by Stevia is a sweetener and sugar substitute obtained from the leaves of the plant species Stevia rebaudiana. It is widely used as a sweetener in Japan, Korea, China, Brazil and other countries around the world. Stevia has 0 calories and is 30-150 times sweeter than sugar. Stevia is being used as substitute to sugar in various food applications such as beverages, baked goods, confectionery, dairy products and many more. Rising awareness regarding benefits of stevia among consumers is driving the demand for stevia based products.
The global stevia market is estimated to be valued at US$ 716.49 Mn in 2023 and is expected to exhibit a CAGR of 18% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The global stevia market is expected to be flourished by rising demand for natural sweeteners. Consumers are shifting towards natural and zero calorie sweeteners due to increasing health awareness. Stevia being a natural sugar substitute is gaining huge popularity among health conscious consumers. Additionally, rising prevalence of obesity and diabetes due to higher sugar consumption is propelling the demand for stevia based sweeteners. As per data by WHO, globally over 13% of adult population are obese. Stevia is a suitable alternative to sugar for diabetic patients as it has no impact on blood glucose level. Further, increasing use of stevia in various food processing industries such as beverages and confectionery is expected to accelerate market growth over the forecast period. However, availability of other alternative sweeteners such as sucralose and aspartame may hamper the demand for stevia to some extent during the forecast period.
Segment Analysis
The global stevia market is dominated by the powder segment, which accounts for over 70% of the total market share. Powdered stevia is widely used across various food and beverage applications due to its ease of use. It can easily blend with other ingredients, maintain stability at high temperatures, and is cost-effective to manufacture and transport. Thus, powdered stevia is the most suitable format for large scale commercial and industrial use and is expected to remain the leading segment over the forecast period.
PEST Analysis
Political: Governments across regions are promoting the use of plant-based natural sweeteners like stevia to replace sugar and artificial sweeteners for health benefits. Various regulations have approved the use of stevia extracts in food and beverages.
Economic: Rising health consciousness and increasing preventive healthcare expenditure are driving the demand for low-calorie and sugar-free products. Population growth and increasing disposable incomes in developing countries also contribute to market growth.
Social: Growing prevalence of lifestyle diseases such as diabetes and obesity has increased the focus on healthy diet and wellness. Consumers are actively seeking sugar-free and low-calorie sugar substitutes in their daily consumption.
Technological: Stevia extracts and derivatives are efficiently produced through extraction techniques such as supercritical fluid extraction and membrane separation. New innovations help reduce costs and improve product quality.
Key Takeaways
The Global Stevia Market Growth is expected to witness high due to the rising awareness about health implications of sugar consumption. The global stevia market is estimated to be valued at US$ 716.49 Mn in 2023 and is expected to exhibit a CAGR of 18% over the forecast period 2023 to 2030.
North America accounts for over 35% market share currently due to increasing obesity rates and growing diabetic population driving demand for natural sweeteners. The Asia Pacific region is expected to grow at the fastest pace owing to rising health consciousness, growing economies, and increasing food and beverage demand in China and India.
Key players operating in the stevia are Cisco Systems Inc., SAP SE, General Electric, Microsoft Corporation, Intel Corporation, Siemens AG, IBM Corporation, Qualcomm, Verizon Communication Inc., and AT&T Inc.
Key players operating in the stevia are focusing on new product launches, capacity expansions and mergers and acquisitions to strengthen their global footprints and exploit market opportunities. For instance, Cargill launched stevia-based sweetener Truvia in Australia to cater to the growing demand.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
