Stevia Market to Garner a Significant CAGR During Forecast Period of 2023-2030

August, 2023 - Market Research Future has Published a Research Report on the Global Stevia Market.

Market Research Future (MRFR) in its report on the global stevia market discuss that the market is anticipated to register a CAGR of 10.20% during the evaluation period of 2023-2030.

Stevia is a natural sweetener, and zero-calorie is the value added. This feature of stevia helps it find myriad applications in sectors like, bakery & confectionery, dairy, tabletop sweeteners, beverages, convenience foods, and others. Stevia also has medicinal properties. Hence, owing to such benefits, stevia is gaining immense popularity among health-conscious people. Technological advancements are aiding in establishing proper distribution channel for stevia, across the globe which is increasing its purchasing convenience. Furthermore, the initiative to design innovations related to stevia fortified products is attracting investment for research and developmental activities. MRFR identified these factors that are anticipated to impel the global stevia market growth. These factors are also creating numerous growth opportunities for the stevia market to proliferate during the forecast period.

On the flip side, seasonal cultivation and price instability of stevia can interfere with the market growth.

Segmental Analysis

The stevia market’s segmental study gives a detailed understanding of the market that assists in the identification of different growth windows and prepare strategies to push the market to the forefront. The stevia market study has been segmented into category, type, and application.

On the basis of category, the global stevia market has been segmented into organic and conventional.

On the basis of type, the global stevia market has been segmented into whole leaf, liquid, powder, and others.

Based on the application, the global stevia market has been segmented into tabletop sweeteners, beverages, convenience foods, dairy, bakery and confectionary, and others.

Key Players

Some of the crucial companies operating in the stevia market are Stevia Biotech Pvt. Ltd (India), Ingredion Inc. (U.S.), Tate & Lyle Plc. (U.K.), Cargill Inc. (U.S.), GLG Life Tech Corp (Canada), PureCircle Ltd (Malaysia), Stevia Corp. (U.S.), and others.

Regional Overview

The demographic insights of the stevia market offer a comprehensive review of the regional progress of the market. The regional segmentation of the stevia market has been done across North America, Latin America, Europe, Asia Pacific, and the Middle East Asia and Africa.

MRFR predicts, Asia Pacific to secure the paramount position in the stevia market and garner the largest market share over the review period. The changing food habit like increase in demand for zero calorie food in the region is augmenting the stevia market growth. The presence of powerful economies like China, India, Japan, and Korea are prompting the stevia market growth in the region. China is the biggest producer and exporter of stevia. Japan and South Korea are accounted as the biggest consumer of stevia. The increase in applications of stevia in the food and beverage industry and also in the manufacturing of dietary and low-calorie organic supplements are booming the APAC stevia market growth.

Followed by the lead, due to excellent demand for natural sweeteners North America, the stevia market in this region is expected to experience a boost in the market growth over the assessment period. The increase in the rate of adoption of stevia by the food and beverage industry is a supplementary factor fueling the regional stevia market growth. South America holds the largest stevia market size.

Industry Update

• June 2019: Tate and Lyle (London), a global supplier of food and beverage ingredients, in collaboration with Sweet Green Fields (Bellingham), a supplier of stevia, introduced Zolesse Natural Flavor. It is a glycosylated stevia extract designed for clean-label products seeking consumers.