Stevia Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Stevia Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The global stevia market is expected to witness a CAGR of 8.43% during the forecast period (2021 - 2026).

Food and beverage products, such as bakery products, confectionery, dairy products, and soft drinks containing food additives, like sweeteners, have been kept back, as supermarkets re-allocated stock priorities toward staples and essential supplies during the COVID-19 outbreak. This was mainly due to the mass lockdown instructions given by several countries’ governments to avoid the spread of the pandemic in their respective countries. However, nutraceuticals and healthy food and beverage products have paced their market growth due to the demand for immunity boosting and healthy products, which increased the application for stevia during the COVID-19 period.

The increasing awareness of the health benefits of low-calorie consumable products is a major catalyst to market growth. As the number of obese and diabetic people rises, stevia is likely to be the best sugar alternative due to its zero-calorie property.

Ground stevia can also be sprinkled lightly overcooked vegetables, meat, cereals, and salads. Besides adding its sweet taste, it significantly enhances the flavor and nutritional value of food, thereby, leading to its increased demand in the market.

Key Market TrendsGrowing Demand of Stevia: Non-Dairy Beverage's Manufacturers

The increasing demand for low-calorie sweeteners from food and beverages manufacturers have been increased in the last few years, owing to the rising concern over obesity and diabetes across the world. Many key players in beverages are introducing products with natural low-calorie sweeteners mainly stevia. Increasingly, consumers from developed economies such as the United States, Germany, and the United Kingdom are inclined toward low-sugar fruits and vegetable juices, which is driving the demand for stevia for beverages application. For instance, in 2019, Tampico Beverages (manufacturer of bottled fruit-flavoured drinks, iced tea and gelatin) launched zero sugar juice drink concentrate brand Tampico ZERO in Texas, Arizona, Illinois, and Nevada due to the increasing demand of zero calories juices in the United States.

North America holds Prominent Share in Stevia Market

The growth of the stevia market in the North American region is majorly driven by ingredient demand from the beverage sector, which has been growing at a remarkable pace due to the rise in the United States diabetic population. As diabetes remains the seventh major cause of death in the United States (according to a report by the American Diabetes Association, 2015), the companies are offering beverages, such as sports drinks with stevia as a sugar substitute. The market in the region is being aided by greater government regulations, like taxation on sugary beverages and raising awareness about the ill effects of sugar consumption. According to a report by WHO, 2016, the tax generated was USD 13 billion from taxation on sugary products, which could be used for promoting the health of the population and to create favourable conditions for the companies to enter the stevia market

Competitive Landscape

Cargill Incorporated, PureCircle, Tate & Lyle, and Ingredion Incorporated are some of the companies, leading the global stevia market due to their new product launches. The companies are adopting strategies, such as partnerships and new product launches, in different forms, like leaves and liquid, to increase product line and share. In February 2018, GLG Life Tech Corporation, in collaboration with Archer Daniels Midland Company, launched the Reb M stevia product line to expand its product portfolio. The stevia product line facilitates sugar replacement with better-tasting, low-calorie natural sweetening systems, and solutions that provide better taste and experience.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned

IBM Corporation
Oracle Corporation
Internap Corporation
Packet Inc. (An Equinix Inc. Company)
Scaleway Inc.
Amazon Web Services Inc
Rackspace Inc.
CenturyLink, Inc.
LightEdge Solutions, Inc

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