Global Stevia Market Report By Form (Powder Extract, Liquid Extract, Stevia Leaf), By Purity (Reb A, Reb B, Others), By Application (Bakery, Dairy Food Products, Beverages, Dietary Supplements, Confectionery, Pharmaceutical, Others), By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2024-2033
- Published date: July 2024
- Report ID: 124638
- Number of Pages: 227
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Report Overview
The Global Stevia Market size is expected to be worth around USD 1,734.3 Million by 2033, from USD 760 Million in 2023, growing at a CAGR of 8.60% during the forecast period from 2024 to 2033.
The Stevia Market revolves around the production and sale of stevia, a natural, zero-calorie sweetener derived from the Stevia rebaudiana plant. It is gaining popularity as a healthy alternative to sugar and artificial sweeteners. The market is driven by the rising prevalence of diabetes and obesity, prompting consumers to seek healthier options.
Key applications include food and beverages, pharmaceuticals, and personal care products. Innovation in product formulation and extraction methods is a significant trend. Regulatory approvals and consumer education are crucial for market growth. Major players are investing in sustainable sourcing and expanding their product portfolios to meet diverse consumer needs.
The stevia market is witnessing significant growth, driven by the increasing demand for natural, low-calorie sweeteners. Stevia, a plant-based sweetener, is approximately 200-300 times sweeter than sugar, making it a popular choice for reducing sugar content in food and beverages. This high sweetness intensity allows for lower usage levels, which is appealing to both manufacturers and health-conscious consumers.
In 2021, over 60% of new product launches in the sweetener market incorporated stevia, underscoring its growing acceptance and versatility. This trend reflects the industry’s shift towards natural and healthier ingredients in response to consumer preferences. The rise in health awareness and the prevalence of lifestyle diseases such as diabetes and obesity further fuel the demand for stevia.
Stevia’s application spans various segments, including beverages, dairy products, bakery items, and confectioneries. Its stability under high temperatures and acidic conditions makes it suitable for diverse food formulations. This adaptability is a key factor in its increasing adoption by food and beverage manufacturers.
The regulatory landscape also supports the growth of the stevia market. Stevia is recognized as safe by major health authorities, including the FDA and EFSA, which enhances its credibility and market penetration.
Overall, the stevia market is poised for robust growth, driven by its natural origin, high sweetness intensity, and widespread acceptance. As the demand for healthier, low-calorie alternatives continues to rise, stevia’s role in the food and beverage industry is expected to expand, offering significant opportunities for market players.
Key Takeaways
- The Stevia Market was valued at USD 760 million in 2023, and is expected to reach USD 1,734.3 million by 2033, with a CAGR of 8.60%.
- Powder Extract dominates the form segment with 43.7% due to its ease of use in various applications.
- Reb A leads with 65.3% owing to its high sweetness and lower bitterness profile.
- Beverages application leads with 35.4% because of the growing demand for low-calorie sweeteners.
- APAC with 44.5% due to increasing health awareness and demand for natural sweeteners.
Driving Factors
Rising Health Consciousness Drives Stevia Market Growth
The growing awareness of the health risks linked to high sugar consumption has prompted a significant shift towards natural sweeteners, low-calorie sweeteners. Stevia, a zero-calorie, plant-based sweetener, has become increasingly popular, particularly in the beverage industry.
Major companies like Coca-Cola and PepsiCo have launched stevia-sweetened products, such as Coca-Cola Life, to meet the demands of health-conscious consumers. This shift demonstrates a broader acceptance of stevia as a viable alternative to artificial sweeteners and traditional sugar, fueling its adoption across global markets.
Increasing Prevalence of Diabetes and Obesity Drives Stevia Market Growth
With the global increase in diabetes and obesity, there is a rising demand for sugar alternatives that support health and dietary needs. Stevia is favored for its natural properties and potential benefits in managing blood sugar levels.
Its adoption has been widespread in food and beverage products targeting diabetic and weight-conscious consumers. For example, Nestle has reengineered several products, including flavoured yogurts and chocolate milk, incorporating stevia to reduce sugar while maintaining taste, thereby catering to health-oriented customers.
Expanding Applications in Food and Beverage Industry Drives Stevia Market Growth
Stevia’s adaptability as a sweetener has broadened its applications beyond beverages to include baked goods, dairy, confectionery, and even savory snacks. This expansion is significantly driving stevia’s market growth, as manufacturers aim to reduce sugar content across a wide array of products.
