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2016 Global Stevia Market A strategic overview of the natural sweetener market
September 2016
Research Note In undertaking its research for this report, Zenith has utilised its internal data library and global databases, alongside other third party sources and interviews with the industry. Throughout its on-going research, Zenith also depends upon the goodwill and co-operation of operators active in the marketplace, and, as such, seeks to achieve a high level of accuracy. Liability This document contains information and may contain conclusions and recommendations. Every effort has been made to ensure that the information is accurate and that the opinions expressed are sound. However, Zenith International Ltd cannot be made liable for any errors or omissions or for any losses or consequential losses resulting from decisions based on the information. Important notice on distribution This report should not be quoted, referred to or transmitted to another party, in whole or in part, with out the prior written consent of Zenith International Ltd. Should you desire to release a copy of this report to another party for information purposes, we request you and the requesting party to indemnify Zenith International from any liability related to the report distribution. Such readers however will not be considered “users� of this report.
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Contents
The contacts at Zenith International in connection with this report are: Dr Nouf Jeynes Market Analyst Zenith International Ltd., UK Tel: +44 1225 327922 njeynes@zenithinternational.com
Section
Page
1. Executive summary
5
2. Introduction
7
2.1 Sugar
11
2.2 High fructose corn syrup (HFCS)
15
2.3 Health implications
18
Esther Renfrew Market Intelligence Director Zenith International Ltd., UK
2.4 Global soft drinks consumption
20
2.5 Food industry health initiatives
22
Tel: +44 1225 327900 erenfrew@zenithinternational.com
2.6 Sugar substitutes (artificial and natural)
27
3. Stevia Zenith International Ltd 7 Kingsmead Square Bath BA1 2AB United Kingdom T +44 (0) 1225 327900 F +44 (0) 1225 327901 www.zenithinternational.com
zenithinternational specialist consultants to the food and drink industries worldwide
38
3.1 Introduction
39
3.2 Consumers’ perspective
52
3.3 Regional analysis of usage
54
3.4 Products launches analysis (2009 -15)
57
3.5 Types of suppliers and pricing
60
3.6 Leading suppliers
65
3.7 Key developments
87
3.8 Challenges
95
3.9 Products launches analysis
98
3.10 Forecast
112
Page 3
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Contents Tables and figures
Figures Figure 1 Figure 2 Figure 3 Figure 4 Figure 5 Figure 6 Figure 7 Figure 8 Figure 9 Figure 10 Figure 11 Figure 12 Figure 13 Figure 14 Figure 15 Figure 16 Figure 17 Figure 18 Figure 19 Figure 20 Figure 21 Figure 22
Tables
Major sugar producing countries / regions sugar production and consumption World refined sugar prices 2010-15 Sugar vs HFCS prices US HFCS production 2004-2015 Usage of HFCS-55 by industry HFCS production by country, 2013 Obesity prevalence 1970-1979 Obesity prevalence 2010-2015 Global consumption of drinks 2005-15 Sweeteners comparison Sweetness strength between steviol glycosides Key cultivation regions stevia carbon footprint compared to different sweeteners stevia water footprint comparted to different sweeteners What sweeteners are considered natural? Stevia awareness, 2013 & 2015 Global food and beverage launches with stevia % of product launches in 2015 by category Stevia product launches by year, 2008 - 2015 Global stevia market volume (2015-2017) Global stevia market value (2015-2017)
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Table 1 Table 2 Table 3 Table 4 Table 5 Table 6 Table 7
A list of artificial substitutes A list of natural substitutes A list of main steviol glycosides Stevia’s different formats Existing authorisations of stevia as a food ingredient Stevia’s average prices Key development
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zenithinternational 1. Executive summary
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1. Executive Summary Our key findings
Commentary Commentary Commentary
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zenithinternational 2. Introduction
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2. Introduction 2.0 Research note Research note In undertaking its research, Zenith International depends upon the goodwill and co-operation of firms in the marketplace to provide accurate figures on their activities and thus the market overall. However, as the stevia market is still in the infancy of its product life cycle in many countries, Zenith has had to produce best estimates from all industry sources. Ultimately Zenith has had to make its own judgment and therefore all figures presented should realistically be regarded as Zenith estimates. Yet, with the extent of crosschecking involved in the report and the industry’s assistance, Zenith believes a high level of accuracy has been achieved. Zenith would like to thank the following companies for their help in compiling the 2016 Global Stevia Market report:
Australian Stevia Mills Cargill Ingredion International Stevia Council PureCircle Stevia Natura The Real Stevia Company
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2. Introduction 2.0 Symbols and abbreviations
... e f na ADI AFSAA EFSA FDA GRAS GSI HFCS HIS INS ISC JECFA Reb SG WHO
