; Stevia Extract Market Size, Industry Share, Analysis, Forecast, 2032

Stevia Extract Market

Stevia Extract Market: By Type (Powder, Liquid, and Leaf), By Application (Beverages, Food, Pharmaceuticals), By Nature (Conventional, Organic) And Region - Global Analysis of Market Size, Share & Trends For 2021-2022 And Forecasts To 2032

Published on: Jan-2023
Report Code: FG F&B 01339
No. of Pages: 170 - 350
Report Format: PDF

[170+ Pages Research Report] Stevia Extract Market to surpass USD 1,744.9 million by 2032 from USD 664.99 million in 2021 at a CAGR of 9.2% throughout the forecast period 2022-32

Product Overview

Stevia is being traditionally cultivated for more than centuries, however it got the reputation of being a safe alternate for sugar only in the recent past. Stevia is a natural sweetener, even in small portions, can create the required sweet taste. It has low calories than sugar-based sweeteners, making it a zero-calorie sweetener. Diabetes, Obesity and metabolic syndrome have attained a major public health concern associated with intake of imbalanced calorie. Stevia plays an essential role in reducing calories as part of an overall healthy diet and physical activity regimen to reduce these conditions.

Market Highlights

Stevia Extract Market is expected to project a notable CAGR of 9.2%.

Stevia Extract Market is valued at 664.99 million USD in 2021 and is anticipated to reach 1,744.9 million USD by 2032. Stevia Extract Market is expected to witness a CAGR of 9.2% during the forecast period. According to studies, stevia is almost 200 times sweeter when compared to sugar. It is a zero-calorie sweetener and does not possess any toxic effects on the human body. A shift is seen among consumers, away from the artificial sweeteners towards the natural sweeteners, which increases a high potential to improve the size of the stevia market. Rising demand for nutrition-rich substances among consumers to follow a healthy lifestyle is expected to gain attention and to have a positive impact on the Stevia Extract Market.

Figure - Market Analysis of Stevia Extract Market


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Stevia Extract Market: Segments

Powder Stevia is expected to grow with a higher CAGR during 2022-32

Stevia Extract Market is classified based on the Type into Powder, Liquid and Leaf. The Powder Stevia is the dominant segment. It is also estimated to increase during the forecast period. The powdered form of stevia has a significant market share, due to the ease of its availability, convenient usage, and ability to be added into several food-based applications. They are available in Fiber and sold in bulk or packets.

Beverages Segment is expected to grow with a higher CAGR during 2022-32

Stevia Extract Market is classified based on the application into Beverages, Food, Pharmaceuticals, and other applications. The Beverage segment is the dominant market. It is also estimated to increase in the forecast period. Stevia's quick usage in the beverage industry is an added advantage to beverage industry. Stevia is a substitute of sugar and is a flavoring substance that is derived organically, a zero-calorie, non-fermenting, heat-stable, highly soluble, tooth-friendly, photo (light)-stable, and shelf-stable.

Figure - Market Analysis of Stevia Extract


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Market Dynamics                                                             

Growth Drivers

Growing Demand for Natural Sweeteners

Natural sweeteners are an important ingredient in the formulations for alternating sugar content in food products. Stevia is the most important natural sweetener used in all types of food products including bakery, dairy, beverages, confectionery and other functional foods. Stevia has a remarkable taste profile and intensity of sweetness, which is around 200 to 350 times greater than regular sugar. The demand for natural ingredients and antioxidants is an additional factor estimated to drive the market growth.

Increasing Awareness on the Health

The introduction of stevia-based products is supporting the market positively and has been appreciated by consumers due to the benefits it has. The Stevia Extract Market has witnessed a surge due to the rise in awareness on the benefits of intake of low-calorie products. The initiatives taken by the government are encouraging and the increased awareness by consumers is having positive signs for the growth of Stevia Extract Market. By acquiring the tag of being a healthy alternative product, Stevia Extract Market has a potential growth in the market.

Restraint

Seasonal variations and crop productivity

The Stevia Extract industry's growth is majorly opposed by the Stevia leaf's price alteration. The variations in seasons and crop productivity affect the stevia leaves availability. At present, China is the world's top producer and exporter of Stevia. The reduced stevia cultivation is expected to have negative impact on the stevia demand, which will lead to a shortage of supply and increased prices.

Recent Developments
  • In July 2021, Layn built a new stevia plant, investing 148 million USD to build a new facility capable of processing 4,000 ton of stevia leaf extract annually.
  • In April 2021, a new plant-based innovation lab was inaugurated by Archer-Daniels-Midland Company, located in ADM’s Biopolis research hub, who are expecting to develop nutritious products.

