The global stevia market is expected to be worth USD 355 million in 2022, rising to USD 708.1 million by 2032, at a 7.2% CAGR from 2022 to 2032. By the end of 2022, the stevia market is estimated to account for 12.7% of the total natural sweetener market.
The need for calorie-free, natural sweeteners is driving the Stevia market’s rapid growth. Given the increased worry over the potential harmful effects of sugar on the body, stevia’s plant-based origin and zero-calorie attributes have become much more appealing. Market growth is being fueled by the acceptance of healthier options in the food and beverage sector, which is encouraging innovation and product variety.
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Stevia powder extract’s long shelf life and convenient shipment have an impact on expansion plans even now. The market share of powder extract, which also includes stevia blends and glycosides, is predicted to be approximately 90% in 2021, thus companies are focusing their efforts exclusively on this sector.
Although conventional stevia continues to hold a sizable market share, demand for organic varieties is anticipated to skyrocket in the next years. Growing consumer preference for healthier products and rising health awareness are driving forces behind the organic stevia market’s expansion.
Dairy products, baked goods, dietary supplements, drinks, packed meals, confections, snacks, tabletop sweeteners, and other goods (including electrolyte powder and pharmaceutical formulations) frequently contain the component stevia. Undoubtedly, the extensive use in beverages contributes significantly to the makers’ earnings.
WHO & Government Support for the Use of Stevia in the Food & Beverages Industry Boosting the Market Growth
One of the main factors driving the expansion of the stevia market is the assistance from health organisations and governments. The manufacturers in the food and beverage business must utilise the proper ingredients to win the trust of the consumers because they now determine a product’s safety by checking for certifications and government clearance.
Stevia has received approval from various regulatory bodies to be used as a natural sweetener in a number of end-use applications, thereby offering significant impetus to the market growth.
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Key Companies Profiled:
Cargill Incorporated
Ingredion Incorporated
Koninklijke DSM NV
Tate and Lyle Plc.
Sunwin Stevia International, Inc.
GLG Life Tech Corp
Evolva Holding SA Nemours & Co
Archer Daniels Midland Company
Stevia Nutra Corp.
Manufacturers Emphasize on Building Consumer Trust through Transparency in Production
New technologies have provided consumers the accessibility to smart labels, through which, they can track the journey of the products. Consumers are nowadays asking food companies to increase the transparency of their products, going beyond free-from status, ingredients, and nutritional levels.
Buyers are demanding to understand the background of the products – from where and how the ingredients were sourced to the manufacturing of the end product. In the food and beverages industry, trust and transparency have become major challenges, as there aren’t any strict regulations and guidelines laid down by governments regarding clean labeling.
Companies have started using clean labeling as a catchword for promotional and marketing purposes, and have taken advantage of this to sell their products as clean label products. It is essential for manufacturers to adopt cleaner practices to sell their clean label food products without alienating the trust of consumers.
This study by FMI offers insights into the stevia market for the forecast period of 2022-2032. The stevia market is projected to record a CAGR of ~ 7.2% during the predefined timeframe.
Global Stevia Market by Category
By Nature, Global Stevia Market is segmented as:
- Organic Stevia
- Conventional Stevia
By Type, Global Stevia Market is segmented as:
- Liquid Extract
- Clear
- Dark
- Powder Extract
- Stevia Blends
- Glycoside (40%-79%)
- Glycoside (80% and above)
- Stevia Leaves
By Application, Global Stevia Market is segmented as:
- Dairy Food Products
- Bakery Products
- Beverages
- Packaged Food Products
- Dietary Supplements
- Confectionery Products
- Snacks
- Table Top Sweeteners
- Others (Electrolyte Mixes and Medicinal Formulations)
By Region, Global Stevia Market is segmented as:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East & Africa
Frequently Asked Questions
- What is the market scenario of stevia?
- At what rate is the global stevia market expected to grow?
- How was the stevia market performing in the last few years?
- How are market players reacting to the new developments in the stevia market?
- How much share does the top 10 companies in the stevia market hold?
- Which are the major countries driving demand for stevia?
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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