Behind a compound annual growth rate of 5.8% in the beverage segment, the global stevia market should rise to $556.7 million in 2024 from $337.7 million in 2015, according to a report from Grand View Research, Inc. issued in September.

Grand View Research, a market research and consulting company based in San Francisco, expects the stevia market in North America to have a CAGR of 4.5% through 2024. Europe’s CAGR was estimated to be 4.3%. Grand View Research estimates Asia Pacific, which accounted for 35.5% of global volume share in 2015 to rank first geographically, to have a CAGR of 5.7%.

The beverage category accounted for 34.8% of total volume in the global stevia market in 2015 to rank first. Growing demand for low-calorie soft drinks, juices and carbonated drinks will result in an expansion of stevia’s use as a sweetener, according to Grand View Research. Several carbonated drink manufacturers, including the Coca-Cola Co., Atlanta, already have introduced soft drinks that contain stevia, a zero-calorie, high-intensity sweetener extracted from the stevia plant.

The food sector accounted for 25.5% of stevia’s use by volume in 2015. Rising consumer awareness of healthy items eventually will lead to increasing penetration of stevia in bakery and confectionery products, according to Grand View Research, which expects stevia to be found in such products as chocolates, baked foods, biscuits, candies and jams.

Tabletop sweeteners accounted for 22.2% of the total global market volume share of stevia in 2015. Grand View Research expects stevia-based tabletop sweeteners to replace artificial sweeteners through 2024. Stevia’s increasing use in herbal medicine and tonics for diabetics should grow its share in the pharmaceutical industry as well.

Grand View Research pointed to several other reasons for potential stevia market growth, including a positive regulatory outlook in both the United States and Europe, and large-scale production in Latin America and Asia Pacific. The report cited GLG Life Tech Corp., Toronto, partnering with Archer Daniels Midland Co., Chicago, to market and distribute stevia-based sweeteners. Also, PureCircle, Ltd. is investing about $100 million in the development of its stevia agronomy program.