Notably, Danone and Mondelez International have integrated stevia into their yogurts and snack bars, respectively, achieving reduced sugar levels without sacrificing flavor. This versatility of stevia enhances its appeal and utility in diverse food categories, promoting its continued expansion and adoption in the industry.
Restraining Factors
Taste Challenges and Formulation Complexities Restrain Market Growth
Despite improvements in extraction and processing techniques, some consumers still find stevia to have a bitter aftertaste or licorice-like flavor, especially in high concentrations. This taste issue can be a significant barrier to adoption for some product categories. Additionally, formulating products with stevia presents challenges as it behaves differently from sugar in terms of texture, mouthfeel, and browning reactions in baked goods.
These complexities require significant research and development efforts from food manufacturers. For example, Kraft Heinz faced challenges when reformulating some of its products with stevia, necessitating extensive taste testing and reformulation to achieve consumer acceptance. These taste challenges and formulation complexities hinder the wider adoption and market growth of stevia.
Competition from Other Natural and Artificial Sweeteners Restrains Market Growth
While stevia has gained popularity, it faces stiff competition from both established artificial sweeteners like aspartame and sucralose, and other natural alternatives such as monk fruit extract and allulose. Each of these sweeteners has unique properties and advantages, making them more suitable for certain applications.
This competition can limit stevia’s market share in some segments. For instance, the soft drink industry still widely uses artificial sweeteners in diet sodas due to their cost-effectiveness and established taste profiles, limiting stevia’s penetration in this large market segment. Consequently, competition from other sweeteners poses a significant challenge to the growth of the stevia market.
Form Analysis
Powder Extract dominates with 43.7% due to its versatility and ease of use in various product formulations.
The Stevia Market is segmented by form, where Powder Extract holds a dominant position with a 43.7% market share. This form’s popularity is primarily due to its versatility in blending seamlessly into dry mixes, making it ideal for a broad range of applications from baking goods to dietary supplements. Its ease of storage and handling also contributes to its widespread use across the food and beverage industry.
While Powder Extract leads, Liquid Extract and Stevia Leaf also play significant roles in the market. Liquid Extract is favored in liquid-based applications like beverages and dressings, where it integrates well without altering the consistency. Stevia Leaf, the natural form, is popular among consumers who prefer minimally processed ingredients and is often used in tea infusions and as a sweetener in its raw form.
The growth of Powder Extract is expected to continue as it meets the needs of the largest application segments effectively. However, the roles of Liquid Extract and Stevia Leaf are expanding as consumers increasingly seek natural and clean-label products, influencing product development and innovation in these sub-segments.
Purity Analysis
Reb A dominates with 65.3% due to its superior sweetness and minimal aftertaste, making it highly desirable in the sweetener market.
In the purity segmentation of the Stevia Market, Reb A stands out, commanding a significant 65.3% share. This segment’s preeminence is due to Reb A’s high sweetness level relative to other stevia compounds, coupled with a lower bitterness profile, which makes it particularly suitable for replacing sugar in foods and beverages.
Other purity types, including Reb B and other steviol glycosides, also contribute to the market, each offering different sweetness levels and flavor profiles. Reb B, for instance, is used in combination with Reb A to create a more sugar-like taste in products, whereas ‘Others’ category often explores the potential of lesser-known steviol glycosides with unique properties that may appeal to niche markets.
The dominance of Reb A is likely to persist as it continues to be the preferred choice for major food and beverage manufacturers aiming for a balance of taste and health. However, ongoing research into the properties of other glycosides might shift some focus towards these as new formulations and applications are developed, supporting market growth diversification.
Application Analysis
Beverages dominate with 35.4% due to the increasing demand for low-calorie drink options and the global shift towards healthier lifestyle choices.
The application-based segmentation of the Stevia Market is strongly led by the Beverages sector, which holds a 35.4% market share. This dominance is driven by the global trend towards healthier dietary choices, where consumers increasingly opt for low-calorie and sugar-free beverage options. Stevia’s ability to provide a high sweetness level without the caloric content of sugar makes it an ideal choice for this segment.
