Stevia Market By Product Type (Stevia Extracts, Stevia Blends), Form (Powder, Liquid), End-Use Applications (Food and Beverages, Pharmaceuticals), & Region for 2024-2031

Stevia Market

Valuation - 2024-2031

Consumers growing health consciousness and a preference for natural sweeteners are driving up demand for stevia products. Stevia, a plant-based sweetener extracted from the Stevia rebaudiana plant's leaves is gaining popularity over traditional sugar and artificial sweeteners due to its natural origins and zero calorie content by enabling the market to surpass a revenue of USD 765.55 Million valued in 2024 and reach a valuation of aroundUSD 1536.65 Million by 2031.

The increasing use of stevia in a variety of products is driving market expansion. Beyond its typical application in beverages and baked goods, stevia is being used in a wide range of products including dairy, confectionery, and even personal care items. Stevia's versatility as a sugar alternative and ability to blend well with other ingredients make it an appealing choice for manufacturers trying to cater to the health-conscious consumer by enabling the market to grow at aCAGR of 9.10% from 2024 to 2031.

Stevia Market: Definition/ Overview

Stevia is a natural sweetener made from Stevia rebaudiana leaves. It has been used for millennia in South America particularly in Paraguay and Brazil by indigenous peoples to sweeten drinks and dishes. Unlike sugar, stevia contains no calories making it an appealing alternative for those trying to cut their calorie intake or regulate their blood sugar levels.

It is a natural sweetener derived from the leaves of the Stevia rebaudiana plant and is gaining popularity in a variety of applications due to its health advantages and zero-calorie profile. One of the most prominent uses for stevia is as a sugar substitute in foods and beverages. It has a sweet taste but lacks the calories and blood sugar rises associated with typical sugars making it a tempting option for diabetics or those looking to lose weight.

Stevia, a natural sweetener extracted from the leaves of the Stevia rebaudiana plant is expected to become more widely used in the future as a healthier alternative to sugar and artificial sweeteners. As worries about the health impacts of excessive sugar intake grow, stevia is increasingly being used in several food and beverage products.

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Will the Increasing Demand for Low-Calorie Products Drive the Stevia Market?

The growing demand for low-calorie products is a major driver in the stevia market. As consumers grow more health-conscious and aware of the dangers of excessive sugar consumption, they are actively looking for alternatives that give sweetness without adding calories. According to the World Health Organization (WHO), global obesity rates have nearly quadrupled since 1975, with 39% of persons aged 18 and up being overweight in 2016. This disturbing trend has increased demand for healthier food options including low-calorie sweeteners such as stevia. According to the Centers for Disease Control and Prevention (CDC), 42.4% of American adults were obese in 2017-2018 underlining the importance of healthy options.

These figures demonstrate stevia's growing market potential as a natural, zero-calorie sweetener that can help with obesity and diabetes. Stevia's market is also being boosted by increased regulatory approvals and inclusion into a wide range of food and beverage items. In 2011, the European Food Safety Authority (EFSA) approved the use of steviol glycosides in food products, and the FDA gave the Generally Recognized as Safe (GRAS) classification to many stevia-based compounds. According to a United States Department of Agriculture (USDA) report, the global stevia market was worth USD 578 Million in 2018 and is expected to grow to USD 844 Million by 2024.

Will Price Fluctuations Hamper the Stevia Market?

Price variations can have a considerable impact on the stevia market both for producers and consumers. Stevia, a natural sweetener derived from the Stevia rebaudiana plant's leaves is becoming increasingly popular as a healthy alternative to sugar. However, market stability is strongly related to production costs which can be influenced by a variety of factors including agricultural conditions, supply chain disruptions, and global economic trends. When stevia prices rise, manufacturers of stevia-containing products such as beverages and food, may face greater costs. These higher expenses could be passed on to customers, potentially limiting demand for stevia-sweetened products.

Price variations can also provide an opportunity for the stevia sector to grow and adapt. For example, high costs may encourage innovation and the development of more effective farming and extraction processes. Companies may spend on R&D to increase stevia yield, improve the taste profile, and lower production costs. Furthermore, price volatility may stimulate market diversification with companies looking into other natural sweeteners or combining stevia with other ingredients to keep costs stable. Governments and industry organizations may also intervene to support and stabilize the market by offering subsidies or adopting fair trade practices.

Category-Wise Acumens

Will Growing Consumer Demand for Natural and Plant-Based Products Drive Growth in the Product Type Segment?

Stevia extracts are the most popular product kind. Stevia extracts such as stevia leaf extract, stevia glycosides, and rebaudioside A are recommended because of their high sweetness intensity and natural source. Consumers and producers alike are increasingly turning to these extracts because they provide a powerful, zero-calorie sweetening solution without the bitterness commonly associated with other natural and artificial sweeteners. Stevia extracts are extremely adaptable and can be utilized in a wide range of food and beverage applications such as soft drinks, baked goods, dairy products, and even tabletop sweeteners. This adaptability combined with the growing consumer demand for natural and plant-based goods has reinforced stevia extracts supremacy in the market.

