LONDON--(BUSINESS WIRE)--Technavio’s latest market research report on the global stevia market provides an analysis of the most important trends expected to impact the market outlook from 2017-2021. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
Arushi Thakur, an industry expert from Technavio, specializing in research on food sector, says, “The global stevia market is expected to grow at a fast pace during the forecast period with a CAGR of close to 6%.This growth can be attributed to the rise in the number of organized retailers selling stevia and products containing stevia as an ingredient.”
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- New product launches by stevia players and manufacturers using stevia
- Demand for organic stevia
- Improvement in the taste of stevia
New product launches by stevia players and manufacturers using stevia
The development of new products using stevia will attract consumers with different demands, positively influencing market growth during the forecast period. Thus, new product development, improved taste, and versatility along with high levels of marketing support are increasing the demand for stevia in the market. Many food and beverage players are currently using stevia for their respective products.
For instance, in 2017, Coca-Cola Fairlife launched Superkids 2% chocolate ultra-filtered milk, which contains stevia leaf extract, while Recov Beverages launched Thirty, a low-calorie after-workout sports drink made from all-natural ingredients such as stevia, monk fruit juice, and granulated sugar. In 2017, Glockengold Fruchtsaft, a German fruit juice producer, used stevia in its juice drinks instead of sugar. In 2016, Starbucks announced that it would serve a calorie-free stevia sweetener in the US and Canada.
Demand for organic stevia
The popularity of organic packaged zero-calorie sweetener is increasing as consumers have begun to place more value on healthy, natural, and safe food products. Consumers trust and perceive organic food to be healthy as they are concerned about the origin and quality of the ingredients that are used in the preparation of products. In 2014, the US and Germany accounted 43% of the retail sales share of organic food globally.
As a result, brands such as Wholesome Sweeteners, Pyure Brands, BetterStevia, and Nature's Way are coming up with organic zero-calorie sweeteners to attract health-conscious consumers.
“These organic zero-calorie sweetener brands are priced higher in comparison to conventional products due to the comparatively higher production and distribution costs as well as consumers’ willingness to pay extra for organic products,” says Arushi.
Improvement in the taste of stevia
Maintaining consistency in the taste of the product across batches was one of the major challenges faced by manufacturers as consumers do not accept the unique taste that stevia sweeteners impart to food products owing to the discrepancies in the perceived sweetness, lingering sweetness, bitter aftertaste, and metallic aftertaste. So, players are now blending zero-calorie sweeteners (like stevia) with other natural calorie-free sweeteners or ingredients to improve and enhance the overall texture and taste.
For instance, Truvia manufactures zero-calorie sweetener by blending stevia with erythritol (a naturally occurring sugar alcohol) while SweetLeaf features stevia with inulin, a naturally occurring dietary fiber. Also, PureCircle launched zeta family in 2015, which included ingredients made with steviol glycosides with the most sugar-like taste. It provides the most sugar-like taste profile on the market for low-to-zero calorie products.
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