market Insights report “Global Stevia Market – Market Analysis and Opportunity Assessment, 2014 – 2020,”. Consequently the global stevia market is projected to grow at a single-digit compound annual growth rate (CAGR) during the forecast period, accounting for US $ 565.2m by 2020.
Perhaps the most well know example of stevia application in use-end products is the introduction of Coca-Cola Life which is now available in Argentina, Chile, the United Kingdom, the United States, Mexico, The Netherlands and Sweden. Other companies such as PepsiCo have also introduced Pepsi True which is also stevia based.
Stevia comes in various forms including in a powdered and liquid form. The powdered form is expected to take the lions share of the stevia market by 2020 with 65.4%. The liquid form follows suit with 9%. A major market driver is increased consumer awareness and health concerns of the potential damaging effects of sugar.