While Beverages lead the market applications, sectors like Bakery, Dairy Food Products, Dietary Supplements, Confectionery, and Pharmaceutical also incorporate stevia to various extents. For instance, in Bakery and Confectionery, stevia is used to reduce the sugar content while maintaining the desired sweetness. Dietary Supplements and Pharmaceutical sectors utilize stevia to enhance the palatability of products meant for health-conscious consumers.
The prominence of Beverages is anticipated to grow further as new formulations continue to emerge, making stevia an even more integral part of the beverage industry. Concurrently, other applications are also expected to expand, driven by the overall increase in demand for healthier, low-calorie products across all food and pharmaceutical sectors.
Key Market Segments
By Form
- Powder Extract
- Liquid Extract
- Stevia Leaf
By Purity
- Reb A
- Reb B
- Others
By Application
- Bakery
- Dairy Food Products
- Beverages
- Dietary Supplements
- Confectionery
- Pharmaceutical
- Others
Growth Opportunities
Innovation in Extraction and Processing Technologies Offers Growth Opportunity
There’s significant potential for advancements in stevia extraction and processing technologies. Innovations in this area could improve taste profiles, increase the purity of steviol glycosides, and reduce production costs. These advancements can address challenges such as aftertaste issues, making stevia more competitive with other sweeteners.
Companies like Cargill and PureCircle are heavily investing in research and development to create next-generation stevia ingredients. These new ingredients offer better taste profiles and broader applicability in food and beverage formulations. By enhancing the quality and cost-effectiveness of stevia, technological innovations offer substantial growth opportunities in the stevia market.
Synergistic Blending with Other Sweeteners Offers Growth Opportunity
Developing custom sweetener blends that combine stevia with other natural or artificial sweeteners presents growing potential. These blends can improve taste profiles, enhance functionality, and potentially lower costs compared to using stevia alone. This approach helps overcome taste and formulation challenges associated with stevia while leveraging its natural and low-calorie attributes.
For instance, companies like Tate & Lyle have developed sweetener blends that combine stevia with ingredients like monk fruit extract or allulose. These blends offer food manufacturers versatile sweetening solutions, driving innovation and expansion in the stevia market.
Trending Factors
Clean Label and Natural Positioning Are Trending Factors
The trend towards clean label products and natural ingredients aligns perfectly with stevia’s plant-based origin. Consumers are increasingly favoring products with recognizable, natural components, scrutinizing ingredient lists for transparency. This trend pushes more food and beverage manufacturers to reformulate products using stevia as a natural sweetening solution.
For example, Chobani, a leading yogurt brand, launched a line of less sugar yogurts using stevia leaf extract. This move capitalizes on the clean label trend and meets consumer demand for natural products. The clean label and natural positioning of stevia are significant trending factors driving market growth.
Personalized Nutrition and Sugar Reduction Are Trending Factors
As personalized nutrition gains traction, there’s a growing trend towards tailored sugar reduction solutions. This includes developing stevia-based sweetening systems customized for different product applications and consumer preferences. The focus is on creating optimal sweetness profiles while minimizing calories and maintaining clean labels.
Companies like DSM are at the forefront of this trend, offering customized sweetening solutions that combine various steviol glycosides. These solutions achieve specific taste profiles and functionality for diverse food and beverage applications. Personalized nutrition and sugar reduction are significant trending factors, driving innovation and market expansion for stevia.
Regional Analysis
APAC Dominates with 44.5% Market Share in the Stevia Market
APAC’s 44.5% market share in the stevia market is driven by increasing health consciousness and a growing diabetic population. Governments in countries like China and India are promoting natural sweeteners to combat rising obesity and diabetes rates. Additionally, large-scale stevia production in China due to favorable agricultural conditions contributes significantly to the region’s dominance.
The regional dynamics in APAC are characterized by diverse dietary habits and a strong inclination towards natural and healthy products. The availability of raw materials and low production costs in countries like China and India enhance the competitiveness of APAC in the stevia market. Furthermore, increasing urbanization and rising disposable incomes are boosting the demand for health-conscious food and beverage products.
APAC’s influence in the stevia market is expected to strengthen further. As awareness about the health benefits of stevia increases, and regulatory support continues, the region is poised for sustained growth. Innovations in stevia-based products and expanding applications in food and beverage industries are likely to drive future market expansion.
