Stevia Market
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Stevia Market Size, Share & Analysis By Type (Reb A, Reb M, Reb D and Others), By Extract Type (Whole Leaf, Powdered, Liquid), By Application (Dairy, Bakery & Confectionery, Tabletop Sweeteners, Beverages, Convenience Foods, Pharmaceuticals, Others), By Region (North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa), and Growth Forecast To 2032
Report ID: RV298460 | Published: Feb 2024 | Historical Period: 2018-2022 | Pages: 180 | Price: $3260| Industry: Food and Beverages
Stevia Market Overview 2024:
The stevia market was valued at USD 750 million in 2023 and is expected to register a rapid CAGR of 8% during the forecast period. Key factors such as rising health awareness, increasing demand for natural sweeteners and zero-calorie beverages, and growing inclination towards healthier eating habits are expected to drive global market growth between 2024 and 2032.
Stevia (Stevia rebaudiana) is a bushy shrub native to South America, particularly Brazil and Paraguay. China is the world’s largest stevia exporter followed by India and Indonesia. Stevia is a plant-based natural sweetener known for its zero-calorie content and is a popular choice for individuals focused on reducing calorie intake and managing their weight. One of the key reasons for rising production of stevia across the globe is the growing concerns related to sugar, aspartame, and high-fructose corn syrup.
People are steadily inclining towards natural sweeteners like stevia to cater to rising risks of diabetes, cardiac arrest, and obesity. Stevia has a low glycemic index and is several times sweeter than sucrose. It is widely used in several food and beverage applications such as beverages, baked goods, dairy products, and convenience food.
However, these stevia products are more expensive than traditional sugar and artificial sweeteners. This can limit its adoption in low-income countries.
Graphical Overview:
Key Takeaways:
Growing Demand for Natural Sweeteners:
Growing adoption of hectic lifestyles has resulted in increasing consumption of unhealthy eating habits. People are, however, realizing the rising risks of cardiac arrest, diabetes, obesity, and high blood pressure associated with such lifestyles. This has resulted in high inclination towards natural and healthy alternatives like stevia to traditional sugars.
Fluctuations in Stevia Leaf Prices and Taste Perception:
The availability of stevia leaf depends on the season and crop yield. This along with supply crunch can result in fluctuation in stevia leaf prices. Many consumers find the aftertaste of these sweeteners a bit unusual, leading to its low adoption. In addition, many regions have stringent regulations regarding the use of stevia in certain products. These factors can hamper the overall market growth during the forecast period.
Market Opportunities:
The growing global popularity of stevia has opened several opportunities for existing and emerging players in the market. They can explore stevia-based products beyond regular sweeteners, incorporate stevia into functional food and beverages, and develop customized blends and formulations.
Extract Type Outlook:
The global market is segmented into whole-leaf, powdered, and liquid based on extract type. The powdered segment is expected to register rapid revenue CAGR over the forecast period owing to ease of formulation and portion control, better blendability and solubility in mixtures, and availability of customized blends. In addition, these have a better shelf life and require less volume, beneficial for packaging as well as transportation.
Application Outlook:
Based on application, the global market is segmented into dairy, bakery & confectionery, tabletop sweeteners, beverages, convenience foods, pharmaceuticals, and others. Among these, the beverages segment is expected to account for the largest revenue share during the forecast period owing to rising health-conscious populace, growing demand for zero-calorie and low glycemic index beverages, and rising availability of various types of stevia-induced beverages like soft drinks, teas, flavored water, and fruit juices.
Regional Outlook:
North America is expected to account for a significantly larger revenue share in the global market during the forecast period owing to growing health-conscious populace in the region, rising risks associated with diabetes, obesity, and high blood pressure among others, and increasing number of product launches and approvals. In addition, presence of leading companies, growing preference for natural sweeteners, and rising investments in developing more enhanced products are expected to drive North America market growth going ahead.
