Steviol Glycoside Market Share Analysis
According to analysis conducted by MRFR, the global market for steviol glycosides is categorized based on type, end-user industry, and region. In terms of types, the steviol glycoside market comprises Stevioside, Rebaudioside A, Rebaudioside C, Dulcoside A, among other variations. Stevioside, as a segment, dominated the market share with a significant 65.8%, amounting to a market value of USD 325.1 million in 2017. Projections suggest this segment is poised to grow at a CAGR of 9.25% throughout the forecast period, aiming to reach USD 552.9 million by the conclusion of 2023.
Regarding the distribution of steviol glycosides among various end-user industries, the market is segmented into beverages, food, medicine, chemicals, and other sectors. Among these categories, beverages accounted for the largest market share, comprising 51.0% in 2017. This segment reached a valuation of USD 252.0 million in 2017 and is anticipated to expand at a CAGR of 9.23% to attain USD 428.1 million by the end of 2023. The substantial growth of steviol glycoside use in a wide array of beverages like teas, coffees, soft drinks, flavored waters, juices, and alcoholic beverages is expected to bolster the demand for these glycosides within the beverage segment. Moreover, in comparison to sugar, steviol glycoside solutions specifically designed for beverage applications offer a similar sweet taste profile with reduced aftertaste. Consequently, this burgeoning trend of steviol glycoside utilization in beverages is expected to propel market growth in the foreseeable future.
From a geographical perspective, the Asia Pacific region stands out as the fastest-growing and largest segment, accounting for 37.2% of the overall market. This substantial share is attributed to the region's robust growth across various end-user industries. Projections estimate that by the conclusion of 2023, the Asia Pacific region is poised to reach a valuation of USD 318.5 million.
The segmentation of the global steviol glycoside market into types, end-user industries, and regions offers insights into the diverse landscape of this burgeoning industry. Steviol glycosides, including Stevioside, Rebaudioside A, Rebaudioside C, Dulcoside A, among others, present a diverse range of options within this market. Stevioside, in particular, has emerged as a dominant player, showcasing significant market share and an impressive growth trajectory. Its anticipated expansion at a substantial CAGR underscores its potential in meeting consumer demands for natural, low-calorie sweetening alternatives.
Within the realm of end-user industries, beverages have emerged as a key sector driving the demand for steviol glycosides. The substantial market share held by the beverages segment, primarily attributed to the varied applications of these glycosides in beverages like teas, coffees, soft drinks, and more, signifies the growing preference for natural sweeteners in the beverage industry. The ability of steviol glycosides to mimic the taste of sugar while offering reduced lingering aftertaste positions them favorably among consumers seeking healthier beverage options.
The geographical analysis highlights the Asia Pacific region as a significant growth driver in the steviol glycoside market. Its dominance, both in terms of market size and growth rate, can be primarily attributed to the robust expansion of end-user industries across countries within this region. The projected substantial growth in market value signifies the rising adoption of steviol glycosides in various sectors across Asia Pacific, indicating the region's pivotal role in steering the global market's growth.
Overall, the segmented analysis of the steviol glycoside market underscores the diverse applications and immense potential of these natural sweeteners. As consumers increasingly prioritize health-conscious choices and seek alternatives to traditional sugar, the market's growth is propelled by the expanding use of steviol glycosides in multiple industries and regions, signaling a shift toward healthier dietary options on a global scale.
