Global Stevia Market Report and Forecast 2023-2028

Global Stevia Market Report and Forecast 2023-2028

Market Outlook

According to the report by Expert Market Research (EMR), the global stevia market attained a value of USD 761.78 million in 2022. Aided by the increasing demand for natural and calorie-free sweeteners and the growing prevalence of health-conscious consumers, the market is projected to further grow at a CAGR of 10.6% between 2023 and 2028 to reach a value of USD 1392.23 million by 2028.

Stevia is a natural, zero-calorie sweetener extracted from the leaves of the Stevia rebaudiana plant, native to South America. Stevia has gained popularity among health-conscious individuals due to its numerous health benefits, including weight management, blood sugar control, and reduced calorie intake. Stevia is being increasingly used in confectionery items, bakery products, dairy products, and beverages, as well as in pharmaceuticals and dietary supplements. This expanding range of applications is driving the growth of the stevia market. The market for stevia is primarily driven by the increasing demand for natural and calorie-free sweeteners as consumers become more health-conscious and aware of the adverse effects of excessive sugar consumption. This growing application in the beverage industry is expected to further propel the growth of the stevia market.

Stevia's production process is considered more environmentally friendly compared to other sugar substitutes, as it requires less water and land resources. This eco-friendly aspect of stevia production appeals to environmentally conscious consumers and businesses, further driving the growth of the stevia market. Market players are increasingly focusing on sustainable sourcing and production of stevia to address environmental concerns and meet the demand for eco-friendly products. Companies are adopting sustainable farming practices, promoting fair trade, and ensuring traceability in the supply chain to cater to the growing consumer preference for ethical and sustainably produced products.

Another factor propelling the growth of the stevia market is the increasing demand for natural ingredients in the food and beverage industry. Stevia's natural origin and environmentally friendly production process make it an attractive option for manufacturers looking to cater to this growing consumer trend. The market for stevia is witnessing increased strategic partnerships and collaborations among key players to expand their product portfolios, enhance technological capabilities, and gain a competitive edge. These collaborations may involve joint research and development initiatives, product launches, and distribution agreements.

Market Segmentation

The market can be divided on the basis of extract type, end use, and region.

Market Division by Extract Type:

• Powder
• Liquid
• Leaf

Market Breakup by End Use:

• Beverages
• Food Products
• Tabletop Sweeteners
• Pharmaceuticals
• Others

Market Segregation by Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Competitive Landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global stevia companies. Some of the major key players explored in the report by Expert Market Research are as follows:

• Layn Corp.
• Cargill, Incorporated
• ADM
• Ingredion Incorporated
• Tate & Lyle
• GLG Life Tech Corporation
• Pyure Brands LLC
• Sunwin Stevia International Inc
• Steviva Brands, Inc.
• Zhucheng Haotian Pharm Co., Ltd.
• MORITA KAGAKU KOGYO CO., LTD.
• Wisdom Natural Brands
• SweeGen, Inc
• Hunan NutraMax Inc.
• The Real Stevia Company
• Others

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*We at Expert Market Research always strive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.