Stevia Market Size, Share, Industry, Forecast and outlook (2023-2030)

Stevia Market is segmented By Form (Liquid, Powder, Leaf), By Application Type (Beverages, Food Products), By Extract (Crude extract, Highly Pure Extract), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2023-2030

Stevia Market Overview

The Global Stevia Market reached US$ 750 million in 2022 and is projected to witness lucrative growth by reaching up to US$ 1.4 billion by 2030. The market is growing at a CAGR of 8.2% during the forecast period 2023-2030.

The Stevia Market has seen significant growth in recent years due to increasing demand for natural, low-calorie sweeteners and rising consumer awareness about the potential health benefits of stevia. The sweet compounds in the Stevia rebaudiana plant are called steviol glycosides, giving Stevia its sweet taste. 

Zero-calorie sweeteners are sugar substitute that contains little to no calories and is used as an alternative to sugar in foods and beverages. Stevia is a natural, zero-calorie high-intensity sweetener derived from the leaves of the Stevia rebaudiana plant. 

Reb-A (Rebaudioside A) and Reb D (Rebaudioside D) are two of the main glycosides responsible for the sweetness in stevia. The sweetness profile of stevia is often described as having a slower onset and longer duration compared to sugar, with a slightly bitter aftertaste at higher concentrations. Stevia-based sweetener blends are often used to improve the taste profile of stevia.

Stevia Market Scope

Stevia Market Dynamics

Increasing Demand for Natural Sweeteners Drives Stevia Growth 

The increasing demand for natural and low-calorie sweeteners is one of the major drivers of the stevia market growth. Stevia is a plant-based sweetener with zero calories and a low glycemic index. 

As consumers become more health-conscious and seek healthier alternatives to sugar, the demand for stevia as a natural sweetener has increased significantly. Additionally, the food and beverage industry's growing demand for natural ingredients and clean-label products has also driven the growth of the stevia market. 

Rising Demand From the Food And Beverage Industry 

The rising demand from the food and beverage industry is one of the major drivers of the stevia market growth. Stevia is increasingly used in the food and beverage industry as a natural sweetener due to its low-calorie content and natural origin. 

The food and beverage industry's demand for healthier and natural ingredients has increased the demand for stevia as an alternative to artificial sweeteners. Stevia is used in various food and beverage products, including soft drinks, dairy products, bakery products, and confectionery. Additionally, the rising awareness about the health benefits of stevia has further propelled its demand in the food and beverage industry. According to Statistical data, in 2022, the food and beverage industry is projected to reach US$ 1.95 billion.

Stevia Market Segment Analysis

The Global Stevia Market is segmented based on type, application, ingredient and region.

Increase in the Applications of Stevia in Food Product Helps to Boost Segment Growth

Stevia has been segmented by application type as beverages, food products, baked products, confectionery, frozen desserts and others. 

Stevia has gained popularity as a natural sweetener due to its many health benefits and low-calorie content. Its applications in food products have increased in recent years, driven by the growing demand for healthier and natural ingredients. Stevia is used in various food products, including beverages, dairy products, confectionery, bakeries, and desserts. 

It is often used with other sweeteners to achieve the desired taste and sweetness level. Stevia's unique ability to enhance flavors and mask off-tastes has also contributed to its growing popularity in the food industry. The increasing applications of stevia in food products are expected to continue to drive the growth of the stevia market in the coming years. 

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Source: DataM Intelligence Analysis (2023)

Stevia Market Geographical Penetration

The Increasing Demand for Stevia in South America 

The Global Stevia Market is segmented by region into North America, South America, Europe, Asia-Pacific, Middle-East and Africa. 

The South American stevia market is expected to hold the largest market share due to consumers' increasing adoption of healthy and natural products and the growing demand for sugar substitutes. Increasing government initiatives and approval helps boost stevia’s market growth in Soth America. 

For instance, On 6 April 2022, Sweegen’s signature stevia was approved in Colombia. The Ministry of Health of Colombia has made reducing sugar a top priority, looking into everything from taxes on sugar-sweetened beverages (SSBs) to laws requiring front-of-pack warnings.

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Source: DataM Intelligence Analysis (2023)

Stevia Market Competitive Landscape

The major global players include DSM, PureCircle, GLG Tech/Cargill, Tate & Lyle, ADM, Evolva Holding SA, Ingredion Incorporated, Sunwin Stevia, S&W Seed Company, PyureBrands LLC. 

COVID-19 Impact Analysis

Covid Impact

The stevia market was not significantly impacted by the COVID-19 pandemic. In fact, there has been an increase in demand for low-calorie and natural sweeteners, including stevia, due to the growing trend towards healthier lifestyles and increasing awareness about the negative health effects of consuming excessive amounts of sugar. However, there were some disruptions in the supply chain due to lockdowns and restrictions on movement, which affected the transportation of stevia products. Additionally, the closure of food and beverage businesses, such as restaurants and cafes, also had a slight impact on the demand for stevia. Nonetheless, the overall impact of the pandemic on the stevia market was relatively minimal.

By Form

• Liquid 
• Powder 
• Leaf 

By Application Type 

• Beverages 
• Food Products 

By Extract

• Crude extract 
• Highly Pure Extract 

By Region

• North America
  • The U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • The UK
  • France
  • Italy
  • Spain
  • Rest of Europe
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific
• Middle East and Africa

Key Developments

• On July 13, 2022, Sweegen launched liquid stevia named as Bestevia LQ in the market. The sweeteners are intended to lower the amount of sugar in products including concentrated fruit/flavored syrup, confectionary, liquid sweeteners, dessert toppings, and carbonated soft beverages.
• On March 07, 2023, Splenda's expand their business of stevia in United States. The 1,465-acre farm was created with the environment in mind by the Splenda Stevia Farm Management team. 
• On March 14, 2022, Cargill launched EverSweet + ClearFlo Stevia Platform. With the extensive commercial availability of Cargill's flagship stevia sweetener EverSweet and its technology ClearFlo as a platform, the sweetener can now be blended with other all-natural flavours. This mixture can provide flavour alteration, better solubility, formulation stability, and quicker dissolution. 

Why Purchase the Report?

• To visualize the Global Stevia Market segmentation based on form, application type, extract and region, and understand key comcriticalcial assets and players.
• Identify commercial opportunities by analyzing trends and co-development. 
• Excel data sheet with numerous data points of stevia market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as Excel consisting of key product of all the major players.

The Global Stevia Market Report Would Provide Approximately 61 Tables, 59 Figures And 195 Pages.

Target Audience 2023

• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies