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

Stevia Market

Stevia: By Form (Stevia Leaves, Dry Extract, and Liquid Extract), By Application (Food & Beverages, Tabletop Sweeteners, Pharmaceuticals, and Others) And Region - Global Analysis of Market Size, Share & Trends for 2019-2020 And Forecasts To 2031

Published on: May-2023
Report Code: FG F&B 01500
No. of Pages: 170-350
Report Format: PDF

Product Overview

Stevia to surpass USD 1,564.8 million by 2031 from USD 662.4 million in 2021 at a CAGR of 9% in the coming years, i.e., 2021-31.

Stevia derived from the Stevia Rebaudiana plant species is a natural sweetener substance. It's a calorie-free, all-natural sweetener that's more times sweeter than sugar. Flavones, triterpenoids, tannin, caffeic acid, kaempferol, as well as quercetin are among the antioxidant chemicals found in stevia. Consumers are increasingly replacing sugar with stevia due to greater awareness and a slew of health benefits linked with its use. Many food and beverage companies are using it in caffeine, tea, smoothies, and yoghurt to provide goods with less calories. Stevia is recognized to provide a number of health benefits, including diabetes control, weight loss, and blood pressure & sugar regulation.

Market Highlights

Global Stevia market is expected to project a notable CAGR of 9% in 2031.

Global Stevia to surpass USD 1,564.8 million by 2031 from USD 662.4 million in 2021 at a CAGR of 9% in the coming years, i.e., 2021-31. The growing knowledge of the health advantages of reduced consumables is a primary driving force behind market expansion. With its zero-calorie feature, stevia is anticipated to be the ideal sugar replacement as the increase in number of obese & diabetic people rises.

Market Analysis of Stevia Market

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Global Stevia: Segments

Dry Extract segment to grow with the highest CAGR during 2021-31

The market is divided into three categories based on form: Stevia Leaves, Dry Extract, and Liquid Extract. Dry Extract Stevia had the most market share and also is expected to continue to do so during the projection period. Due to its low cost and widespread use in precision manufacturing and assembly, dry stevia powder is often preferred. Liquid stevia, on the other hand, is expected to develop at the fastest rate due to an increase in commercial-scale uses, since they are concentrated & only a small amount is required.

Food & Beverages segment to grow with the highest CAGR during 2021-31

The market is segmented by application into Food & Beverages, Tabletop Sweeteners, Pharmaceuticals, and Others. Food and beverages has been the leading sector in the worldwide stevia market, depending on application, as stevia is among the most widely utilized components & food additives in the foodservice industry. It's also used in beverages to improve flavor, prevent fermentation and discoloration, and minimize stickiness. It also functions as an antioxidant & also has a high heat resistance, which contributes to its popularity in the food and beverage industry. Furthermore, it is used as a natural stabilizer in a variety of dairy products, confectioneries, beverages, as well as other culinary items. As a result, all of these reasons contribute to the increased need for stevia sweetener in the food and beverage industry.

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Market Dynamics

Drivers

Increasing demands for sugar replacement

Consumer demand for natural sugars replacements, zero-calorie beverages, & healthier foods containing natural sugar substitutes is driving market expansion, thanks to increasing disposable incomes, growing health concerns, and increased consumer understanding about food & lifestyle. Stevia demand is also predicted to climb as customer preferences for plant-based products grow. Furthermore, factors like the positive view for stevia like a natural sweetener product due to the rising supply for dietary food as well as a growing number of unique product advancements for stevia & stevia-based ingredients that are cost-effective & find application in a variety of food and beverage applications, resulting in an increasing number of food & beverage companies, are driving the market.

Rising government initiatives and advancements

The market is predicted to grow as a result of factors like government initiatives and increasing application innovation. In addition, the growing number of product releases and advancements in the food & beverage industry, as well as the necessity to satisfy the demands for sugar substitutes from diabetic and obese consumers, are important factors driving the market's growth potential. Furthermore, when more efficient technologies are developed, stevia extract with much more acceptable flavor and aroma will increase market share. Due to its high calorie benefits, this breakthrough promises a tremendous potential for stevia inside the sugar alternatives market.

