Stevia Market

Global Stevia Market Size (2024 to 2032)

The Global Stevia Market size which was at USD 0.97 billion in 2024 is anticipated to develop to an extent of USD 2.0 billion by 2032 with a CAGR of 9.5% 

MARKET OVERVIEW

Stevia is a natural, calorie-free, non-cariogenic sweetener that has a low glycemic index (GI). It offers multiple potential benefits, particularly in the management of diabetics and obesity, control of blood pressure, and weight control. Therefore, consumers use it as a substitute for sugar in many foods and beverages. Stevia is comparatively 200 to 300 times sweeter than traditional sugar. Therefore, it becomes one of the most widely used ingredients and food additives in the food and beverage industry. This is attributed to the fact that stevia has many beneficial properties, such as improving flavor, preventing fermentation and discoloration, reducing stickiness in beverages, and has high heat resistance.

The increasing prevalence of diabetes and obesity should serve as a major driver for the global stevia market. According to the World Health Organization, in 2016, approximately 1.6 million deaths were directly caused by diabetes, and it is the seventh leading cause of death in the world. As the frequency of diabetes and obesity increases, consumers are taking the appropriate steps to maintain a healthy lifestyle and are therefore seeking natural, calorie-free sweeteners to maintain blood sugar levels. As a result, the demand for stevia is expected to increase as it meets consumer needs. While consumers are turning to herbal and natural products, manufacturers, especially in the F&B industry, are trying to incorporate natural ingredients into their products. Increased awareness of the side effects of hormones and antibiotics found in animal products, an increase in the vegan population, and growing concern about animals should be among the drivers of the increased demand for herbal products of plants. Therefore, the increasing inclination towards the use of herbal products should have a positive influence on the stevia market.

The volatility of stevia leaf prices acts as a major limiting factor for the growth of the stevia industry. The drop in the stevia harvest is expected to have an impact on the growing demand for stevia, which will cause supply to contract and prices to rise during the forecast period. Stevia has different varieties that vary in their wholesale and retail costs. Stevia is generally more expensive than artificial sweeteners such as saccharin, aspartame, and sucralose. As a result, fluctuations in prices and availability pose problems in production and supply planning for processors and the food industry. One of the main challenges for manufacturers of stevia extracts is the flavor offering. Traditional sugar still takes precedence over sugar substitutes like stevia in terms of the flavor profile. However, advanced cultivation methods, conventional plan improvement programs, advances in extraction technologies and methods, and optimization of solutions for new food and beverage applications have resulted in more stevia extract sweeteners. These advanced methods make it more expensive to extract these varieties of stevia.

REPORT COVERAGE

SEGMENTAL ANALYSIS

Global Stevia Market Analysis By Form

• Liquid

• Powder
• Others

Global Stevia Market Analysis By End-User

• Retail Industry
• Pharmaceutical Industry
• Food & Beverages Industry
• Others

According to the end-user, food and beverages were the leading segments in the global Stevia Market in 2018, as stevia is one of the most popular ingredients and food additives used in the food and beverage industry. Additionally, it is used to improve flavour, prevent fermentation and discoloration, and reduce the stickiness of beverages. Furthermore, it acts as an antioxidant and has a high tolerance to heat, which fuels its demand in the food and beverage industry. In addition, it finds its main application as a natural stabilizer in various dairy products, confectionery, beverages, and other food products. Therefore, all of these factors increase the demand for stevia in the food and beverage industry.

Global Stevia Market Analysis By Distribution Channel

• Indirect Channel

• Direct Channel

The Asia-Pacific is expected to experience promising growth during the forecast period. In Japan, stevia represents about 40.0% of the global sweetener market. It is consumed in various dietary and low-calorie supplements. China has become the main exporter of stevia and has experienced a significant increase in consumption. North America was the second-largest regional segment, accounting for 27.2% of world market volume in the previous years.

KEY PLAYERS IN GLOBAL STEVIA MARKET 

Key Players in the global stevia Market are Van Wankum Ingredients, Archer Daniels Midland Company, Tate & Lyle PLC, Beneo (Sudzucker Group), PureCircle, Cargill Incorporated, Ingredion Incorporated, Haihang Industry Co.

RECENT HAPPENINGS IN THE MARKET

• GLG Life Tech Corporation signed a partnership deal with Archer Daniels Midland Company and introduced the Reb M product line. The Stevia-based product line makes it easy to replace sugar with better-tasting, low-calorie natural sweetening systems, and solutions that deliver a better flavor and better experience.
• Ingredion is about to acquire a 75% majority stake in PureCircle, a leading producer of stevia sweeteners for the global food and beverage industries. The acquisition is already agreed upon by the boards of directors of both these companies.

DETAILED SEGMENTATION OF GLOBAL STEVIA MARKET INCLUDED IN THIS REPORT    

This research report on the Global Stevia Market has been segmented and sub-segmented based on Form, end-user, distribution channel and Region.

By Form

• Liquid
• Powder
• Others

By End-User

• Retail Industry
• Pharmaceutical Industry
• Food & Beverages Industry
• Others

By Distribution Channel

• Indirect Channel
• Direct Channel

By Region

• North America
• Asia Pacific
• Europe
• Latin America
• Middle East and Africa