Global Stevia Market Analysis 2024, Forecast To 2033
25 Sep, 2024
The stevia market has experienced significant growth, with its size increasing from $0.83 billion in 2023 to $0.92 billion in 2024, reflecting a CAGR of 11.6%. This rise is driven by health and wellness trends, growing concerns about obesity, preference for natural ingredients, regulatory support, and a shift away from artificial sweeteners. The market is projected to reach $1.48 billion by 2028, with a CAGR of 12.4%. Growth drivers include heightened health consciousness, increasing diabetes awareness, expansion in the food and beverage industry, preference for clean label products, and global dietary shifts. Key trends involve the development of stevia-infused functional products, increased use in beverages, introduction of stevia-based snacks, clearer stevia labeling, and R&D collaborations.
Major Driver In The Stevia Market
The stevia market is poised for growth, driven by the increasing prevalence of diabetes and obesity, which fuels the demand for zero-calorie natural sweeteners. Unhealthy lifestyles, physical inactivity, overeating, and genetic factors contribute to obesity, raising the risk of diabetes, heart disease, and certain cancers. As of July 2021, the International Diabetes Federation (IDF) predicts that the number of people with diabetes worldwide will reach 537 million in 2021, 643 million in 2030, and 783 million in 2045. Furthermore, the World Obesity Atlas 2022 anticipates that by 2030, one billion people globally, including 1 in 5 women and 1 in 7 men, will be living with obesity. The growing demand for natural sweeteners to support a healthier lifestyle is expected to drive the stevia market's growth during 2023 to 2028.
Request A Free Sample Of The Global Stevia Market ReportStevia Market Competitive Landscape
Cargill Inc., Archer Daniels Midland Company, PepsiCo Inc., The Coca-Cola Company, Ingredion Incorporated, WhiteWave Services Inc., Tate & Lyle plc, SunOpta Inc., SweetLeaf Stevia, BENEO GmbH, Stevia Corp, Real Stevia Company, Sweet Green Fields LLC, Guilin Layn Natural Ingredients Corp, S&W Seed Co, GL Stevia Co Ltd., Sunwin Stevia International Inc., PureCircle Ltd., Pyure Brands LLC, Bioplus Life Sciences Pvt Ltd., Evolva Holding S.A., GLG Life Tech Corp, Foodchem International Corporation, Hunan Nutramax Inc., Sunrise Nutrachem Group Co Ltd., Zhucheng Haotian Pharma Co Ltd, Wisdom Natural Brands, Shandong Aojing Biotechnology Co Ltd., Morita Kagaku Kogyo Co Ltd, Ganzhou Julong High-Tech Industrial Co Ltd., Arista Industries Inc., Martin Bauer GmbH Co, Health Plus Inc., Kerry Group plc, Whole Earth Brands Inc., Steviva Ingredients Inc., Layn Corporation, Taos Inc., Biolotus Technology Jiangsu Inc., Sino-Food Machinery Co Ltd., Nutra Food Ingredients LLC
Key Stevia Market Trend
Major companies operating in the stevia market are developing innovative products, such as liquid stevia-based sweeteners, to meet larger customer bases, increase sales, and increase revenue. Liquid stevia-based sweeteners are sweetening products derived from the leaves of the stevia plant (Stevia rebaudiana) that have been processed into a liquid form. For instance, in July 2022, Sweegen, Inc., a US-based manufacturer of stevia-based sweeteners, launched Bestevia LQ. Bestevia LQ stands out with its unique features tailored for applications such as carbonated soft drinks, confectionery items, liquid sweeteners, dessert toppings, and concentrated fruit or flavored syrup. Specifically designed to tackle solubility challenges, enhance product stability, and facilitate precise measurement, Bestevia.LQ is formulated for ease of handling in both laboratory and factory environments. Notably, it caters to companies with manufacturing facilities that do not utilize stevia in powder form, offering a convenient alternative.
Get The Full Global Stevia Market Report
Stevia Market Segmentation
The stevia market covered in this report is segmented –
1) By Product: Powder, Liquid, Leaf
2) By Nature: Organic, Conventional
3) By Application: Bakery, Dairy Food Products, Beverages, Dietary supplements, Confectionery, Other Applications
By Geography:The regions covered in the stevia market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Asia-Pacific was the largest region in the stevia market share in 2023.
The Stevia Global Market Report 2024 furnishes information about the global stevia market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.