Stevia Market Projected to Reach USD 708.1 Million by 2032: A Sweet Revolution in the Natural Sweetener Industry

Stevia Market to reach USD 708.1 Mn by 2032, at a CAGR of 7.2% from 2022 to 2032. According to a new study by FMI, global sales of stevia are expected to reach ~ US$ 355 Mn in 2022. The rise in the demand for stevia can be attributed to its low-calorie content along with the growing demand for effective solutions to counteract lifestyle diseases such as diabetes and obesity.

“Stevia is a natural, zero-calorie sweetener which is derived from the leaves of the plant Stevia rebaudiana. It contains active compounds known as steviol glycosides which is 30-150 times sweeter than sucrose. The active steviol glycosides are pH stable and heat-stable. The use of stevia as a sweetener is approved by various governments across the world. Stevia is found in more than 1,400 food and beverage products, which include soft drinks, juices, yogurts, confectionery, bakery and many more.”

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Stevia powder extract continues to have an impact on growth strategies due to its prolonged shelf life and ease of shipping. Manufacturers are concentrating their efforts primarily on this area, which also includes stevia mixes and glycosides, as the powder extract accounted for around 90% of the market in 2021.

While conventional stevia continues to hold a sizable market share, demand for organic varieties is anticipated to grow quickly in the upcoming years. The market for organic stevia is expanding due in part to rising health consciousness and consumer preference for healthy goods.

Numerous products—including dairy foods, baked goods, dietary supplements, drinks, packaged foods, confections, snacks, tabletop sweeteners, and others (electrolyte powder and pharmaceutical formulations)—use stevia. The huge application in beverages is probably responsible for a large portion of the producers’ profits.

WHO & Government Support for the Use of Stevia in the Food & Beverages Industry Boosting the Market Growth

The support from health organizations and governments is one of the key reasons for the growth of the stevia market. As today’s consumers interpret the safety of the product by looking for certifications and government approval, it becomes necessary for the manufacturers in the food and beverages industry to use appropriate ingredients to gain the trust of the consumers.

Stevia has received approval from various regulatory bodies to be used as a natural sweetener in a number of end-use applications, thereby offering significant impetus to the market growth.

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Key Companies Profiled:

Cargill Incorporated

Ingredion Incorporated

Koninklijke DSM NV

Tate and Lyle Plc.

Sunwin Stevia International, Inc.

GLG Life Tech Corp

Evolva Holding SA Nemours & Co

Archer Daniels Midland Company

Stevia Nutra Corp.

Manufacturers Emphasize on Building Consumer Trust through Transparency in Production

New technologies have provided consumers the accessibility to smart labels, through which, they can track the journey of the products. Consumers are nowadays asking food companies to increase the transparency of their products, going beyond free-from status, ingredients, and nutritional levels.

Buyers are demanding to understand the background of the products – from where and how the ingredients were sourced to the manufacturing of the end product. In the food and beverages industry, trust and transparency have become major challenges, as there aren’t any strict regulations and guidelines laid down by governments regarding clean labeling.

Companies have started using clean labeling as a catchword for promotional and marketing purposes, and have taken advantage of this to sell their products as clean label products. It is essential for manufacturers to adopt cleaner practices to sell their clean label food products without alienating the trust of consumers.

This study by FMI offers insights into the stevia market for the forecast period of 2022-2032. The stevia market is projected to record a CAGR of ~ 7.2% during the predefined timeframe.

Global Stevia Market by Category

By Nature, Global Stevia Market is segmented as:

  • Organic Stevia
  • Conventional Stevia

By Type, Global Stevia Market is segmented as:

  • Liquid Extract
    • Clear
    • Dark
  • Powder Extract
    • Stevia Blends
    • Glycoside (40%-79%)
    • Glycoside (80% and above)
  • Stevia Leaves

By Application, Global Stevia Market is segmented as:

  • Dairy Food Products
  • Bakery Products
  • Beverages
  • Packaged Food Products
  • Dietary Supplements
  • Confectionery Products
  • Snacks
  • Table Top Sweeteners
  • Others (Electrolyte Mixes and Medicinal Formulations)

By Region, Global Stevia Market is segmented as:

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia
  • Oceania
  • Middle East & Africa

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Frequently Asked Questions

  • What is the market scenario of stevia?
  • At what rate is the global stevia market expected to grow?
  • How was the stevia market performing in the last few years?
  • How are market players reacting to the new developments in the stevia market?
  • How much share does the top 10 companies in the stevia market hold?
  • Which are the major countries driving demand for stevia?

About Future Market Insights (FMI):

Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization, and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel, and End Use over the next 10 years.

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About the Author

Nikhil Kaitwade

Associate Vice President at Future Market Insights, Inc. has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

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