The global stevia market size is projected to expand at a high CAGR during the forecast period, 2021–2028. The growth of the market is attributed to rising demand for low calorie food and beverages.
During the projected period, the stevia market is likely to have favorable growth due to rising consumer demand for nutrition-rich goods in order to live a healthy lifestyle. This is due to the presence of antioxidant chemicals, caffeic acid, quercetin, flavonoids, and tannins in the contents.
Stevia is powdered and sprinkled on cooked vegetables, salads, cereals, and meat to lend a special flavor to it, in addition is being used in the manufacture of go-to-drinks. As a result, stevia producers are researching and developing new techniques to minimize the calorific content of the product without sacrificing its flavors.
Due to the interruption in the distribution network during the COVID-19 crisis, stevia demand remained mild. When compared to artificial sweeteners, stevia still lacks the required popularity. As a result, it has a low demand in supermarkets while having a high demand online.
Market Trends, Drivers, Restraints, and Opportunities
- Increasing adoption of natural and plant-based goods is projected to drive the market during the forecast period.
- Growing awareness of the negative consequences of hormones and antibiotics found in animal goods is anticipated to fuel the market in the coming years.
- The demand for stevia is projected to rise as the millennial population opts for low-calorie foods and beverages.
- Increased prevalence of diabetes and obesity is expected to propel the stevia market.
- Rapid growth and development of the food & beverages industry are major factors fueling the market.
- Fluctuating supply is anticipated to hinder the market growth.
- R&D investment and technological advancement in artificial flavor sugar is expected to create a lucrative opportunity for the market players.
Scope of the Report
The report on the global stevia market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Stevia Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
Applications (Beverages, Dietary Supplements, Bakery, Dairy Food Products, Confectionery, and Others), Product Forms (Liquid, Powder, and Leaf)
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report
Cargill Incorporated; Glg Life Tech Corp; Archer Daniels Midland Company; Tate & Lyle PLC; Ingredion Incorporated
Market Segment Insights
The confectionery segment is projected to hold a large market share
Based on applications, the stevia market is divided into beverages, dietary supplements, bakery, dairy food products, confectionery, and others. The confectionery segment is expected to account for a key share of the market during the forecast period owing to rising demand for low calorie bakers' confectionery product such as sweet pastries, cakes, and similar baked goods. On the other hand, the beverages segment is anticipated to expand at a rapid pace during the forecast period due to increasing awareness about obesity and diabetes. Moreover, many major beverage companies are releasing products with natural low-calorie sweeteners, mostly stevia.
The liquid segment is projected to expand at a rapid pace
In terms of product forms, the stevia market is segmented into liquid, powder, and leaf. The liquid segment is expected to represent a key share of the market in the coming years owing to increased solubility and rising usage of liquid stevia in beverages such as tea, coffee and others.
North America is expected to dominate the market
On the basis of regions, the stevia market is categorized as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is anticipated to dominate the market during the forecast period. The regional market growth can be attributed to changing consumer tastes and increased usage of sugar substitutes and low-calorie sweeteners. North America is a prominent producer and user of sweeteners, owing to the increased popularity of prepared foods and convenience foods.
The stevia market has been segmented on the basis of
- Dietary Supplements
- Dairy Food Products
- Asia Pacific
- North America
- Latin America
- Middle East & Africa
Key players competing in the stevia market include Cargill Incorporated; Glg Life Tech Corp; Archer Daniels Midland Company; Tate & Lyle PLC; Ingredion Incorporated.
Some of these players are using several market strategies such as acquisitions, merger, collaborations, partnerships, capacity expansion, and product launches to enhance their market shares and to generate revenue and raise their production line of the business in the coming years. For instance,
In 2019 Sweet Green Fields (SGF) and Tate & Lyle announced a cooperation to introduce ZOLESSE, a glycosylated stevia extract labelled as a natural taste.