CLEVELAND, Aug. 15, 2017 /PRNewswire/ -- Demand for stevia is forecast to reach $120 million in 2021, after yearly gains of over 11%. Overall growth will be slower than that seen during the 2011-2016 period, reflecting changes in the factors underlying advances, such as trends in the beverage industry -- including declining carbonated soft drink (CSD) production and the growing popularity of unsweetened ready-to-drink tea and coffee -- and issues with the aftertaste associated with Reb A. These and other trends are presented in Natural Alternative Sweeteners Market in the US, a new study from The Freedonia Group, a Cleveland-based industry research firm.
The largest market for stevia in 2016 was food, accounting for 60% of overall demand at $42 million. Demand for stevia in the food market is forecast to expand around 10% yearly through 2021 to $68 million, as better tasting and higher value rebaudioside fractions become more widely available.
Beverage applications contributed 37% of total stevia demand. The primary outlet was noncarbonated beverages, in particular juice drinks, flavored waters, and nut milks. CSD applications were more limited, as consumer uptake of stevia-sweetened diet soft drinks has been lukewarm due to consumer familiarity with artificial sweeteners and taste issues with stevia sweeteners. Personal care and pharmaceutical applications will remain small outlets for stevia through the forecast period.
About The Freedonia Group, a division of MarketResearch.com – The Freedonia Group is a leading international industrial research company publishing more than 100 studies annually. Since 1985, we have provided research to customers ranging in size from global conglomerates to one-person consulting firms. More than 90% of the industrial companies in the Fortune 500 use Freedonia Group research to help with their strategic planning. Additional Chemical studies can be purchased at www.freedoniagroup.com, www.marketresearch.com and www.profound.com.