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The stevia market size is estimated to grow at a CAGR of 6.97% between 2022 and 2027. The market size is forecast to increase by USD 245 million. The growth of the market depends on several factors, including the high demand for natural sweeteners, the frequent stevia-based product launches, and the rising M&A among key players.
This stevia market report extensively covers market segmentation by application (beverage sector, food sector, and pharmaceuticals and other), type (powder extract and liquid extract), and geography (APAC, North America, Europe, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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The high demand for natural sweeteners is notably driving the market growth, although factors such as taste issues of stevia based products may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
High demand for natural sweeteners is the key factor driving the growth of the global stevia market. There is a growing demand for natural sweeteners as consumers become more health-conscious and seek alternatives to artificial sweeteners, which have been linked to negative health effects such as weight gain, diabetes, and other health conditions. Natural sweeteners are often perceived as healthier than artificial sweeteners because they are derived from natural sources such as honey, agave nectar, maple syrup, and stevia.
They also often have a lower glycemic index, which means they control blood sugar levels. Stevia is one of the most popular natural sweeteners found in various products such as baked goods, beverages, and snacks. The demand for natural sweeteners is expected to grow as consumers increasingly prioritize health and wellness in their purchasing decisions. Such factors will increase market growth during the forecast period.
Increased demand for stevia from the nutraceutical industry is the primary trend shaping the global stevia market growth. Stevia is becoming increasingly popular in the nutraceutical industry due to its natural origin and low-calorie content. Stevia is a sweetener in various dietary supplements, such as protein powders, vitamins, and minerals. It provides a low-calorie alternative to sugar and other artificial sweeteners. The demand for nutraceutical products has been increasing steadily in recent years as more and more consumers become aware of the potential health benefits, such as immunity-boosting of functional foods and dietary supplements. Stevia is also used in various functional foods, including energy bars, meal replacement shakes, and snack foods. These products often contain other health-promoting ingredients, such as vitamins, minerals, and protein, and stevia helps to improve their taste without adding extra calories. Being sweetener stevia is designed to help athletes and fitness enthusiasts optimize their performance and to enhance their taste without compromising their nutritional profile.
Stevia helps to reduce the overall calorie content of weight management products, such as meal replacement shakes and diet snacks. It can also help improve the taste of these products, making them more appealing to consumers trying to lose weight. Thus, the rising application of stevia in the nutraceutical industry is driven by the increasing demand for natural, low-calorie sweeteners that can enhance the taste and nutritional profile of functional foods and dietary supplements. Hence, the robustly growing nutraceutical industry will boost the growth of the global stevia market during the forecast period.
Taste issues of stevia-based products are major challenges impeding the growth of the global stevia market. Some taste issues associated with stevia can make it challenging to use in applications in food. The differences in perceived sweetness, residual sweetness, bitter aftertaste, and metallic aftertaste are the most frequent problems associated with using stevia in food and beverages. Adding low-calorie sweeteners such as stevia to existing product lines requires product restructuring.
This includes confirmatory product testing to measure the viability of new products against current products or preset standards. Maintaining a consistent product taste across batches is also a key concern that may hamper the growth of the global stevia market during the forecast period.
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Stevia Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Cargill Inc.: The company offers stevia such as Truvia stevia leaf extract. Also, the company offers stevia such as Truvia stevia leaf extract.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth by the beverage sector segment will be significant during the forecast period. Stevia is a natural sweetener extracted from the leaves of the Stevia rebaudiana plant. It is becoming increasingly popular as a sugar substitute in the beverage industry due to its zero-calorie.
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The beverage sector segment was valued at USD 220.38 million in 2017 and continued to grow until 2021. One of the major drivers of the demand for stevia in the beverage industry is the increasing prevalence of obesity and related health problems such as diabetes. Another factor driving the demand for stevia in the beverage industry is the growing interest in natural and organic products. As consumers become more conscious of the impact of their food and drink choices on the environment, there is a growing demand for organic beverages, which is expected to boost the growth of the global stevia market during the forecast period.
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APAC is estimated to contribute 36% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. APAC dominated the global stevia market with the highest share in 2022. The main market drivers are anticipated to be regional economic growth and favorable consumer patterns. During the forecast period, it is anticipated that rising consumer demand for low-intensity sweeteners and the benefits of cost savings will positively impact the stevia market. The beverage industry is the major application market for sugar replacements in the area. The demand for zero-sugar beverages, sugar-free confectioneries, and baked goods is increasing in countries like India, fueling the demand for stevia during the forecast period.
In March 2020, the outbreak of COVID-19 resulted in disruptions in the global supply chain and a severe economic recession. However, with the rollout of COVID-19 vaccines, food vendors recorded an increase in sales and revenue in 2021 compared to 2020. Consumers are becoming more health-conscious and seeking healthier alternatives to sugar and artificial sweeteners. Natural sweeteners such as stevia are perceived as healthier because they are derived from natural sources and often have lower glycemic indices. Thus, increasing consumer awareness and interest in health and wellness and growing concerns about the potential health risks of artificial sweeteners, such as stroke, and heart disease, are anticipated to fuel the growth of the regional stevia market during the forecast period.
The stevia market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Technavio categorizes the global stevia market as a part of the global packaged foods and meats market under the global food products segment of the global food, beverage, and tobacco market. The global packaged foods and meats market covers manufacturers or food processing vendors involved in food processing to eliminate microorganisms and extend shelf life. Our market research report has extensively covered external factors influencing the parent market growth during the forecast period.
Stevia Market Scope |
|
Report Coverage |
Details |
Page number |
150 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.97% |
Market growth 2023-2027 |
USD 245 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
6.75 |
Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
Performing market contribution |
APAC at 36% |
Key countries |
US, China, Japan, Spain, and Germany |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
Archer Daniels Midland Co., Cargill Inc., Daepyung Co. Ltd., Fraken Biochem Co. Ltd., Guilin Layn Natural Ingredients Corp., HOWTIAN, Hunan Nutramax Inc., Ingredion Inc., MANUS BIO, Morita Kagaku Kogyo Co. Ltd., Nutraceutical Corp., S and W Seed Co., Sunrise Nutrachem Group Co. Ltd., Sunwin Stevia International Inc., SweeGen Inc., Tate and Lyle Plc, The Real Stevia Co. AB, Van Wankum Ingredients BV, Wisdom Natural Brands, and Zydus Lifesciences Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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