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Negligible, less than 0.05 Estimate Forecast Not available Acceptable Daily Intake French Food Safety Authority (Agence Française de la Sécurité Sanitaire des Aliments) European Food Safety Authority Food and Drug Administration (US) Generally Recognized as Safe Global Stevia Institute High Fructose Corn Syrup High Intensity Sweeteners International Numbering System International Stevia Council Joint WHO/FAO Expert Committee on Food Additives Rebaudioside Steviol glycosides World Health Organization
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2. Introduction 2.1 The emergence of stevia Commentary Commentary Commentary
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zenithinternational 2.1 Introduction
Sugar
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2. Introduction 2.1 Sugar Sugars definition Commentary
Sugar production Commentary Figure 1: Major sugar producing countries / regions
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2. Introduction 2.1 Sugar Sugar consumption Commentary
Figure 2: sugar production and consumption
Commentary
Sugar consumption - regional analysis Commentary Commentary
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2. Introduction 2.1 Sugar Commentary
Sugar prices Commentary
Figure 3: World refined sugar prices 2010-15
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zenithinternational 2.2 Introduction
High Fructose Corn Syrup (HFCS)
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2. Introduction 2.2 High Fructose Corn Syrup (HFCS) Commentary
Commentary
Commentary
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2. Introduction 2.2 High Fructose Corn Syrup (HFCS) Figure 4: Sugar vs HFCS prices
Figure 5: US HFCS production 2004-2015
Figure 7: HFCS production by country, 2013
Figure 6: Usage of HFCS-55 by industry
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zenithinternational 2.3 Introduction
Health-implications of sugar consumption
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2. Introduction 2.3 Health implications Commentary Commentary
Figure 9: obesity prevalence 2010-2015
Figure 8: obesity prevalence 1970-1979
Commentary Commentary Commentary
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zenithinternational 2.4 Introduction
Global soft drink consumption
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2. Introduction 2.4 Global soft drinks consumption 
Commentary
Figure 10: global consumption of drinks 2005-15
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zenithinternational 2.5 Introduction
Food industry health initiatives
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2. Introduction 2.5 Food industry health initiatives Commentary
Company Commentary
Company Commentary
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2. Introduction 2.5 Food industry health initiatives Company Commentary
Company Commentary
Company Commentary
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2. Introduction 2.5 Food industry health initiatives
Company Commentary
Company Commentary
Company Commentary
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zenithinternational 2.6 Introduction
Sugar substitutes
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2. Introduction 2.6 Sugar substitutes Commentary Commentary
Artificial substitutes: Commentary Commentary
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2. Introduction 2.6 Sugar substitutes
Artificial substitutes on the shelves:  Commentary
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2. Introduction 2.6 Sugar substitutes - artificial substitutes Artificial substitutes on the shelves:
Product examples
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2. Introduction 2.6 Sugar substitutes - Table 1: a list of artificial substitutes
Sweetener
Sweetness (vs sucrose)
Primary uses
Acceptable daily intake (ADI)
Global HIS value (%)
Global HIS volume (%)
Acesulfame Potassium (Acesulfame K)
Aspartame
Cyclamate
Saccharin
Sucralose
Neotame
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2. Introduction 2.6 Sugar substitutes - key artificial substitutes brands Commentary Commentary
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2. Introduction 2.6 Sugar substitutes - natural substitutes Commentary Commentary
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2. Introduction 2.6 Sugar substitutes - Table 2: a list of natural substitutes
Sweetener
Sweetness (vs sucrose)
Primary uses
Agave nectar
Brazzein
Glycyrrhizin Luo han guo (Monk Fruit) Monatin
Thaumatin
Stevia
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2. Introduction 2.6 Sugar substitutes - natural substitutes
Stevia on the shelf
Product examples
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2. Introduction 2.6 Sugar substitutes - sweetener comparison Figure 11: sweeteners comparison
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zenithinternational 3. Stevia
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zenithinternational 3.1 Stevia
Introduction
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3. Stevia 3.1 Introduction
Description Commentary Origin Commentary
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Health benefits Commentary Commentary Commentary
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3. Stevia 3.1 Introduction Table 3: List of main steviol glycosides Commentary
Steviol glycosides
Sweetness compared to sugar
Stevioside Steviolbioside Rubusoside
Acceptable synonyms for steviol glycosides: Commentary Commentary
Dulcoside A, Rebaudioside A (Rebiana), Rebaudioside B, Rebaudioside C Rebaudioside D Rebaudioside E Rebaudioside F
Figure 12 shows the different sweetness strength between steviol glycosides compared to sucrose and saccharine.
