Global Stevia Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029
Stevia is a sweetener and sugar substitute extracted from the leaves of the plant species Stevia rebaudiana, native to Brazil and Paraguay. The active compounds are steviol glycosides (mainly stevioside and rebaudioside), which have 30 to 150 times the sweetness of sugar, are heat-stable, pH-stable, and not fermentable. The body does not metabolize the glycosides in stevia and therefore it contains 0 calories like some artificial sweeteners. Stevia's taste has a slower onset and longer duration than that of sugar, and some of its extracts may have a bitter or licorice-like aftertaste at high concentrations.
Market Overview:The latest research study on the global Stevia market finds that the global Stevia market reached a value of USD 769.38 million in 2022. It’s expected that the market will achieve USD 1150.11 million by 2028, exhibiting a CAGR of 6.93% during the forecast period.
The price of Stevia may be affected by COVID-19
Affected by COVID-19, the price of stevia will fluctuate accordingly. The logistics and transportation of various countries are under great pressure, and the recovery of enterprises has been delayed. As a result, the supply of raw materials such as Stevia dry leaves in the stevia factory is insufficient, the company's production capacity will decline, the spot market will be tight, and prices will rise. The operating rate of downstream food and beverage production companies has dropped significantly.
Impacts from the long-term
Due to the slow recovery of logistics, stevia relies on long-term orders and port spot to maintain normal production. This has a positive impact on the development of the stevia market. In the long run, stevia must have its own core competitiveness to survive, such as products, channels, marketing, management, technology, cost advantages, etc.
In this new crown epidemic, the lethal power for middle-aged and elderly patients and patients with long-term chronic diseases is particularly great. The whole people are paying great attention to the big health field, and consumer consumption trends are constantly changing. The concepts of reducing sugar, salt, and oil have gradually become the consensus of ordinary Kochi consumers, especially middle-aged and elderly people. Therefore, people may be more inclined to natural sweeteners in the future, so the stevia market has great opportunities for development.
Strength
Increase in consumer demand for natural sugar substitutes to stimulate the demand for stevia. largely owing to its use as a sugar substitute in various applications such as dairy products, bakery & confectionery products, tabletop sweeteners, beverages, and convenience foods. Stevia is an attractive alternative to sugar and a clean label ingredient because it adds virtually no calories to the food or beverage product it is incorporated in. The major factor attributed to the growth of the market is the increasing number of product launches and innovations in the food & beverage industry, coupled with the need to serve the demand for sugar alternatives from consumers suffering from diabetes and obesity.
As the consumers are opting for plant-based and natural products, manufacturers, especially in the F&B industry, are trying to incorporate natural ingredients in their products. The increase in awareness about the side-effects of the hormones and antibiotics present in animal products, rising vegan population, and increasing concern for animals are anticipated to be some of the drivers for the increase in the demand for plant-based products. Thus, the increasing inclination towards the use of plant-based products is estimated to have a positive influence on the stevia market. Stevia is a natural, high-intensity sweetener, which is 200-300 times sweeter than sucrose. It is natural and helps to develop low-calorie products. Stevia contains active compounds such as steviol glycosides, which are heat- and pH-stable. Various advantages offered by stevia have increased its demand in the end-use industry and are anticipated to boost the growth of the stevia market.
Weakness
The price volatility of the stevia leaf acts as a major restraining factor for the growth of the stevia industry. The fall in stevia cultivation is expected to impact the growing demand for stevia, which will result in a supply crunch and lead to higher prices during the forecast period. Stevia is an emerging crop in many countries with a wide range of varieties, which also vary widely in their wholesale and retail prices. In general, stevia is more expensive than artificial sweeteners such as saccharin, aspartame, and sucralose. Hence, fluctuations in price and availability pose difficulty in production planning and sourcing for processors and the food & beverage industry.
One of the major challenges for stevia extract manufacturers is the taste offering. Traditional sugar continues to have preference over sugar substitutes such as stevia in terms of taste profile. Initially, the product offerings were made with highly purified rebaudioside A (one of the steviol glycosides present in stevia extract, which is responsible for its sweetness), which in some instances has a bitter aftertaste, which has limited its preference as an alternative to sugar.
Region Overview:North America had the highest growth rate of all regions.
Company Overview:PureCircle is one of the major players operating in the Stevia market, holding a share of 16.2% in 2023.
PureCircle
PureCircle is an international producer and marketer of specialty natural ingredients based on high-purity stevia. The company oversees production of stevia in Asia, Africa and the Americas and works with producers to promote the use of sustainable practices at each step of the production and distribution process.
Tate & Lyle
Tate & Lyle PLC is a provider of ingredients and solutions to the food, beverage and other industries. The Company's segments include Specialty Food Ingredients and Bulk Ingredients. The Specialty Food Ingredients segment's product categories include dairy, beverage, bakery and convenience.
Segmentation Overview:By type, Reb A segment accounted for the largest share of market in 2022.
Reb A
Rebaudioside A, or Reb A as it is commonly known, is the sweetest of all the natural compounds in the stevia leaf. Reb A is more than 200 times sweeter than sugar. Of all the steviol glycosides in the plant, Rebaudioside A has the least bitterness.
Reb M
Reb M is a rare molecule found on the stevia plant. It's the sweetest part of the plant, but it's difficult to extract. So, more sweeteners end up as a blend of the different stevia molecules with a lot of impurities, causing an unpleasant aftertaste.
Reb D
Rebaudioside D (Reb D) is one of the several glycosides found in the leaves of Stevia rebaudiana Bertoni which has been identified as a potential sweetener. Reb D has a cleaner taste than traditional stevia sweeteners, and sensory mapping shows that Reb D has a sweetness time intensity closer to sucrose than other stevia products.
Glucosyl Stevia
Glucosyl Stevia is a stevia-based flavors and flavor modifiers for use in food and beverage products. Glucosyl Stevia is made by the selective introduction of Glucosyl into Steviol glycosides molecule with the biological enzyme technology, which increases the number of glucosides. When compare with Steviol glycosides, it has many advantages, such as it can reduce Stevia’s natural bitter tastes and increased solubility.
Application Overview:By application, the Food segment occupied the biggest share from 2018 to 2022.
Key Companies in the global Stevia market covered in Chapter 3:GLG Life Tech Corp
Morita Kagaku Kogyo
Biolotus Technology
Tate & Lyle
Sunwin Stevia
SWEEGNE
Jining Aoxing Stevia Products
Shangdong Huaxian Stevia
Cargill-Layn
Haigen Stevia
Daepyung
Shandong Shengxiangyuan
GL Stevia
PureCircle
Sinochem
Ingredion
Julong High-tech
In Chapter 4 and Chapter 14.2, on the basis of types, the Stevia market from 2018 to 2029 is primarily split into:Reb A
Reb M
Reb D
Glucosyl Stevia
In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Stevia market from 2018 to 2029 covers:Food
Beverage
Pharmaceutical
Daily Chemical
Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)