Stevia, the miracle sweetener, has been in use since more than 1,500 years in Brazil and Paraguay. The commercial use of stevia was originated in Japan in early 1970s. Though stevia has been in use since 1980s in weight loss food items, it has gained importance in the sweeteners market after the approval from FDA with GRAS status in 2008. Additionally, the approval from EU commission in 2011 has resulted to a brisk growth in Global Stevia market. Around 200 scientific studies were conducted on this High intensity natural sweetener which was approved as safe for human consumption.
Currently, stevia is approved in over 60 countries by their respective food agencies. However, the regulations vary across nations, especially in number of food categories, compositions of stevia for various food items, labeling standards and Acceptable Daily Intake. As food agencies of advanced nations such as U.S. and Australia have approved stevia in 2008, the process of approvals in various other nations picked its pace in the later years with approvals from EU, India, Norway, Israel, Saudi Arabia, South Africa, Indonesia and Canada during 2011-2012. In June 2015, stevia is approved as a food additive by the Sri Lankan Government. Furthermore, the approval from Bangladesh government for the use of stevia is in process.
Apart from the approvals and regulations, few factors influencing this market include population, obesity and diabetes rates, awareness and acceptance. Though stevia is approved in 30% of the total countries in the world, most of the approved countries are highly potential and together hold around 85% of the world’s population. U.S. remains as the dominant country in terms of consumption with heightened awareness and positive response from the consumers. U.S. market has witnessed numerous stevia based product launches especially in beverages segment which include Pepsi True and Coca-Cola Life in the recent years. With the expected approvals from few more nations coupled with rising awareness among consumers; the global market for stevia is estimated to cross $600m by 2020 at a CAGR of 8.6%.
Stevia / Stevia Rebaudiana Market by Types (Liquid & Powdered); By Application (Dairy, Bakery, Canned Food, Beverages & Others) and By Geography - (2014 - 2020)
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