Source: Daepyung Company
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3. Stevia 3.1 Introduction
Metabolism Commentary
Acceptable Daily Intake Commentary Commentary
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3. Stevia 3.1 Introduction Applications Commentary Commentary Commentary Commentary
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3. Stevia 3.1 Introduction - cultivation
Cultivation of Stevia Commentary Commentary Commentary Commentary
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3. Stevia 3.1 Introduction - cultivation
Ideal cultivation conditions: Commentary Commentary Commentary Commentary
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3. Stevia 3.1 Introduction - key cultivation countries Figure 13: key cultivation regions
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3. Stevia 3.1 Introduction - purification
Stevia purification Commentary Commentary Commentary Commentary
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3. Stevia 3.1 Introduction - format
Stevia format Commentary Commentary
Table 4: Stevia’s different formats Sugar amount
Equivalent stevia powdered extract
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Equivalent stevia liquid extract
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3. Stevia 3.1 Introduction - legislation Commentary Commentary Commentary Commentary
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3. Stevia 3.1 Introduction - legislation Table 5: Existing authorisations of stevia as a food ingredient Africa
Americas
Europe and Middle East
Asia Pacific
*
Generally follows UAE ** Pending *** Generally adopts FDA approval
Source: Global Stevia Institute
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3. Stevia 3.1 Introduction - sustainability Figure 14: stevia carbon footprint compared to different sweeteners
Commentary Commentary Commentary Commentary
Figure 15: stevia water footprint compared to different sweeteners
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zenithinternational 3.2 Stevia
Consumers’ perspective
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3. Stevia 3.2 Consumers' perspective Commentary
Figure 16: What sweeteners are considered natural?
Commentary Commentary Commentary
Figure 17: Stevia awareness, 2013 & 2015
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3. Stevia 3.2 Consumers' perspective Commentary Commentary Commentary Commentary
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zenithinternational 3.3 Stevia
Regional analysis of usage
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3. Stevia 3.3 Regional analysis of usage Global usage Commentary
USA Commentary
Europe Commentary
Latin American Commentary
Asia Commentary
Australia Commentary
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zenithinternational 3.4 Stevia
Product launches analysis
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3. Stevia 3.4 Product launches analysis Commentary Commentary Commentary
Figure 18: Global food and beverage launches with stevia
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Figure 19: % of product launches in 2015 by category
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3. Stevia 3.4 Product launches regional analysis Commentary Commentary Commentary
Figure 20: Stevia product launches by year, 2008 - 2015
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zenithinternational 3.5 Stevia
Types of suppliers and pricing
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3. Stevia 3.5 Types of suppliers and pricing
Type of supplier Commentary Commentary Commentary
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3. Stevia 3.5 Types of suppliers and pricing
Type of supplier (continued.) Commentary Commentary Commentary
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3. Stevia 3.5 Types of suppliers and pricing Table 6: Stevia’s average prices Stevia pricing Commentary Commentary Commentary
Average price of global stevia extracts (US$/kg)
Date August 2011 August 2012 August 2013 August 2014 August 2015 August 2016(f)
Average price (US$/kg) Type of stevia
Premium supplier
Low cost supplier
Broker
Reb A 40% Reb A 60% Reb A 80%
Reb A 90% Reb A 95% Reb A 97% Reb A 98%
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3. Stevia 3.5 Types of suppliers and pricing
Alternatives to Reb A Commentary Commentary Commentary
Price change over time Commentary Commentary Commentary
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zenithinternational 3.6 Stevia
Stevia suppliers
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3. Stevia 3.6 Stevia suppliers
Manufacturer: Address (head office): Website: Stevia products: Overview:
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zenithinternational 3.7 Stevia
Key developments
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3. Stevia 3.7 Key developments
Advancement in Formulations Commentary Commentary Commentary
Approval of stevia in key markets Commentary Commentary Commentary
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3. Stevia Table 7: Key developments
Date
Country
Companies
July 2016
USA
PureCircle is to invest US$100m in its agronomy programme to create the world’s largest natural stevia supply.
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3. Stevia Table 7: Key developments
Date
Country
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Companies
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3. Stevia Table 7: Key developments Date
Country
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3. Stevia Table 7: Key developments Date
Country
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3. Stevia Table 7: Key developments Date
Country
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3. Stevia Table 7: Key developments Date
Country
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zenithinternational 3.8 Stevia
Challenges
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3. Stevia 3.8 Challenges Suppliers Commentary Commentary Commentary
Manufacturers Commentary Commentary Commentary
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3. Stevia 3.8 Challenges Consumers Commentary Commentary Commentary
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zenithinternational 3.9 Stevia
Key products
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3. Stevia 3.9 Key products
Soft Drinks category Product Commentary
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3. Stevia 3.9 Key products
Juices/ drinks category
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zenithinternational 3.10 Stevia
Market forecast
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3. Stevia 3.10 forecast Commentary Commentary Commentary
Figure 22: Global stevia market B2B value (20152017f)
Figure 21: Global stevia market B2B volume (2015-2017f)
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