The global stevia market is expected to reach $556.7 million by 2024, according to a new report by research.

Stevia is used in beverages, food, pharmaceuticals and tabletop sweeteners on account of its superior properties such as higher levels of sweetness without affecting blood pressure. This factor is projected to have a positive impact on the overall sugar sweetener market over the forecast period.

Increasing penetration of stevia in the beverage segment, especially in carbonated drinks, will be a crucial factor determining the growth of the industry over the forecast period. Major health concerns related to sugar consumption and the rising prices of sugar has also influenced consumers to look into various alternatives which have helped in promoting demand for the sweetener over the past few years.

The food sector is expected to remain a potential segment for growth owing to increasing application of stevia as a sweetening agent in chocolates, baked foods, biscuits, soft drinks, candies, soda and jams. It is expected to be the second largest segment in the global market accounting for 25.5% in terms of volume in 2015.

The beverage segment, meanwhile, is projected to witness the fastest volume growth at a CAGR of 5.8% from 2016 to 2024. Several soft drink manufacturers are introducing products containing stevia, for health conscious consumers and diabetic patients. Rising consumer awareness regarding the benefits of stevia on account of strategic marketing by manufacturers is expected to drive the growth of the market over the forecast period.

Asia Pacific is expected to foresee a volume growth at a CAGR of 5.7% from 2016 to 2024. This increase is attributed towards the growing demand from the food & beverage industry in the emerging markets including China and India. Furthermore, South Korea and Japan have a higher adoption rate of stevia-based compounds and have made a positive impact on the overall industry.