Stevia Market 2024 – Market Size & Segments Analysis, Industry Trends, Manufacturers Analysis, Opportunities and Forecast 2030

The global stevia market was valued at USD 754.1 million in 2022, and a CAGR of 9.5% is expected during the forecast period. Stevia is sometimes called Meethi Tulsi, which is 300 times sweeter than sugar and is used as an alternative to sugar. Stevia is expensive and is used in a very small quantity where it is required. Stevia is mainly found in the Latin American region. Due to increasing demand for natural sweeteners, the stevia market is growing significantly. Stevia is a plant-derived sweetener and is used as a sugar substitute in various products. With increasing health consciousness, the stevia market is growing significantly. Regulatory approvals and advancements in the stevia market also contributed to its market expansion.

Impact of Covid-19

The COVID-19 pandemic has affected the stevia market in several ways. Disruptions in the supply chain, lockdowns, and restrictions on transportation impacted production and distribution. Changes in consumer behavior during the pandemic, such as an increased focus on health and wellness, boosted demand for natural sweeteners like Stevia. Economic uncertainties and supply chain challenges posed obstacles to market growth. Overall net impact varied with both challenges and opportunities emerging in the stevia market during the pandemic.

Growth Drivers

Key growth drivers in the stevia market include the increasing consumer preference for natural sweeteners. Rising health consciousness is leading to a shift away from artificial sweeteners and a growing awareness of the potential health benefits of stevia consumption. Regulatory approvals for stevia in various regions, advancements in extraction technology, and its use in a wide range of products contribute to market expansion. The global push towards reducing sugar intake also fuels the demand for stevia as a natural low-calorie sweetener.

Increasing demand for natural sweeteners in food products is driving growth in the stevia market. Stevia also damages body organs like the kidney, liver, and lungs. Increased use of stevia reduces blood pressure drastically. Increasing demand for stevia for sugar patients and being rich in nutrients like calcium, magnesium, potassium, and iron are driving the demand for stevia in the market significantly. Sometimes it causes stomach pain, swelling, and body aches. Advancements in extraction technologies are driving the growth of the stevia market. Increasing demand for sugar-free bakery products and gluten-free products is driving growth in the market. The rising government initiatives, advanced technologies, and advanced product innovations are driving the demand for stevia in the market significantly.

Segmentation

By Foam

·         Powder

·         Liquid

·         Granules

By Application

·         Food and Beverages

·         Pharmaceuticals

·         Bakery

·         Confectionary

·         Dairy

·         Tabletop Sweeteners

·         Cereals based products

·         Cosmetics

·         Others

Form

·         Stevia Leaves

·         Dry Extract

·         Leaves Extract

Regional Outlook

·         Asia Pacific

·         North America

·         Latin America

·         Europe

·         Middle East and Africa

Stevia Market by Foam Segmentation

On the basis of foam, the stevia market is segmented into powders, liquids, and granules. Due to increasing consumer preference, powder form is the leading and most demanding segment. Powder stevia is a sugar substitute derived from the leaves of the Stevia rebaudiana plant. It’s a calorie-free alternative to sugar and widely used worldwide. Changing consumer preferences and ease of use are making the powder form the most suitable and leading segment in the stevia market worldwide. Increasing demand for liquid stevia is in demand in the beverage industry worldwide. Granulated stevia is widely used as a dietary supplement to replace sugar. Granulated Stevia is the sugar substitute made from the processed and granulated form of the Stevia rebaudiana plants. It is commonly used as a sugar alternative in cooking and baking. Low in calories and provides sweetness without increasing obesity. The Latin American region is mainly known for stevia. Stevia actually originated in Latin America.

Stevia Market Application based Segmentation

On the basis of application, the stevia market is segmented into cosmetics, pharmaceuticals, food and beverage, bakery, confectionary, cosmetics, and dairy. Food and beverages hold the largest segment in the market, and pharmaceuticals are expected to dominate during the forecast period. Used as a natural sweetener in products like drinks, desserts, sauces, and snacks. Incorporated into products promoting reduced sugar and calorie content. It is utilized in recipes as a sugar substitute for those who need less-calorie products. It is broadly used in the pharmaceutical industry, as some studies suggest that stevia has certain health properties.

Regional Outlook

On the basis of the regions, the stevia market is segmented into 5 parts: Asia Pacific, North America, Latin America, Europe, and the Middle East and Africa. North America is the leading segment, and the United States is the leading market worldwide due to the increasing prevalence of diabetes and people seeking healthy alternatives. The adoption of plant-based food additives is driving the growth in the stevia market. Exports in several countries have driven the growth of the stevia market. The increasing trend toward wellness and high-quality food items is driving the growth of the stevia market in the United States. After North America, Europe is the second-leading market in the world.

Germany is the leading segment, which holds the largest share of the market due to the demand for low-calorie, eco-friendly, and healthy sweeteners. The availability of stevia-based products in retail shops and supermarkets is fueling the stevia market. The increasing beverage sector is increasing the adoption of stevia in the market. Increasing demand for sugar-free and organic products is driving demand for stevia in the European market. Consumers are using environmentally friendly products to improve taste and quality standards.

Increasing demand for natural sweeteners during cultural ceremonies in Japan, China, and India is driving the growth of this market in the Asia-Pacific region. The growing availability of Stevia and increasing health awareness to avoid obesity and diabetes are driving the growth of the Australian market. Increasing food and beverage companies and increasing awareness about health-conscious products are driving the demand for stevia in the Asia-Pacific region. The presence of key market players in the region is driving the demand for stevia in the market.

Key Players

·         Cargill Incorporated

·         Ingredion Incorporated

·         Tate and Lyle Plc

·         Glg Life Tech Corporation

·         Stevia Nutra Corp

·         Evolva Holdings SA Nemours and Co.

·         Archer Daniel Midland Company

·         Sunwin Stevia International Inc

·         Koinklijke DSM NV

·         Other Players