stevia Market

The global stevia market was valued at US$ 499.70 million in 2020 and is projected to reach US$ 965.82 million by 2028; it is expected to grow at a CAGR of 8.7% from 2021 to 2028.

Stevia is a natural sweetener that is used as a substitute for sugar and is derived from the leaves of the plant species Stevia rebaudiana, which are mostly grown in Brazil and Paraguay. The active compounds: steviol glycosides makes stevia 30-150 times sweeter than sugar along with being heat-stable, pH stable, and not fermentable.

Based on application, the stevia market is segmented into dairy and frozen dessert, bakery and confectionary, tabletop sweeteners, beverages, and others. In 2020, beverages segment dominated the stevia market. Stevia is a natural choice for the sweetening of various beverages such as tea, coffee, flavored water, soft drinks, alcoholic beverages, and juices. Stevia used in beverage applications can provide a clean, superior sugar-like taste along with reduced linger. The increased usage of stevia in the beverage industry is due to its various benefits such as zero calories, non-caloric, 100% naturally originated, stable pH, non-fermenting, highly soluble, heat stable, photo (light) stable, and shelf stable. For shelf stability, stevia is considered a suitable sweetener for carbonated soft drinks as it has a low pH. Stevia is essential in the beverage industry, as it provides and expands beverage choices to control caloric, carbohydrate, or sugar intake.

Geographically, the stevia market is segmented into North America, Europe, Asia Pacific (APAC), South America (SAM), and Middle East & Africa (MEA). In 2020, Asia Pacific accounted for the largest share in the global stevia market. The growing awareness about healthy diet and increasing health consciousness among people are the major drivers for the stevia market in Asia Pacific region. Countries such as China, Japan and South Korea are major contributors for the market growth in the region. Consumers are seeking simpler labels and natural ingredients as they become more aware of their own nutrition. Also, the increased awareness of obesity, weight control, and the significance of eating a healthy diet is driving up demand for stevia-based products in the region.

The ongoing COVID-19 pandemic has been impacting the sugar consumption patterns and its alternatives, as there is a reduced demand for the sweeteners from beverage and other FMCG companies amid the lockdown across multiple countries. Food & beverage industry is the bulk consumer of stevia and is likely to affect the consumption owing to the lockdown in various countries, which has implemented a shut down on various manufacturing units. Food & beverage products, which includes bakery products, confectionery, dairy products, and soft drinks containing food additives such as sweeteners are being pushed back as the supermarkets re-allocated stock priorities toward staples and essential supplies due to COVID-19 outbreak. This was mainly due to the mass lockdown instructions given by several countries’ governments to avoid the spread of the pandemic in their respective countries. Lockdown and quarantine measures along with import and export restrictions imposed by states and governments are impacting the stevia exporters due to the disruption in supply chains. The pandemic has been a reason for major shifts in consumer preferences, which has led to an increased awareness about having a healthy lifestyle. Consumers due to the pandemic are substituting conventional ingredients with healthier alternative, which is increasing the demand for natural sweeteners such as stevia. With an increase in the diet trend of no added sugars and low carbohydrates among consumers during the pandemic has led to an increase in demand for stevia. During the pandemic there has been rapid surge in demand for less sugary and immunity-boosting products, which is due to people seeking solutions to boost overall health and wellbeing. The COVID-19 pandemic has prompted the customers to become health-conscious and turn to low-calorie or sugar-free food. Hence, increasing health consciousness and high demand for sugar-reducing solutions among the global population due to the COVID pandemic has had a positive impact on the stevia market. Thus, COVID-19, had a significant impact on the stevia market across the world.

Cargill, Incorporated; Ingredion Incorporated; Tate & Lyle PLC; GLG LIFE TECH CORP; ADM; Sunwin Stevia International, Inc.; S&W Seed Company; Morita Kagaku Kogyo Co., Ltd.; Zhucheng Haotian Pharm Co., Ltd.; and PureCircle are among the major players operating in the global stevia market.

The overall global stevia market size has been derived in accordance with to both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. Also, multiple primary interviews have been conducted with industry participants to validate the data, as well as to gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers-along with external consultants such as valuation experts, research analysts, and key opinion leaders-specializing in the global stevia market.