Regional Market Shares and Growth Perspectives
North America: North America holds 25.3% of the stevia market share, supported by a strong demand for low-calorie sweeteners. The growing trend towards natural and organic food products, coupled with a high prevalence of lifestyle-related diseases, fuels this demand. The region also benefits from a robust regulatory framework and significant investment in research and development.
Europe: Europe’s 18.2% market share is driven by stringent regulations on artificial sweeteners and a strong preference for natural alternatives. The increasing popularity of health and wellness trends, along with rising obesity rates, encourages the use of stevia. The market is also influenced by innovations in food and beverage formulations aimed at reducing sugar content.
Middle East & Africa: With a 6.0% market share, the Middle East & Africa region shows moderate growth. The rising awareness of health issues related to sugar consumption and a shift towards natural sweeteners are key factors. However, economic variability and limited consumer awareness in some areas may slow growth.
Latin America: Latin America also holds a 6.0% market share, driven by a growing health-conscious population and increasing cases of diabetes and obesity. The region’s large agricultural base supports stevia cultivation, particularly in countries like Brazil and Paraguay. Nonetheless, economic instability in some countries may impact market growth.Key Regions and Countries
- North America
- The US
- Canada
- Mexico
- Western Europe
- Germany
- France
- The UK
- Spain
- Italy
- Portugal
- Ireland
- Austria
- Switzerland
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe
- Russia
- Poland
- The Czech Republic
- Greece
- Rest of Eastern Europe
- APAC
- China
- Japan
- South Korea
- India
- Australia & New Zealand
- Indonesia
- Malaysia
- Philippines
- Singapore
- Thailand
- Vietnam
- Rest of APAC
- Latin America
- Brazil
- Colombia
- Chile
- Argentina
- Costa Rica
- Rest of Latin America
- Middle East & Africa
- Algeria
- Egypt
- Israel
- Kuwait
- Nigeria
- Saudi Arabia
- South Africa
- Turkey
- United Arab Emirates
- Rest of MEA
Key Players Analysis
The stevia market is driven by key players who leverage strategic positioning, innovative solutions, and extensive market influence to shape industry trends. These companies are at the forefront of developing and distributing stevia-based products across various sectors.
GLG Life Tech Corporation, PureCircle Ltd., and Tate & Lyle PLC are leaders in stevia innovation and production. They focus on advanced extraction technologies and improving taste profiles, making stevia a more attractive option for food and beverage manufacturers. Their strong global presence and strategic partnerships enhance their market influence.
Stevia First Corp. and Archer-Daniels-Midland Company are key players emphasizing sustainable and organic stevia production. Their commitment to environmental sustainability aligns with consumer preferences for natural and eco-friendly products, strengthening their market positioning.
Ingredion Incorporated and Cargill Incorporated leverage their extensive distribution networks and diverse product portfolios to dominate the market. Their expertise in food ingredients and sweeteners allows them to integrate stevia into a wide range of applications, increasing market penetration.
Zhucheng Haotian Pharma Co. Ltd. and Guilin Layn Natural Ingredients Corp. are prominent in the Asian market, focusing on large-scale production and cost-effective solutions. Their ability to meet the high demand in emerging markets significantly contributes to their market share.
Sunwin Stevia International Inc. and Morita Kagaku Kogyo Co. Ltd focus on high-purity stevia extracts for both food and pharmaceutical sectors. Their specialized production capabilities and stringent quality standards enhance their reputation and market influence.
Ganzhou Julong High-Tech Industrial Co. Ltd and Evolva Holdings SA emphasize research and development to create innovative stevia formulations. Their efforts in improving the sensory properties and functional benefits of stevia ensure they remain competitive and relevant in the market.
These companies collectively drive the stevia market through innovation, strategic partnerships, and a focus on sustainability. Their impact spans multiple industries, ensuring a dynamic and competitive market environment.
Market Key Players
- GLG Life Tech Corporation
- PureCircle Ltd.
- Tate & Lyle PLC
- Stevia First Corp.
- Archer-Daniels-Midland Company
- Ingredion Incorporated
- Cargill Incorporated
- Zhucheng Haotian Pharma Co. Ltd.
- Guilin Layn Natural Ingredients Corp.
- Sunwin Stevia International Inc.
