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

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.