Global steviol glycoside market is expected to rise from its initial estimated value of USD 535.06 million in 2018 to an estimated value of USD 1085.87 million by 2026, registering a CAGR of 9.25% in the forecast period of 2019-2026. This rise in market value can be attributed to the spread of awareness regarding the benefits of steviol glycoside.
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Steviol glycosides are a type of chemicals that are used as an artificial sweetener; they are majorly extracted from stevia rebaudiana plant and are sold as stevia glycoside or its other varieties. Due to its neutral effects on the diabetes patients, their consumption of the product has risen because of its sustainable nature. With the modernisation and rise in demand, there has been innovative methods used for its production rather than just natural methods like fermentation.
Key Developments in the Market:
- In November 2018, Cargill Incorporated and Koninklijke DSM N.V. announced collaboration for the development of sweet tasting chemicals for use in food & beverage, pharmaceutical market such as steviol glycosides Reb M and Reb D by fermentation process resulting in larger quantities of the compounds as compared to the traditional methods.
- In November 2016, Koninklijke DSM N.V. announced their intentions to introduce their steviol glycosides in the European region produced through the fermentation process. This method of production and products offering is expected to meet the growing demand of constant supply of stevia from the region.
Competitive Analysis: Global Steviol Glycoside Market
Global steviol glycoside market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of steviol glycoside market for global, Europe, North America, Asia Pacific, South America and Middle East & Africa.
Key Market Competitors: Global Steviol Glycoside Market
Few of the key competitors currently working in the steviol glycoside market are Cargill Incorporated, PureCircle, Sunrise Nutrachem Group, GL Stevia, Tate & Lyle, MORITA KAGAKU KOGYO CO. LTD., Ingredion Incorporated, GLG LIFE TECH CORP., Sunwin Stevia International Inc., Zhucheng HaoTian Pharm Co.Ltd., FUJIFILM Wako Pure Chemical Corporation, Sweegen.com, Evolva, Stevia Extraction Technology, Koninklijke DSM N.V., Layn Corp., Archer Daniels Midland Company, and Kerry Inc.
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- Adoption as an artificial sweetener from the food & beverage and pharmaceutical industry due to its neutral effects on diabetes patients is expected to drive the market growth
- Growing demand for the product amid rising levels of applications and end-use for the product is also expected to drive the market growth
- Inability to be used as a sweetener or an additive for the consumption of children is expected to act as a restraint to the market growth
- Side effects or allergic reactions recorded in some individuals with its consumption is also expected to act as a restraint to the market growth
Segmentation: Global Steviol Glycoside Market
- By Type
- Rebaudioside A
- Rebaudioside C
- Dulcoside A
- By End-User
- Paints & Coatings
- Personal Care
- By Geography
- North America
- South America
- Rest of South America
- United Kingdom
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Middle East and Africa
- South Africa
- Saudi Arabia
- United Arab Emirates
- Rest of Middle East and Africa
Key Insights in the report:
- Complete and distinct analysis of the market drivers and restraints
- Key Market players involved in this industry
- Detailed analysis of the Market Segmentation
- Competitive analysis of the key players involved
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