Companies are developing new flavors of stevia-based beverages to appeal to a wider range of consumers. This can make the products more appealing to a larger customer base. Companies add functional ingredients, such as vitamins, minerals, or herbs, to stevia-based beverages to make them more appealing to health-conscious consumers. This can increase the perceived health benefits of the product and make it more attractive to consumers. Moreover, use of new packaging, such as biodegradable or recyclable materials, to make the products more environmentally friendly.
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Numerous health benefits that stevia provides have attracted the attention of manufacturers for the utilization of the product in yogurt, tea, and coffee. As the millennial populace is opting for low-calorie food & drinks, the demand for stevia is likely to increase. Besides being used in the preparation of go-to drinks, stevia is ground & sprinkled on cooked vegetables, salads, cereals, and meat to add a specific flavor to them. There are numerous ways in which stevia can be used.
As a result, manufacturers of various food & beverages are experimenting and discovering new ways to reduce the calorific content of the beverages without compromising on its taste which surge the stevia beverages market demand.
Regular beverages contain sugar that is harmful for health; thus, people shift toward sugar free substitute of carbonated drinks. According to a study by the Global Burden of Disease, around 4.72 million people died prematurely due to obesity and around 6.53 million people died due to high blood sugar in 2019.
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Stevia is a natural choice of leading beverage brands in a variety of strategic approaches of marketing such as innovation, artificial sweetener replacement, sugar moderation for kids, and cost savings. Stevia’s geographic and category penetration have grown rapidly over the past several years. Between 2012 and 2017 alone, more than 1,500 global new beverages were launched with stevia encompassing RTD teas, sweetened coffee beverages, CSDs, flavored waters, juices, and other beverages which increases the stevia beverages market share.
Moreover, as consumers are opting for plant-based & natural products, manufacturers, especially in the food & beverages industry, are trying to incorporate natural ingredients in their products. Increase in awareness about the side-effects of the hormones & antibiotics present in animal products, rise in vegan population, and increase in concern for animals are anticipated to be some of the drivers for increase in the demand for plant-based products such as stevia. It contains active compounds such as steviol glycosides, which are heat- and pH-stable. Various advantages offered by stevia are predicted to increase its demand in various end-use industries and are likely to boost the growth of the stevia beverages market.
Players operating in the market have adopted various developmental strategies to expand their market share, exploit the global stevia beverages market opportunity, and increase profitability in the market. The key players profiled in this report include PepsiCo, Inc., ViStevia, Plus Beverages, Stevi0cal, Steaz, Merisant Company, Group Krisda Stevia of Canada Inc, Zevia, The Coca-Cola Company, and Cargill, Incorporated.
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