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.
Because of its long shelf life and simplicity of transportation, stevia powder extract continues to have an impact on expansion initiatives. Because powder extract is expected to account for 90% of the market in 2021, manufacturers are focusing their efforts in this category, which also includes stevia blends and glycosides.
While conventional stevia is the industry leader, demand for organic variants is expected to skyrocket in the coming years. Because of increased health consciousness and customer desire for healthier commodities, the market for organic stevia is growing.
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Stevia is used in a variety of items, including dairy foods, bakery goods, dietary supplements, beverages, packaged foods, confectionery goods, snacks, table top sweeteners, and others (electrolyte powder and medicinal formulations). large application in beverages is likely to account for a large portion of manufacturers’ bottom lines.
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.
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.
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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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