According to a recent report from Reports and Data, the global market for stevia is expected to reach USD 1,344.06 million by 2030, with a revenue CAGR of 8.5% over the forecast period. The growth is being driven by the increasing demand for natural sweeteners in the beverage industry, as well as increased investments in RD in the food and beverage industry.
The stevia market is also benefiting from a growing public awareness regarding healthier sugar alternatives, as well as an increasing incidence of diabetes and obesity. As a high-intensity sweetener, stevia is 200 times sweeter than sucrose and can be used to develop low-calorie products. It is also a natural sweetener that does not have any harmful effects and is used in various food and beverage products, including instant beverages. Additionally, the rising demand for plant-based natural sweeteners is contributing to the growth of the market.
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Top Companies Operating in the Global Stevia Market Report:
Cargill, Incorporated, Arboreal Stevia, Tate Lyle, PureCircle, GLG Life Tech Corp., Sunwin Stevia International Inc., SW Seed Co., Pyure Brands LLC, Morita Kagaku Kogyo Co., Ltd., and Layn Natural Ingredients.
Some Key Highlights from the Report
- In December 2020, Tate Lyle, which is a food beverage ingredient company, completed the acquisition of Sweet Green Fields (SGF), a global stevia producer with an approximate revenue of about USD 50 million in 2020. With this acquisition, Tate Lyle strengthened its position as a leading provider of sweetening solutions.
- Powder segment accounted for a significantly large revenue share in 2021. Powder stevia has high sweetness and is easy to use and store. Powdered stevia does not leave a bitter after taste as stevia leaves and is highly soluble. It is widely used in beverage industry as natural sweetener owing to its nutritional value.
- Dry segment accounted for largest revenue share in 2021 owing to increased application in food beverage industry due to their natural sweetening properties. Stevia is a flavor carrier and can be a useful addition to instant beverage mixes. A pinch of stevia powder is equal to about one teaspoon of table sugar.
- Food beverages segment accounted for largest revenue share in 2021 owing to rising awareness regarding health benefits of natural sweeteners in food and beverages. Stevia provides numerous health benefits that have attracted the attention of manufacturers for the utilization of it in yogurt and other food items. It is also being used in the preparation of instant drinks such as tea and coffee.
- Market in North America accounted for largest revenue share in 2021 owing to increased demand for stevia from beverage industry. There is consistently high demand for such products owing to rise in diabetic population in the US. Diversified applications and availability of various food beverage brands with natural ingredients is also driving growth of the market. Increasing demand for dry grounded stevia in cereals, yogurt and salads is further contributing to growth of the market in this region.
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The global Stevia market is segmented into:
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Further market segmentation
Type Outlook (Revenue, USD Billion; 2019 – 2030)
- Reb A
- Reb M
- Reb D
- Others
Form Outlook (Revenue, USD Billion; 2019 – 2030)
- Extract Powder
- Liquid Extract
- Leaves
Application Outlook (Revenue, USD Billion; 2019 – 2030)
- Beverages
- Bakery Products
- Confectionery Products
- Dairy Products
- Cereal-Based Products
- Tabletop Sweeteners
- Pharmaceuticals
- Cosmetics
- Other Applications
Key Questions Addressed in the Report:
- What are the dominating factors that are influencing the growth of the industry?
- In the forecast period, which market segment is expected to rise the most?
- What are the risks and challenges that the industry is facing?
- In the coming years, which area is projected to dominate the market?
- Who are the major players in the market? What kind of strategic business plans have they made?
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