The stevia industry is one of the significant ingredient industries and varies widely in terms of production scale and process. Growth in the stevia industry has opened new avenues for beverages, food, pharmaceutical, and other industries. Growing health concerns and increasing consumption of sugar-free products indicate the untapped growth potential of the stevia market.
According to the latest publication on the Stevia Market by Meticulous Research®, the stevia market is expected to grow at a CAGR of 8.8% from 2021–2028 to reach $1.11 billion by 2028. In terms of volume, the stevia market is expected to grow at a CAGR of 6.7% from 2021–2028 to reach 72,670.9 tonnes by 2028.
The stevia market is mainly driven by the growing incidences of diabetes and obesity, surging demand for natural sweeteners, rising demand for stevia application in the beverage industry, the increasing number of new stevia-based product launches, and the taxes imposed on sugar-sweetened beverages. However, fluctuating stevia leaf prices are expected to restrain the growth of this market to a certain extent.
To provide an efficient and accurate analysis, Meticulous Research® has segmented this market based on type (extract [stevia extract powder, stevia liquid extract], leaves), nature (conventional, organic), components (Reb A, Reb M, Reb D), application (beverages, food, pharmaceuticals, other), and geography. The study also evaluates industry competitors and analyzes the market at the regional and country levels.
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The stevia market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2021, North America is estimated to account for the largest share of the Stevia Market. The emerging trend of healthy food & natural food ingredients, the rising rate of various chronic diseases, increasing incidences of diabetes and obesity; rising trends of low carb and clean labels; and increasing demand for sugar-free products are the key factors that contribute to the large market share of North America.
However, Asia-Pacific is projected to offer lucrative growth opportunities for the key players in the market and achieve the fastest growth during the analysis period. The high growth rate of this regional market is attributed to the growing diabetic and obese population, rapid urbanization, rising awareness about the health benefits of sugar-free products, and increasing demand for diet drinks and beverages.
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Based on type, the stevia market is segmented into leaves and extract. In 2021, the extract segment is expected to account for the largest share of the stevia market. The large market share of this segment is attributed to its lack of bitter after-taste, high sweetness potency, ease of use, high solubility compared to the liquid form, heat stability, and increasing application in beverages.
The extracts segment is further divided into stevia extract powder and stevia liquid extract. In 2021, the stevia extract powder segment is expected to dominate the larger share of the stevia extract market. The leading position of this segment is mainly attributed to its solubility, ease of handling, and lower chances of incompatibility compared to the liquid dosage form.
However, the stevia leaves segment is expected to grow at the fastest CAGR during the forecast period of 2021–2028. The high growth rate of this segment is attributed to its wide range of applications, insignificant side effects, low production cost, and increasing inclination towards herbal ingredients.
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Based on nature, the stevia market is segmented into organic and conventional. In 2021, the conventional segment is expected to hold the major share of the stevia market. The larger market share of this segment is attributed to its easy availability, low cost, increasing stevia application in the pharmaceutical industry, and high productivity.
However, the organic stevia segment is expected to register the fastest growth during the forecast period of 2021–2028. The high growth rate of this segment is attributed to the growing consumer preference for clean-label products, rising awareness about the health benefits of stevia, and increasing usage of stevia in the food & beverage industry.
Based on components, the stevia market is segmented into Reb A, Reb D, Reb M, and others. The Reb A segment is expected to generate the largest portion of the revenue of the stevia market in 2021. Key factors contributing to the dominant position of this segment are its easy availability, lower cost compared to other components, multiple functional properties, and ease of application.
However, the Reb M component is expected to register the fastest growth during the forecast period. The high growth rate of this segment is attributed to its higher sweetness potency, lack of bitter after-taste compared to other components, multiple functional properties, and increasing application in food and beverages.
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Based on application, the stevia market is segmented into beverages, food, pharmaceuticals, and others. In 2021, the beverages segment is expected to dominate the stevia market. The dominant position of this segment is attributed to the growing awareness of health benefits related to natural sweeteners in beverages, increasing new product development and launches of stevia-based beverages, rising demand for sugar-free beverages, and the growing popularity of flavored soft drinks. Also, the demand for health and sports drinks with enhanced nutritional value is expected to boost the demand for stevia in the near future.
However, the food application segment is expected to register the fastest growth during the forecast period of 2021-2028. The food application segment is further segmented into tabletop sweeteners, bakery, cereal-based, dairy, confectionery, and others. In 2021, tabletop sweeteners are expected to account for the largest share of the stevia food market. The growing consumption of natural sugar substitutes, increasing consumption of instant hot beverages, low cost and high solubility of stevia, and natural sweetness and balanced taste are the key factors contributing to the large market share of this segment.
The report provides competitive intelligence in terms of financials, growth strategies, product portfolios, and geographical presence on some of the key players in this market, including Tate & Lyle PLC, (U.K.), Cargill, Incorporated (U.S.), Archer Daniels Midland Company (U.S.), Ingredion Incorporated (U.S.), Südzucker AG (Germany), S&W Seed Company (U.S.), GLG Life Tech Corp. (Canada), Sunwin Stevia International Inc (China), MORITA KAGAKU KOGYO CO., LTD. (Japan), Zhucheng Haotian Pharm Co., Ltd. (China), Stevialite Holding (Colombia), Guilin Layn Natural Ingredients Corp. (China), The Real Stevia Company AB (Sweden), and Van Wankum Ingredients (Netherlands).
Mr. Khushal Bombe
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