Global Market Study on Stevia: Diabetes and Weight Issues to Drive Demand across Regions
Stevia Market Segmented By Packaged Food Products, Beverages, Dietary Supplements, Table Top Sweeteners, Dairy Food Products and Bakery Products
Growing incidence of diabetes has led to a substantial increase of sweeteners that are diabetes-friendly, and stevia has been the leading alternative and amassed popularity over the past decade. This stevia research report places the current market worth at nearly US$ 309.8 Mn, which is anticipated to expand 2X in value by the end of 2031.
Analysts at Persistence Market Research have predicted the industry to progress at a robust CAGR of 7.2% over the next ten years. The stevia market in North America is estimated to be worth approximately US$ 78 Mn in 2021.
Find Out More about the Report Coverage
- Cargill Inc.
- EvolvaHolding S.A.
- PureCircle Ltd.
- Stevia Corp.
- Ingredion Inc.
- GLG Life Tech Corp.
- Tate & Lyle Plc.
- The Coca-Cola Company
- PepsiCo Inc.
Key Points Covered in Stevia Industry Survey:
- Market estimates and forecast 2016-2031
- Key drivers and restraints impacting market growth
- Segment-wise, country-wise, and region-wise analysis
- Competition mapping and benchmarking
- Brand share and market share analysis
- Key product innovations and regulatory climate
- COVID-19 impact on stevia demand and how to navigate
- Recommendation on key winning strategies
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Stevia-based Sweeteners Witnessing Increase in Demand
As diabetes becomes increasingly common, the need for artificial sweeteners is seeing a major shift in demand, and stevia has been looked at as the best alternative for sugar. Stevia-based sweeteners have become very popular and are in demand due to rising awareness about healthy lifestyle and the trend of weight management.
China is known in the stevia market and the nation is expecting to maximize the economic gains that come with increased demand. Sustainability in agriculture is also becoming a major area of interest, and to lower the environmental impact of stevia farming, Tata and Lyle have launched a new program for Chinese stevia growers.
The program has been developed and Earthwatch Europe will be rolled out by on-ground support from the Nanjing Agricultural University (NJAU), which will provide training to local farmers. Demand for stevia is seeing a positive trend and initiatives like this are expected to encourage farmers to take up stevia farming for better economic gains.
SweeGen, a known name in the sweeteners industry, will be getting approval for its new stevia sweetener. The next-generation Bestevia Rebaudioside M (Reb M) stevia sweetener will be commercially scaled up soon after its approval. The company has fast-tracked the process at its manufacturing facility.
The approval of this new sweetener will be beneficial for consumers as well as brands, as it ticks most of the spots on the healthy eating list. As demand for such sweeteners increases, the stevia industry will see major demand growth.
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Traditionally, stevia has been cultivated for more than centuries, however it got the recognition of being a safe substitute for sugar only in the recent past. Stevia contains very little or no calories and is adequately sweet, which in turn makes is a suitable ingredient in food and beverage manufacturing. Thus, making it a viable substitute for sugar.
Popularity of food products with stevia is very recent. In 1970s, Japan started stevia cultivation for commercial usage, Morita Kagaku Kogyo Co., Ltd. became the first company to market and sell stevia commercially. In 2021, the global stevia market is estimated at US$ 309.8 Mn. In addition, the market is anticipated to cross US$ 622 Mn by 2031, registering a CAGR of more than 7%.
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In recent years, the global stevia market has witnessed an uptick owing to increasing awareness on the health benefits low-calorie consumable products. Moreover, encouraging government initiatives and growing consumer awareness is auguring positive signs for the growth of global stevia market. By earning the tag of being a healthy consumable product, stevia is viewed favorably by consumers.
The introduction of several stevia based products is positively supporting the overall market and has been well appreciated by consumers. Health organization advocate the use of low-calorie sugar substitutes, while calling for higher production of stevia. Further, demand for natural ingredient products and antioxidants are additional factors expected to supplement the market growth.
On the basis of application, the global stevia market is segment into packaged food products, beverages, dietary supplements, table top sweeteners, dairy food products, and bakery products. In addition, the beverages segment including hot drinks, energy drinks and soft drinks is expected to witness the highest growth over 2031.
Similarly, the table top sweeteners segment is anticipated to witness a robust CAGR through 2031, registering for a healthy share of the overall market.
Based on regional analysis, Asia Pacific excluding Japan (APEJ) and North America will continue to dominate the global stevia market. In addition, the market in North America is expected to hit a valuation of approximately US$ 138 Mn over the forecast period, while APEJ will also exhibit significant market growth during the same period.
Likewise, China has a distinctive lead over other countries in terms of production capacity and export of stevia globally. Low cost of production and availability of skilled resource is a major factor driving for the market growth in APEJ. Further, Latin America is also projected to witness a sound growth through 2031.
Key Market Participants
Key participant operating in the global stevia market include Stevia Corp., Tate & Lyle Plc., The Coca-Cola Company, GLG Life Tech Corp, Evolva Holding S.A., PepsiCo Inc., Cargill Inc., Nestlé S.A., and Ingredion, Inc. Most of the companies engage in aggressive promotion of stevia-based products in order to improve product positioning and visibility.
Higher production and on-shelf availability of stevia-based products are translating into a significant rise in stevia sales. Key player are further encouraged by the consolidated nature of the stevia industry and steadiness in the supply chain.