USD 7.96 billion
Stevia Market Size, Share, Growth Analysis, By Product(Stevia Leaves, Stevia Extracts, Liquid Extracts, Powder Extracts), By Application(Food and Beverages, Pharmaceutical, Dietary Supplements, and Others), By Distribution channel(Hypermarkets/Supermarkets, Specialty Stores, Independent Small Stores, Online Sales Channel), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG30H2158 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
95
|Figures:
76
Stevia Market Insights
Stevia Market size was valued at USD 7.96 billion in 2022 and is poised to grow from USD 8.69 billion in 2023 to USD 15.26 billion by 2031, growing at a CAGR of 10.06% in the forecast period (2024-2031).
In recent years, the global Stevia market has been changing consumer preferences and demands by increasing consumer awareness of the health risks associated with high sugar consumption. It is often considered a healthier alternative to traditional sugar and artificial sweeteners as Stevia, a natural sweetener derived from the leaves of the Stevia rebaudiana plant. Consumers are increasingly looking for natural alternatives to sugar and artificial sweeteners. Stevia, a plant-based sweetener that contains no calories, has gained popularity as a natural sugar substitute.
Stevia has been widely used by the food and beverage industry as a key ingredient in a variety of products, including beverages, snacks, and dairy products. This development is driven both by consumer demand for healthier alternatives and by regulatory initiatives promoting reduced sugar content.
Although stevia is a popular sugar substitute, some consumers find that it has a different flavor profile than sugar. Manufacturers are constantly working to improve the taste and composition of Stevia-based products. Stevia's production costs can be relatively high compared to traditional sweeteners, which can affect its pricing and market access.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Stevia Extracts
Fastest Growth
Stevia Leaves
Growth Rate
10.06% CAGR
Global Stevia Market ($ Bn)
Country Share for Asia Pacific Region (%)
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Stevia Market Segmental Analysis
The global stevia market is segmented into four major segments i.e. by product, application, distribution channel, and region. Based on type, it is divided into stevia leaves, stevia extracts, liquid extracts, powder extracts, and other forms. Based on application, it is bifurcated as food and beverages, pharmaceutical, dietary supplements, and others. Based on distribution channels it is segregated into supermarkets, convenience stores, e-commerce platforms, specialty stores, health food outlets, vending machines, and others. Based on region, the market is segmented into Asia-Pacific, North America, Europe, Latin America, and Middle East & Africa.
Stevia Market Analysis by Product
Stevia extracts have typically held a substantial market share as it offers versatility in applications across various industries, including food and beverages, pharmaceuticals, and dietary supplements. Their adaptability makes them a preferred choice for manufacturers in different sectors. With an increasing demand for processed and convenience foods globally, stevia extracts are favored as they can be easily incorporated into a wide range of products, including beverages, confectionery, and bakery items.
Due to the growing trend among consumers towards natural and minimally processed foods. Stevia leaves, being in their natural state, align with this consumer preference for whole foods, contributing to the increasing demand for stevia leaves. As people become more health-conscious and environmentally aware, there is a rising interest in home gardening. Consumers are increasingly cultivating stevia plants at home for personal use, leading to a surge in demand for stevia leaves.
Stevia Market Analysis by Application
Stevia has gained significant traction in the beverage industry, particularly in the production of soft drinks, flavored water, and low-calorie beverages. Its natural origin and zero-calorie properties make it an attractive choice for health-conscious consumers. Its versatility in a variety of foods, including sweets, dairy, and baked goods, makes it an essential ingredient in the food and beverage industry. The ability to retain sweetness at different temperatures and pH levels contributes to its widespread use.
As awareness of health and wellness grows, so does interest in nutritional supplements. Stevia is added to various dietary supplements, including powders, capsules and liquid extracts, to improve the taste of these products. Consumers are looking for natural and pure ingredients in food. Stevia is a plant-based sweetener that has no added calories and conforms to the clean label trend, making it an attractive choice for supplement manufacturers.
Global Stevia Market By Type
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Stevia Market Regional Insights
Stevia has a long history of use in Asia, particularly in countries like China and Japan. The cultural acceptance of stevia as a natural sweetener contributes to its dominance in the Asia-Pacific region. Increasing health awareness and concerns about lifestyle-related diseases in Asia-Pacific countries drive the demand for healthier alternatives to sugar. Stevia, with its natural origin and low-calorie properties, aligns with this health-conscious consumer base.
Latin America is one of the regions where stevia is native, and it has a history of traditional use as a sweetener. The familiarity with stevia's natural origin contributes to its growing popularity in the region. Similar to other parts of the world, there is a growing trend toward healthier lifestyles in Latin America. Consumers are becoming more conscious of their dietary choices, leading to an increased demand for natural sweeteners like stevia.
