by Stevia is a plant-based natural sweetener extracted from the leaves of the Stevia Rebaudiana plant species. It is 150-300 times sweeter than sugar but contains negligible calories. Stevia is widely used in the food and beverage industry as a low-calorie sugar substitute. It is used in the preparation of beverages, packaged foods, candies, desserts, and table-top sweeteners. Stevia extracts like Reb A and Reb M are commonly used in the form of powders or liquid solutions to sweeten foods, including soft drinks, candies, dessert mixes, frozen foods, etc.
The global stevia market is estimated to be valued at US$ 716.49 Mn in 2023 and is expected to exhibit a CAGR of 18% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The increasing demand for low-calorie sugar substitutes across the globe is expected to drive the growth of the stevia market during the forecast period. According to WHO, worldwide obesity has nearly tripled since 1975. As obesity and diabetes have become major public health challenges, consumers are increasingly opting for low-calorie sugar and sugar-free products, thereby boosting the demand for natural sweeteners like stevia. Furthermore, stevia finds wide application in the beverage industry as carbonated drinks and fruit juices sweetened with stevia have lower calories and carbohydrates as compared to drinks sweetened with sugar. Changing consumer preference towards healthier and low-calorie beverage options is augmenting the demand for stevia extracts from the beverage industry. Moreover, rising awareness about the side effects of consuming high calorie sugars is prompting food manufacturers to adopt stevia for sweetening various food products like yogurt, bread, cereals etc. Stevia’s clean taste profile and sugar-like sweetness make it an ideal sugar substitute for various food applications.
Segment Analysis
Stevia market is broadly segmented into three segments based on form, application, and geography. The dry form segment dominates the market with over 60% share as it is more popular and convenient for use in various applications. This segment is expected to continue its dominance during the forecast period due to increasing demand from food and beverage industry for table-top sweeteners and increasing usage of stevia in powder form in bakery and other food products.
PEST Analysis
Political: The regulatory policies related to use of stevia as natural sweetener are encouraging its growth across major countries. Most regions have approved stevia for use in food and beverages.
Economic: Increasing health consciousness and rising obesity rates are driving demand for low-calorie natural sweeteners. Rapid urbanization and changing lifestyle in developing nations are also supporting the economic growth of the stevia market.
Social: Growing preference for plant-based and natural products without any artificial ingredients is a major social trend boosting adoption of stevia. Further, increasing number of diabetics and people adopting low-calorie diets are favoring stevia consumption.
Technological: Manufacturers are focusing on utilizing advanced extraction technologies to enhance stevia yield and purity levels. New techniques are helping isolate refined stevia glycosides and develop innovative product forms.
Key Takeaways
The Global Stevia Market Demand is expected to witness high growth between 2023 and 2030 driven by increasing demand from food and beverage industry. The global stevia market is estimated to be valued at US$ 716.49 Mn in 2023 and is expected to exhibit a CAGR of 18% over the forecast period 2023 to 2030.
Regionally, Europe accounts for around 30% share and remains the fastest growing market due to widening consumer base seeking sugar-free and low-calorie food options. Stringent regulatory Push for natural sweeteners and initiatives to curb sugar consumption are driving European stevia market.
Key players: Key players operating in the stevia market are Cisco Systems Inc., SAP SE, General Electric, Microsoft Corporation, Intel Corporation, Siemens AG, IBM Corporation, Qualcomm, Verizon Communication Inc., and AT&T Inc.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
