The global stevia market is expected to be worth USD 355 million in 2022, rising to USD 708.1 million by 2032, at a 7.2% CAGR from 2022 to 2032. By the end of 2022, the stevia market is estimated to account for 12.7% of the total natural sweetener market.
Stevia is a zero-calorie natural sweetener obtained from the leaves of the plant Stevia rebaudiana. It contains steviol glycosides, which are active molecules that are 30-150 times sweeter than sucrose. Steviol glycosides that are active are pH stable and heat stable. Various governments throughout the world have legalised the use of stevia as a sweetener. Stevia can be found in over 1,400 food and beverage products, including soft drinks, juices, yoghurt, confectionery, bakery, and many more.”
The Stevia market is expanding rapidly as a natural, zero-calorie sweetener. Stevia’s appeal as a sugar alternative is growing in response to rising health consciousness and worries about excessive sugar consumption. Its numerous applications in the food and beverage industries, as well as the expanding demand for natural sweeteners, all contribute to the market’s growth.
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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
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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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