Restraint

Fluctuations in stevia leaf prices

The stevia leaf's price fluctuation, on the other hand, is a key hindrance to the industry's expansion. Seasonal variations and crop productivity, however, have an impact on the availability of Stevia leaves. During the projected period, the reduction in stevia production is expected to impact on the increasing demands for stevia, results in a supply deficit and increased pricing. In the foreseeable future, shifting stevia-leaf prices are projected to limit the market's growth.

Global Stevia:

Key Players

  • Cargil Inc.,

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

  • Ingredion Inc.,
  • PureCircle Ltd.,
  • Tate & Lyle PLC.,
  • Archer Daniels Midland Company,
  • Evolva, Stevia Corp.,
  • GLG LIFE TECH CORP.,
  • Sunwin Stevia International, Inc.
  • HYET Sweet.
  • Other Prominent Players

Global Stevia: Regions

Global Stevia market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. In terms of region, Asia-Pacific had the largest market share. In Asian countries stevia has been employed as a vital ingredient in the food & beverages and dietary supplement marketplace. Furthermore, since customer worries about artificial sweeteners have grown in this region, producers have been pushed to incorporate natural sweeteners in various goods. As a result, Asian sweetener manufacturers, like Morita Kagaku Kogyo, have begun to include stevia in their products. Furthermore, food and beverage firms have accepted stevia as an addition because it contains no calories, lowers blood pressure, and regulates diabetes, giving consumers with an effective alternative for keeping their health.

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Impact of Covid-19 on Stevia Market

Due to the importance of sanitary and nutritious foods with reduced sugar, calories, & fats in illness prevention, the COVID-19 outbreak led to the establishment of various best-practice methods for the food sector. Consumer demand, especially for low food goods, was unparalleled in this market. With the advent of the COVID-19 pandemic, the stevia industry exploded as individuals sought ways to improve their general health and wellness, resulting in a rise in demand for less sweet and immunity-boosting products. Most health-conscious customers turned to low-calorie or sugar-free cuisine as a result of the COVID-19 pandemic.

Global Stevia 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

Global Stevia report also contains analysis on:

Stevia Segments:

  • By Form
    • Stevia Leaves
    • Dry Extract
    • Liquid Extract
  • By Application
    • Food & Beverages
    • Tabletop Sweeteners
    • Pharmaceuticals
    • Others
  • Stevia Dynamics
  • Stevia Size
  • Supply & Demand
  • Current Trends/Issues/Challenges
  • Competition & Companies Involved in the Market
  • Value Chain of the Market
  • Market Drivers and Restraints

Stevia Market Report Scope and Segmentation

Report Attribute

Details

Market size value in 2021

USD 662.4 million

Revenue forecast in 2031

USD 1,564.8 million

Growth Rate

CAGR of 9% from 2021 to 2031

Base year for estimation

2020

Quantitative units

Revenue in USD million and CAGR from 2021 to 2031

Report coverage

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

Segments covered

Form, Application and Region

Regional scope

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

Key companies profiled

Cargil Inc., Ingredion Inc., PureCircle Ltd., Tate & Lyle PLC., Archer Daniels Midland Company, Evolva, Stevia Corp., GLG LIFE TECH CORP., Sunwin Stevia International, Inc. and HYET Sweet and Other Prominent Players.

Frequently Asked Questions (FAQ):

Stevia market size was estimated at USD 662.4 million in 2021 and is expected to reach USD 1,564.8 million in 2031.

Stevia derived from the Stevia Rebaudiana plant species is a natural sweetener substance. It's a calorie-free, all-natural sweetener that's more times sweeter than sugar. Flavones, triterpenoids, tannin, caffeic acid, kaempferol, as well as quercetin are among the antioxidant chemicals found in stevia.

Dry Extract and Food & Beverages segment accounted for the largest Stevia market share.

Key players: Cargil Inc., Ingredion Inc., PureCircle Ltd., Tate & Lyle PLC., Archer Daniels Midland Company, Evolva, Stevia Corp., GLG LIFE TECH CORP., Sunwin Stevia International, Inc. and HYET Sweet are the key players in the Stevia market.

Increasing demands for sugar replacement and increasing government initiatives & advancements are growing and Increasing sales of Battery electric vehicle to Drive Market Growth.

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