Report Coverage:
| Report Details | Outcome |
| Base Year for Estimation | 2023 |
| Historical Data | 2018-2022 |
| Forecast Period | 2024-2032 |
| Segments Covered: | Type, Extract Type, Application and Region |
| By Type | Reb A, Reb M, Reb D and Others |
| By Extract Type | Whole Leaf, Powdered, Liquid |
| By Application | Dairy, Bakery & Confectionery, Tabletop Sweeteners, Beverages, Convenience Foods, Pharmaceuticals, Others |
| Regional Scope | North America, Europe, Asia Pacific, Latin America, Middle East and Africa |
| Country Scope | United States, Canada, Germany, France, UK, Italy, Russia, China, Japan, South Korea, Southeast Asia, India, Mexico, Brazil, Saudi Arabia, UAE, Turkey |
| Qualitative Info | •Value Chain Analysis •Pricing Analysis •Regional Outlook •Market Trends •Market Share Analysis •Competition Analysis •Technological Advancements |
| Key Players | Archer-Daniels-Midland Company, Cargill Incorporated, GLG Life Tech Corporation, Guilin Layn Natural Ingredients Corp., Hunan NutraMax Inc., Ingredion Incorporated, Morita Kagaku Kogyo Co. Ltd., Pyure Brands LLC, Sunwin Stevia International Inc, Tate & Lyle PLC, The Real Stevia Company AB, Wisdom Natural Brands, and Zhucheng Haotian Pharm Co. Ltd. |
| Customization Scope | 10 Hours of Free Customization and Expert Consultation |
Competitive Landscape:
The global Stevia market is extremely competitive, comprising several regional and global level key players. Leading key players are focused on adopting various strategic alliances like mergers and acquisitions, partnerships, joint ventures, collaborations, and product launches to maintain their global position and enhance their product offerings. They are also focused on innovation, and scalability, and are adapting to evolving technology trends and consumer needs.
Some Leading Market Companies Listed in the Report:
- Archer-Daniels-Midland Company
- Cargill Incorporated
- GLG Life Tech Corporation
- Guilin Layn Natural Ingredients Corp.
- Hunan NutraMax Inc.
- Ingredion Incorporated
- Morita Kagaku Kogyo Co. Ltd.
- Pyure Brands LLC
- Sunwin Stevia International Inc.
- Tate & Lyle PLC
- The Real Stevia Company AB
- Wisdom Natural Brands
- Zhucheng Haotian Pharm Co. Ltd.
Stevia Industry Recent Developments:
- In July 2023, Tale & Lyle PLC announced the addition of TASTEVA SOL Stevia Sweetener to its sweetener portfolio.
- In July 2022, Sweegen announced the launch of Bestevia LQ, a collection of liquid stevia-based sweeteners.
The global stevia market has been segmented based on extract type, form, application, and region:
By Type:
- Reb A
- Reb M
- Reb D
- Others
By Extract Type:
- Whole Leaf
- Powdered
- Liquid
By Application:
- Dairy
- Bakery & Confectionery
- Tabletop Sweeteners
- Beverages
- Convenience Foods
- Pharmaceuticals
- Others
By Region:
- North America
- United States
- Canada
- Europe
- Germany
- France
- UK
- Italy
- Russia
- Nordic Countries
- Asia Pacific
- China
- Japan
- South Korea
- Southeast Asia
- India
- Australia
- Rest of Asia
- Latin America
- Mexico
- Brazil
- Rest of Latin America
- Middle East & Africa
- Turkey
- Saudi Arabia
- UAE
- Rest of MEA
Frequently Asked Questions!
- Archer-Daniels-Midland Company
- Cargill Incorporated
- GLG Life Tech Corporation
- Guilin Layn Natural Ingredients Corp.
- Hunan NutraMax Inc.
- Ingredion Incorporated
- Morita Kagaku Kogyo Co. Ltd.
- Pyure Brands LLC
- Sunwin Stevia International Inc.
- Tate & Lyle PLC
- The Real Stevia Company AB
- Wisdom Natural Brands
- Zhucheng Haotian Pharm Co. Ltd.
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