[200 Pages Report] The Stevia Market is valued at US$ 333 Million in 2021. The market is likely to grow at a CAGR of 7% through 2029, reaching US$ 573 Million.
Europe accounts for 50% share of stevia market globally.
The global stevia market is moderately competitive, with tier-1 companies accounting for 35% – 40% of market share.
- Europe is stipulated to account for ~ half of the revenue shares in the stevia market by the end of 2029.
- Europe is estimated to continue to be the opportunistic market for stevia manufacturers and distributors, owing to increasing production and demand for natural sweeteners.
- While consumption in the beverage sector continue to account for greater sales of stevia, growing application in packaged food products is likely to result in increased market share.
- Noteworthy application potential of stevia has been identified in soft drinks, juices, yogurts, confectionery, bakery and many more. Stevia is increasingly used by food manufacturers to develop low-sugar and low-calorie products, thereby creating an upswing in the market growth. Moreover, stevia is found in more than 1,400 food and beverage products.
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Stevia Market Outlook
The stevia market is anticipated to advance at a moderate growth during the forecast period 2019-2029. According to studies, stevia is about 200 times sweeter as compared to sugar. Moreover, it is a zero-calorie sweetener and does not have any harmful effects on the human body. As a result, a shift is witnessed among consumers, away from the artificial sweeteners to the natural sweeteners, which boasts a high potential to improve the size of the stevia market during the forecast period.
Growing demand for nutrition-rich products among consumers to lead a healthy lifestyle is expected to bring in favourable growth instances for the stevia market during the forecast period. This is on the back of the contents such as antioxidant compounds, caffeic acid, quercetin, flavonoids, and tannins.
Numerous health benefits that stevia provides have attracted the attention of manufacturers for the utilization of the product in yogurt, tea, and coffee. As the millennial populace is opting for low-calorie food and drinks, the demand for stevia is likely to be increased.
Besides being used in the preparation of go-to-drinks, stevia is ground and sprinkled on the cooked vegetables, salads, cereals, and meat to add a specific flavour to it. There are numerous ways in which stevia can be used. As a result, manufacturers operating in the stevia market are experimenting and discovering new ways to reduce the calorific content of the product without compromising on its taste.
During the COVID-19 crisis, the demand for stevia remained moderate, on account of the disruption in the distribution network. Stevia still lacks the desired popularity as compared to artificial sweeteners. As a result, it has low demand in the supermarkets, while online sales of the product are high. Post the COVID-19 effect, the stevia market could witness an additional uptick in its growth, as consumers are switching to healthy and natural options.
Key Factors Shaping the Stevia Market
Demand Upheld by Increasing Diabetic and Obese Population
The rising prevalence of diabetes and obesity is anticipated to serve as a major driver for the stevia market. According to the World Health Organization, in 2016, around 1.6 million deaths were caused directly due to diabetes, and it is the seventh leading cause of death across the world. Also, in 2016, more than 1.9 million adults were overweight, while 650 million of these adults were obese.
As the occurrence of diabetes and obesity is increasing, consumers are taking appropriate measures to maintain a healthy lifestyle, and thus, are looking for zero-calorie natural sweeteners to maintain their blood sugar levels. In consequence, the demand for stevia is estimated to increase, as it is aligned with the requirements of the consumers.
Key Segment
By Nature
- Organic
- Conventional
By Type
- Liquid Extract
- Clear
- Dark
- Powder Extract
- Stevia Blends
- Glycoside (40%-79%)
- Glycoside (80% and above)
- Stevia Leaves
By Application
- Dairy Food Products
- Bakery Products
- Beverages
- Packaged Food Products
- Dietary Supplements
- Confectionery Products
- Snacks
- Table Top Sweeteners
- Others (Electrolyte Mixes and Medicinal Formulations)
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By Region
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East & Africa