- Morita Kagaku Kogyo Co. Ltd
- Ganzhou Julong High-Tech Industrial Co. Ltd
- Evolva Holdings SA
Recent Developments
March 2024: Cargill presented new clinical findings at the Natural Products Expo West, demonstrating that stevia does not adversely affect the human gut microbiome. Additionally, the company introduced new functional food ingredients, such as the PalmAgility 600 series compound coating fats and Gerkens cocoa powders, aimed at enhancing various food products.
November 2023: Ingredion announced a significant investment in expanding PureCircle’s stevia production facility in Malaysia. This expansion will quadruple the output of bioconversion-derived stevia ingredients, such as Reb M. This move aims to meet the growing demand for sugar reduction across various food and beverage categories.
Report Scope
Report Features Description Market Value (2023) USD 760 Million Forecast Revenue (2033) USD 1,734.3 Million CAGR (2024-2033) 8.60% Base Year for Estimation 2023 Historic Period 2018-2023 Forecast Period 2024-2033 Report Coverage Revenue Forecast, Market Dynamics, Competitive Landscape, Recent Developments Segments Covered By Form (Powder Extract, Liquid Extract, Stevia Leaf), By Purity (Reb A, Reb B, Others), By Application (Bakery, Dairy Food Products, Beverages, Dietary Supplements, Confectionery, Pharmaceutical, Others) Regional Analysis North America – The US, Canada, & Mexico; Western Europe – Germany, France, The UK, Spain, Italy, Portugal, Ireland, Austria, Switzerland, Benelux, Nordic, & Rest of Western Europe; Eastern Europe – Russia, Poland, The Czech Republic, Greece, & Rest of Eastern Europe; APAC – China, Japan, South Korea, India, Australia & New Zealand, Indonesia, Malaysia, Philippines, Singapore, Thailand, Vietnam, & Rest of APAC; Latin America – Brazil, Colombia, Chile, Argentina, Costa Rica, & Rest of Latin America; Middle East & Africa – Algeria, Egypt, Israel, Kuwait, Nigeria, Saudi Arabia, South Africa, Turkey, United Arab Emirates, & Rest of MEA Competitive Landscape GLG Life Tech Corporation, PureCircle Ltd., Tate & Lyle PLC, Stevia First Corp., Archer-Daniels-Midland Company, Ingredion Incorporated, Cargill Incorporated, Zhucheng Haotian Pharma Co. Ltd., Guilin Layn Natural Ingredients Corp., Sunwin Stevia International Inc., Morita Kagaku Kogyo Co. Ltd, Ganzhou Julong High-Tech Industrial Co. Ltd, Evolva Holdings SA Customization Scope Customization for segments, region/country-level will be provided. Moreover, additional customization can be done based on the requirements. Purchase Options We have three licenses to opt for: Single User License, Multi-User License (Up to 5 Users), Corporate Use License (Unlimited User and Printable PDF) Frequently Asked Questions (FAQ)
What is the current size of the Stevia Market?The current size of the Stevia Market is valued at approximately $760 million.
What is the estimated size of the Stevia Market?The Stevia Market is estimated to reach $1,734.3 million by 2033, with a CAGR of 8.60%.
What is the dominant region in the Stevia Market?The Asia-Pacific (APAC) region is the dominant region in the Stevia Market, accounting for 44.5% of the market share.
Who are the main key players in the Stevia Market?Key players include GLG Life Tech Corporation, PureCircle Ltd., Tate & Lyle PLC, Stevia First Corp., Archer-Daniels-Midland Company, Ingredion Incorporated, Cargill Incorporated, Zhucheng Haotian Pharma Co. Ltd., Guilin Layn Natural Ingredients Corp., Sunwin Stevia International Inc., Morita Kagaku Kogyo Co. Ltd., Ganzhou Julong High-Tech Industrial Co. Ltd., and Evolva Holdings SA.
- GLG Life Tech Corporation
- PureCircle Ltd.
- Tate & Lyle PLC
- Stevia First Corp.
- Archer-Daniels-Midland Company
- Ingredion Incorporated
- Cargill Incorporated
- Zhucheng Haotian Pharma Co. Ltd.
- Guilin Layn Natural Ingredients Corp.
- Sunwin Stevia International Inc.
- Morita Kagaku Kogyo Co. Ltd
- Ganzhou Julong High-Tech Industrial Co. Ltd
- Evolva Holdings SA
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