Stevia extracts are popular not just for their sweetness but also because of their health benefits. Unlike sugar, stevia extracts do not elevate blood glucose levels making them an excellent choice for diabetics and others looking to reduce their sugar consumption. Furthermore, stevia extracts are non-cariogenic which means they do not contribute to tooth decay providing a substantial advantage over sugar. The global trend toward healthier eating habits as well as the rising prevalence of lifestyle-related disorders including obesity and diabetes have increased the appeal of stevia extracts.

Will the Cost-Effectiveness and Convenience in Large-Scale Production Drive the Form Segment?

The powder form is predominant. Several major aspects contribute to powdered stevia's prevalence making it a popular choice among both consumers and businesses. First and foremost, powdered stevia is extremely adaptable making it suited for a variety of applications in both domestic and industrial settings. Consumers typically use powdered stevia to sweeten beverages such as coffee and tea as well as in baking and cooking. Its ease of use and ability to integrate effortlessly with dry ingredients make it an excellent substitute for sugar in a variety of dishes including cakes, cookies, sauces, and salads.

Powdered stevia's dominance can be attributed to its low cost and ease of production and packaging on a wide scale. Powdered stevia is easier for producers to process and include in food and beverage items. It can be uniformly blended with other components during the manufacturing process resulting in a consistent sweetness and quality in the finished product. Furthermore, powdered stevia packaging is often simpler and less expensive as it may be offered in bulk or in compact, single-serve packets that are convenient for consumers to take on the go. The flexibility to commercialize powdered stevia in a variety of packaging sizes and forms expands its reach and appeal catering to a wide range of consumer preferences and usage patterns.

Country/Region-wise Acumens

Will Increasing Health Concerns Drive the Market in the Asia Pacific Region?

The Asia Pacific region is expected to see considerable expansion in the stevia industry driven mostly by rising health concerns and knowledge of the negative consequences of excessive sugar consumption. According to the World Health Organization (WHO), the prevalence of diabetes in Southeast Asia is anticipated to rise from 87 million in 2019 to 153 million by 2045, a startling 76% increase. This disturbing trend has spurred governments and health organizations to urge for lower sugar consumption creating a favorable atmosphere for stevia as a natural, zero-calorie sweetener substitute.

The Asia Pacific region's dominance in the stevia market can be ascribed to several factors including traditional stevia consumption, rising disposable incomes, and supportive government initiatives. Japan, for example, has been utilizing stevia as a sweetener since the 1970s, and stevia-based products account for over 40% of the sweetener industry, according to the International Stevia Council. In 2015, India's Food Safety and Standards Authority (FSSAI) approved the use of stevia in a wide range of food products, creating new business prospects.

Will Growing Rates of Obesity and Diabetes Drive the Market in the North America?

The stevia market in North America is expected to increase significantly, owing to the region's rising obesity and diabetes rates are key market drivers in North America, notably in healthcare and allied industries. These chronic illnesses have reached epidemic proportions in the United States and Canada driving up demand for a wide range of medical services, therapies, and technologies aimed at managing and mitigating their effects. This tendency has a direct impact on the healthcare sector but it also has ramifications for other businesses such as medicines, medical devices, health insurance, and fitness programs.

Obesity and diabetes are common illnesses that require considerable medical treatment and ongoing maintenance driving demand for medications that target these conditions particularly. This comprises blood sugar control medications, insulin, weight-management pharmaceuticals, and other related therapies. Pharmaceutical companies are substantially investing in R&D to produce more effective therapies which is fueling market growth. Furthermore, the rise in obesity and diabetes is boosting the need for medical gadgets such as glucose monitors, insulin pumps, and bariatric surgery equipment.

Competitive Landscape

The stevia market is a dynamic and competitive space, characterized by a diverse range of players vying for market share. These players are on the run for solidifying their presence through the adoption of strategic plans such as collaborations, mergers, acquisitions, and political support. The organizations are focusing on innovating their product line to serve the vast population in diverse regions.

Some of the prominent players operating in the stevia market include:

Cargill Incorporated

Ingredion Incorporated

Koninklijke DSM NV

Tate and Lyle Plc.

Sunwin Stevia International, Inc.

GLG Life Tech Corp

Evolva Holding SA Nemours & Co.

Latest Developments

In October 2022, To fulfill customer demand for sustainable ingredients, Ingredion Incorporated partnered with HowGood, a SaaS data platform with the largest food and personal care product sustainability database. This collaboration will enable data transparency on Ingredion's top goods and new product innovations, which, when combined with Ingredion's goal of sourcing 99% of its worldwide crop supply responsibly by 2025, will present customers with sustainable solutions they prefer.