The global stevia market is expected to rise from US$ 405.6 million in 2024 to US$ 739.4 million by 2034. By 2034, the market is projected to surge at 6.2% CAGR.
The growing market for calorie-free, natural sweeteners is driving growth in the stevia industry. Stevia’s plant-based origins and zero-calorie qualities have made it more popular due to growing concerns about the possible harmful health consequences of sugar. Market expansion is being driven by the acceptance of healthier substitutes in the food and beverage sector, which promotes product variety and innovation.
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Plans for expansion are still influenced by the long shelf life and convenience of shipping of stevia powder extract. Companies are concentrating all of their efforts on powder extract because it is predicted to have a 90% market share by 2021 (stevia blends and glycosides included).
The market share of conventional stevia is still rather high, but in the next years, there will be a greater demand for organic varieties. The market for organic stevia is being driven by rising health awareness and consumer preferences for healthier products.
Stevia is commonly found in dairy products, baked goods, dietary supplements, drinks, packed meals, confections, snacks, tabletop sweeteners, and other products (such as electrolyte powder and pharmaceutical formulations). The widespread consumption of beverages contributes greatly to the manufacturers’ profits.
WHO & Government Support for the Use of Stevia in the Food & Beverages Industry Boosting the Market Growth
One of the main factors driving the expansion of the stevia market is assistance from health organizations and governments. The food and beverage business manufacturers must utilize the proper ingredients to win the consumers’ trust because they now determine a product’s safety by checking for certifications and government clearance.
Stevia has received approval from various regulatory bodies to be used as a natural sweetener in several end-use applications, offering significant impetus to the market growth.
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 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 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. Trust and transparency have become major challenges in the food and beverages industry, as governments don’t lay down any strict regulations and guidelines 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. Manufacturers need to adopt cleaner practices to sell their clean-label food products without alienating consumers’ trust.
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.
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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
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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