Global Stevia Market - 2023-2030

Global Stevia Market - 2023-2030

The Global Stevia Market reached US$ 750 million in 2022 and is projected to witness lucrative growth by reaching up to US$ 1.4 billion by 2030. The market is growing at a CAGR of 8.2% during the forecast period (2023-2030).

Stevia rebaudiana is a plant species commonly used as a source of steviol glycosides, natural sweeteners extracted from the leaves. Steviol glycosides are a zero-calorie sweetener in various food and beverage products.

Stevia has a sweetness profile that is distinct from other sweeteners. It has a sweet, clean taste with a slight licorice aftertaste. Stevia-based sweetener blends may combine different types of stevia extracts, such as Reb A (Rebaudioside A) and Reb D (Rebaudioside D), with other natural or artificial sweeteners to achieve a taste and sweetness that is closer to sugar. Various methods, such as Water extraction, Ethanol extraction, Enzymatic extraction, and CO2 extraction can extract stevia.

Market Dynamics

Growing Awareness of the Health Benefits of Stevia

Increasing awareness of the health benefits of stevia is one of the major drivers of the stevia market. Stevia is a natural sweetener that has gained popularity due to its low-calorie content and potential health benefits.

It is considered safe for people with diabetes and has been shown to have anti-inflammatory, antioxidant, and other health-promoting properties. As consumers become more health-conscious, a growing demand for natural sweeteners like stevia drives the stevia market’s growth.

Increasing Demand for Natural Sweeteners Like Stevia

The increasing demand for natural sweeteners is a major driver of the stevia market. As consumers become more health-conscious and seek healthier alternatives to sugar, the need for natural sweeteners has risen significantly.

As a plant-based sweetener, Stevia is perceived as a natural and healthy alternative to artificial sweeteners and sugar. Additionally, stevia is known to have zero calories, a low glycemic index, and no impact on blood sugar levels, making it a preferred choice for people with diabetes and those who are trying to lose weight. These factors have contributed to the growing demand for stevia and are expected to drive the market in the coming years.

COVID-19 Impact Analysis

The COVID-19 pandemic has impacted the Global Stevia Market. During the early stages of the pandemic, there was a sudden increase in demand for stevia-based products, particularly in the food and beverage industry, as consumers looked for healthier alternatives to sugar.

However, disruptions in the supply chain and logistical challenges led to a shortage of raw materials and delays in production and delivery, resulting in increased prices and reduced availability of stevia-based products.

Additionally, the closure of restaurants, cafes, and other foodservice outlets during lockdowns led to a decrease in demand for stevia-based products. Despite these challenges, the global stevia market is expected to recover and continue to grow in the post-pandemic period, driven by increasing demand for natural and low-calorie sweeteners.

Segment Analysis

The Global Stevia Market is segmented based on form, application type, extract and region.

Increase in the Application of Liquid Stevia in the Food Industry

Stevia has been segmented by form as liquid, powder and leaf.

The liquid form of stevia is a popular alternative to sugar and other artificial sweeteners. It is convenient and can be easily added to beverages, desserts, and other food products. The liquid form of stevia is also available in different flavors, making it a versatile sweetener.

Liquid stevia is considered a healthier option than sugar, as it has zero calories and does not cause a sudden increase in blood sugar levels. Therefore, it presents an opportunity for companies to capitalize on the growing demand for healthier sweeteners.

An increase in product launches by major key players helps to boost market growth. For instance, On 18 April 2022, Sweetleaf launched Salted Caramel Zero Sugar Stevia Syrup. The salted caramel flavor may be used on pancakes, waffles, oatmeal and other foods. It joins the company's collection of flavors, including maple, butter, blueberry, cinnamon and butter pecan.

Geographical Analysis

The Increasing Demand for Stevia in South America

The Global Stevia Market is segmented by region into North America, South America, Europe, Asia-Pacific, Middle-East and America.

The South American stevia market has been growing in recent years due to the increasing demand for natural sweeteners and the growing health consciousness among consumers. Argentina is one of South America's major producers of stevia, followed by Brazil, Paraguay, and Colombia.

The use of stevia as a natural sweetener in food and beverage products has gained significant popularity in the region, driven by the increasing concerns about the negative health effects of consuming high amounts of sugar and the rising demand for low-calorie and natural products.

Competitive Landscape

The major global players include DSM, PureCircle, GLG Tech/Cargill, Tate & Lyle, ADM, Evolva Holding SA, Ingredion Incorporated, Sunwin Stevia, S&W Seed Company, PyureBrands LLC.

Why Purchase the Report?
• To visualize the Global Stevia Market segmentation based on form, application type, extract and region, and understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of stevia market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as Excel consisting of key products of all the major players.

The Global Stevia Market Report Would Provide Approximately 61 Tables, 59 Figures And 195 Pages.

Target Audience 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies