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Steviol Glycoside Market Growth Projections and Opportunities
The global market for steviol glycosides recorded a value of USD 493.9 million in 2017. Projections suggest a significant growth trajectory, aiming to achieve USD 835.7 million by the end of 2023, showcasing an impressive Compound Annual Growth Rate (CAGR) of 9.16% over the forecast period. Concerning volume, the worldwide market volume stood at 6241.3 tons in 2017 and is anticipated to expand at a steady CAGR of 8.23% throughout the forecast period.
The surge in the prevalence of health conditions such as diabetes and obesity on a global scale has prompted a shift in consumer preferences toward healthier alternatives to sugar in both beverages and foods. Steviol glycosides, particularly sourced from stevia, have emerged as a promising substitute for sugar due to their perceived health benefits. Stevia, known for its sustainable sweetening attributes, is a zero-calorie, naturally sourced ingredient widely utilized in the food and beverage industry. This plant extract has been employed for centuries across various cultures as a natural sweetener and flavor enhancer, distinguishing itself as a novel form of sweetener due to its calorie-free composition and plant-based origin.
The appeal of stevia lies in its unique characteristics, offering sweetness without the caloric load, presenting an attractive option for individuals seeking zero-calorie sweetness from a natural source. This remarkable property of steviol glycosides has significantly reduced the perceived health concerns associated with excessive sugar consumption among consumers.
Given the rising incidence of health-related ailments, there has been a noticeable shift in consumer preferences, favoring steviol glycosides over conventional sugar. This shift in demand is expected to propel the market's growth in the near future, driven by increasing awareness and concerns regarding health issues associated with excessive sugar intake. As consumers seek healthier alternatives, the anticipated surge in demand for steviol glycosides is poised to drive further growth in the market.
Covered Aspects:| Report Attribute/Metric | Details |
|---|---|
| Market Size Value In 2022 | USD 4.8 Billion |
| Market Size Value In 2023 | USD 5.049 Billion |
| Growth Rate | 5.20% (2023-2032) |
Steviol Glycoside Market Highlights:
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