Stevia Extract Market: Key Players
  • Cargill Incorporated

Company Overview, Key Product Offerings, Business Strategy, Financial Performance, Risk Analysis, Key Performance Indicators, Recent Development, Regional Presence, SWOT Analysis

  • Archer Daniels Midland Company
  • Glg Life Tech Corp
  • Tate & Lyle
  • Morita Kagaku Kogyo Co. Ltd
  • Guilin Layn Natural Ingredients Corp
  • Ingredion Inc
  • Biolotus Technology Lasa Inc.
  • Sunwin Stevia International Inc
  • The Real Stevia Company AB
  • S&W Seed Company
  • Arboreal Stevia
  • Other Prominent Players

Stevia Extract Market: Region

Stevia Extract Market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. Asia Pacific is the dominant region and is expected to increase in the forecast period. A rise of end-use businesses like glazed fruits, functional beverages, teas, meals, juice, beverages and medications has increased the growth of market. Market's major competitors are investing in research and development, which is supporting the expansion of Stevia production in the country. Such advancements have a substantial impact on the growth of the Stevia Extract Market.


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Impact of Covid-19 on Stevia Extract Market

The COVID-19 pandemic led to the following of few best models followed by the food industry as the pandemic conveyed importance of hygienic and nutritious foods comprising less sugar, less caloric and fat in the prevention of diseases. Stevia Extract Market witnessed an increase due to the COVID-19 pandemic, as people are looking to boost overall health and wellbeing, resulting in an increased demand for less sugary but immunity-boosting products. The COVID-19 pandemic also accounted for most health-conscious customers but also to turn into low-calorie or sugar-free food. Hence, an increase of health consciousness and an increase in demand for organic foods and sugar reducing solutions among the population has forced manufacturers and formulators of product to opt Stevia.

Stevia Extract Market is further segmented by region into:
  • North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States and Canada
  • Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil and Rest of Latin America
  • Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey and Rest of Europe
  • Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia and Rest of APAC
  • Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa and Rest of MENA

Stevia Extract Market report also contains analysis on:

Stevia Extract Market Segments:

  • By Type 
    • Powder
    • Liquid
    • Leaf 
  • By Application 
    • Beverages
    • Food
    • Pharmaceuticals
    • Other Applications 
  • By Nature
    • Conventional
    • Organic 
  • Stevia Extract Market Dynamics
  • Stevia Extract Market Size
  • Supply & Demand
  • Current Trends/Issues/Challenges
  • Competition & Companies Involved in the Market
  • Value Chain of the Market
  • Market Drivers and Restraints

Stevia Extract Market Report Scope and Segmentation

REPORT ATTRIBUTE

DETAILS

Market size value in 2021

USD 664.99 million

Revenue forecast in 2032

USD 1,744.9 million

Growth Rate

CAGR of 9.2% from 2022 to 2032

Base year for estimation

2021

Quantitative units

Revenue in USD million and CAGR from 2022 to 2032

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Segments covered

Type, Application, Nature and Region

Regional scope

North America, Latin America, Europe, Asia Pacific, Middle East & Africa (MEA)

Key companies profiled

 

Archer Daniels Midland Company, Glg Life Tech Corp, Tate & Lyle, Morita Kagaku Kogyo Co. Ltd, Guilin Layn Natural Ingredients Corp, Ingredion Inc, Biolotus Technology Lasa Inc., Sunwin Stevia International Inc, The Real Stevia Company AB, S&W Seed Company, Arboreal Stevia, Cargill Incorporated and Other Prominent Players

Frequently Asked Questions (FAQ):

Stevia Extract Market size was estimated at 664.99 million USD in 2021 and is expected to reach 1,744.9 million USD by the end of 2032.

Stevia is being traditionally cultivated for more than centuries, however it got the reputation of being a safe alternate for sugar only in the recent past. Stevia is a natural sweetener, even in small portions, can create the required sweet taste.

Powder Stevia, and Beverages segment accounted for the largest Stevia Extract Market share.

Key players: Archer Daniels Midland Company, Glg Life Tech Corp, Tate & Lyle, Morita Kagaku Kogyo Co. Ltd, Guilin Layn Natural Ingredients Corp, Ingredion Inc, Biolotus Technology Lasa Inc., Sunwin Stevia International Inc, The Real Stevia Company AB, S&W Seed Company, Arboreal Stevia, Cargill Incorporated and Other Prominent Players are the key players in the Stevia Extract Market.

Growing Demand for Natural Sweeteners and Increasing Awareness on the Health in Stevia Extract Market are the factors driving the Stevia Extract Market.

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