The global stevia market size was USD 790.6 Million in 2021 and is expected to register a revenue CAGR of 8.5% during the forecast period, according to latest analysis by Emergen Research. Rising demand for stevia as an alternative for sucrose in the dairy industry and increasing investments by market players are factors expected to support market revenue growth between 2021 and 2030. In addition, Stevia has a sweet taste, which makes it capable of replacing sugar in a diet and has a very low calorific value, which makes it ‘no-calorie’ food. Stevia is also beneficial for indigestion-related problems, which decreases hunger and urges and cravings for sweets. Stevia when mixed with toothpaste helps to avoid gum disease, plaque buildup, and tooth decay.
The consumer demand for nutrient-rich products is rising as people strive to live healthier lifestyles, which is anticipated to favourably impact the stevia market in the near future. This is explained by the presence of components such flavonoids, tannins, caffeic acid, quercetin, and antioxidant chemicals.
Moreover, increasing incidence of non-communicable diseases, such as diabetes and obesity, is expected to drive growth of the market during the forecast period. Stevia is a high-intensity sweetener, which is 200 times sweeter than sucrose, is used as a natural sweetener in the food & beverage industry and does not have any harmful effects on human body. It is also used as a tabletop sweetener in cafes and restaurants to add sweetness to instant beverages such as tea, coffee, and soft drinks.
However, despite huge demand, manufacturers find it difficult to keep up with high demand and low supply. Limited resources and fluctuation in stevia leaf prices are key factors driving growth of the stevia market over the forecast period.
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Demand for Sweeteners Based on Stevia is Growing
Stevia has been considered to be the ideal substitute for sugar since the prevalence of diabetes causes a significant shift in demand for artificial sweeteners. Due to growing knowledge of healthy lifestyles and the trend of weight management, stevia-based sweeteners have grown in popularity and demand.
China is well-known in the stevia industry, and the country hopes to take full advantage of the economic benefits that come with rising demand. In order to reduce the environmental impact of stevia growing, Tata and Lyle have introduced a new initiative for Chinese stevia growers. Sustainability in agriculture is also becoming a hot topic.
Earthwatch Europe will launch the programme with on-the-ground assistance from the Nanjing Agricultural University (NJAU), which will train regional farmers. Stevia demand is on the upswing, and programmes like these are anticipated to inspire farmers to switch to stevia farming for greater financial rewards.
An established brand in the sweeteners sector, SweeGen, will receive approval for its novel stevia sweetener. Soon after receiving clearance, the commercial scalability of the Bestevia Rebaudioside M (Reb M) stevia sweetener will be increased. The company’s manufacturing plant has sped up the procedure.
As this new sweetener checks off the majority of the boxes on the list of healthy foods, its approval will be advantageous for brands and consumers alike. The stevia business will experience significant demand growth as the market for such sweeteners grows.
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Market Drivers:
The constant efforts of prominent players to develop newer and modern technologies and product advancements are expected to drive the growth of the industry over the coming years. The report studies the extensive business expansion plans and advancements in R&D activities and product portfolio. The report offers a clear understanding of the alliances in the market, such as mergers and acquisitions, joint ventures, collaborations, partnerships, agreements, product launches and brand promotions, and corporate deals.
Leading Companies of the Stevia Industry and Profiled in the Report are:
Cargill, Incorporated, Arboreal Stevia, Tate & Lyle, Ingredion Incorporated, GLG Life Tech Corp., S&W Seed Co., Pyure Brands LLC, Morita Kagaku Kogyo Co., Ltd., Layn Natural Ingredients, and Sunwin Stevia International Inc.
Key Points of Stevia Market:
- Extensive coverage of the analysis of the Stevia market
- Key insights into the regional spread of the industry in key geographies
- Radical insights into the vital market trends; both current and emerging trends, and factors influencing the growth of the market
- Comprehensive coverage of the impact of the COVID-19 pandemic on the overall growth of the Stevia market
- Complete data about the key manufacturers and vendors in the Stevia market
Regional Analysis:
The report sheds light on the region expected to dominate the Stevia market in the coming years. The report estimates the market size in terms of volume and value and offers an accurate estimate of the market share each region is anticipated to hold during the forecast period. The report analyzes the spread of the Stevia market in key geographies covering North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. The regional analysis offers an idea about the production and consumption pattern, import/export, supply and demand ratio, revenue contribution, market share and size, and the presence of prominent players in each region.
Emergen Research has segmented the global stevia market based on type, form, application:
- Type Outlook (Revenue, USD Million; 2019–2030)
- Leaf
- Liquid
- Powder
- Form Outlook (Revenue, USD Million; 2019–2030)
- Liquid
- Dry
- Application Outlook (Revenue, USD Million; 2019–2030)
- Dairy
- Bakery & Confectionery
- Tabletop Sweeteners
- Food & Beverages
- Convenience Food
- Others
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Overview of the stevia Market Report:
- Introduction, Product Scope, Market Overview, and Opportunities
- Analysis of the Manufacturers with sales, revenue, and price analysis
- Comprehensive analysis of the competitive landscape
- Extensive profiling of the key competitors along with their business strategies and market size
- Regional analysis of the market along with sales, revenue, market share, and global position
- Country-wise analysis of the market along with types, applications, and manufacturing
- Strategic recommendations to established players as well as new entrants
- In-depth analysis of the risks, restraints, and limitations in the stevia industry
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