Global Stevia Market By Region
- Largest
- Fastest
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Stevia Market Dynamics
Stevia Market Drivers
Increasing Consumer Awareness of Health and Wellness
- The increasing global awareness of health and wellness, which has led to a rising demand for natural and low-calorie sweeteners. Stevia, derived from the leaves of the Stevia rebaudiana plant, has gained prominence as a healthier alternative to traditional sugars and artificial sweeteners, aligning with consumer preferences for clean-label and plant-based products. The expansion of the food and beverage industry is another crucial driver. Stevia's versatility allows its incorporation into a wide range of products, including beverages, confectionery, and bakery items. As manufacturers seek to respond to consumer demands for reduced sugar content and healthier options, the adoption of Stevia in product formulations has become a strategic choice.
Stevia Market Restraints
Perception of this Aftertaste May Limit its Widespread Acceptance
- One of the main market restraints is the taste profile of Stevia, characterized by some consumers as having a distinct aftertaste. Despite technological advancements aimed at improving the taste, the perception of this aftertaste may limit its widespread acceptance, particularly among consumers accustomed to the taste of traditional sugars. Price sensitivity is another constraint for the Stevia market. The production costs associated with Stevia, especially in comparison to conventional sweeteners, can be relatively high. This aspect poses a challenge as consumers and manufacturers may find it costlier than other sweetening alternatives, impacting the overall market penetration of Stevia.
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Stevia Market Competitive Landscape
The competitive environment of the stevia market is dynamic and shaped by the presence of key players striving for market dominance. The industry leaders often focus on product innovation, introducing new formulations and blends to enhance the taste profile of Stevia and address consumer preferences. Additionally, the market sees participation from regional and local players, contributing to increased competition. These players often carve out niches by catering to specific consumer demands or focusing on particular application segments. The competitive dynamics are further intensified by strategic collaborations and partnerships, enabling companies to expand their product portfolios and global reach.
Stevia Market Top Player’s Company Profiles
- Tate & Lyle PLC
- Archer Daniels Midland Company
- Zhucheng Haotian Pharma Co. Ltd.
- BENEO (SUDZUCKER Group)
- Foodchem International Corporation
- FRAKEN BIOCHEM CO. LTD.
- Haihang Industry Co.,Ltd.
- PureCircle Ltd
- GLG Life Tech Corporation
- Wild Flavors and Specialty Ingredients
- Sunwin Stevia International, Inc.
- Meiji Food & Pharmaceutical Co., Ltd.
- Evolva
- Pyure
- Lesaffre
- Jiaxing Stevia Bio-Technology Co., Ltd.
- Stevia Extracts Australia Pty Ltd
- Sweet Greenfields Stevia
Stevia Market Recent Developments
- In March 2023, The 26th edition of Food Ingredients China is taking place at the Shanghai National Exhibition and Convention Center from March 15 to March 17. With the theme "Unlocking nature’s potential, Building a healthier future," Cargill, participating for the 15th time, showcases a plethora of health-focused innovative food solutions. Additionally, they unveil their latest proprietary study, "TrendTracker," addressing trends in Asia and globally.
- In March 2023, Splenda®, the leading low-calorie sweetener brand, along with its parent company, Heartland Food Products Group, formally declared the establishment of Splenda Stevia Farm. This marks the inaugural fully integrated stevia farm in the United States, situated in Central Florida. The farm is now in full operation, dedicated to crafting high-quality stevia sweeteners.
Stevia Key Market Trends
Rising Consumer Awareness and Demand for Natural Sweeteners
- The increasing consumer demand for natural and low-calorie sweeteners, driven by a growing awareness of health and wellness. Stevia, as a plant-derived sweetener with zero calories, aligns with this trend, positioning itself as a favored alternative to traditional sugars and artificial sweeteners. Another significant trend is the expanding adoption of Stevia in the food and beverage industry, particularly in beverages, confectionery, and dairy products. As manufacturers respond to consumer demands for healthier options and reduced sugar content, Stevia's versatility in various product formulations becomes a key driver for its incorporation across diverse applications.
Stevia Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
Global stevia market analysis reveals a dynamic marketplace with a number of standout trends and difficulties. The market is driven by the rising demand for natural, low-calorie sweeteners due to health awareness. However, taste concerns and higher production costs serve as restraints. Stevia extracts dominate, favored for versatility, while Stevia leaves witness rapid growth with a surge in home gardening and DIY trends. Asia-Pacific leads due to historical use, health-conscious consumers, and a booming food industry. Latin America experiences fast growth, propelled by traditional use, health consciousness, and rising investments in the food sector. Key trends include sustainable practices, taste innovation, and increased accessibility through e-commerce.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 7.96 billion |
| Market size value in 2031 | USD 15.26 billion |
| Growth Rate | 10.06% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Stevia Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Stevia Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Stevia Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Stevia Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Stevia Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Stevia Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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