Report: 2011 Global Stevia Market Could Reach $2 Billion
Future growth is also anticipated, as stevia is awaiting approval-likely to happen this year, the report says-for use in the European Union.
Estimates of the global retail and wholesale stevia market combined in 2011 range from $800 million to $2 billion, according to a new Packaged Facts report on sugars, sugar substitutes, and sweetener trends.
In 2008, the market was valued at $20 million. Packaged Facts attributes the market’s quick growth to regulatory approvals in the United States. Future growth is also anticipated, as stevia is awaiting approval-likely to happen this year, the report says-for use in the European Union. “European approval is projected to trigger approval across Africa and the Middle East, and global approval is widely expected by the end of 2012.”
In the United States, “Companies were ready to jump into the market with a wave of kitchen and tabletop stevia formulations and stevia-sweetened products the moment the FDA gave its GRAS status in December 2008….This enthusiastic rollout of stevia-based products continues unabated,” said David Sprinkle, Packaged Facts’ publisher, in a press release.
According to the report, more than 2000 stevia products were launched worldwide between 2004 and 2008. In 2010, 76 stevia-sweetened product lines were introduced in the United States. Packaged Facts calls the U.S. market “the largest and most diverse in the world, [as] Americans are the heaviest consumers of sweeteners.” The report also notes that most new products combine stevia with one or more other sweeteners.
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