Stevia Product Market Research Report By Product Type (Stevia Extract, Stevia Leaf, Stevia Powder, Stevia Sweeteners), By Application (Food and Beverages, Pharmaceuticals, Cosmetics, Industrial), By Distribution Channel (Direct Sales, Retail Stores, Online Marketplaces, Food Service Outlets), By Target Group (Health-Conscious Consumers, Diabetic Patients, Weight-Loss Seekers, Food and Beverage Manufacturers), By Organic vs. Conventional (Organic Stevia, Conventional Stevia) and By Regional (North America, Europe, South America, Asia Pacific

Global Stevia Product Market Overview

Stevia Product Market Size was estimated at 1.08 (USD Billion) in 2022. The Stevia Product Industry is expected to grow from 1.16(USD Billion) in 2023 to 2.36 (USD Billion) by 2032. The Stevia Product Market CAGR (growth rate) is expected to be around 8.17% during the forecast period (2024 - 2032).

Source Primary Research, Secondary Research, MRFR Database and Analyst Review

Key Stevia Product Market Trends Highlighted

The major macro and micro factors that drive the growth of the stevia product market include increasing awareness of health-oriented consumers, growing popularity of low-calorie sweeteners, increasing use of stevia in food and beverages and improvement in cultivation and extraction techniques. Emerging markets, product development and new uses for stevia in pharmaceuticals and cosmetics offer all sorts of business expansion opportunities for companies. Lately, a fairly bright inclination has been observed among consumers towards natural and clean-label sweeteners, increased use of stevia-containing products in domestic culinary activity and in baking, and increasing incorporation of stevia into functional and nutritional food supplements.

Stevia Product Market Drivers

Rising Health Consciousness and Demand for Natural Sweeteners

The rise of health-conscious consumers is a major factor common to the opportunity of the growth of the Stevia Product Market Industry as it determines the demand for natural and low-calorie sweeteners. By being naturally sweet and having zero calorie content, stevia has become the favorite sweetener for people concerned about the impact of sugar on their weight. Overall, the trend of health consciousness is likely to be instrumental in sustaining the growth of the studied market industry in the future.

Expansion of Food and Beverage Applications

Stevia's versatility as a sweetener has led to its widespread adoption in various food and beverage applications. It is commonly used in soft drinks, juices, dairy products, baked goods, confectionery, and tabletop sweeteners. The increasing popularity of stevia-based products in these categories is expected to contribute significantly to the growth of the Stevia Product Market Industry.

Government Regulations and Support for Stevia Products

Government authorities worldwide have realized the health benefits of stevia and are introducing regulations for the promotion of stevia as a natural sweetener, directly supporting the growing acceptability and usability of stevia products through these approvals and regulations, accelerating its penetration and growth rate in the Stevia Product Market Industry.

Stevia Product Market Segment Insights

Stevia Product Market Product Type Insights

The market is segmented based on product type into Stevia Extract, Stevia Leaf, Stevia Powder, and Stevia Sweeteners. Stevia extract is the most concentrated form of stevia, and it is typically used in food and beverage products. It is approximately 200-300 times sweeter than sugar, and it does not contain any calories or carbohydrates. Stevia extract is a popular choice for people with diabetes or obesity, as it can help them to reduce their sugar intake. Stevia leaf is the whole leaf of the stevia plant, and it is typically used to make tea. It is less concentrated than stevia extract, but it still contains a significant amount of stevia glycosides.Stevia leaf is a good choice for people who want to enjoy the benefits of stevia without consuming a highly concentrated form. Stevia powder is made from dried stevia leaves, and it is typically used as a sweetener in baking and cooking. It is less concentrated than stevia extract, but it is still much sweeter than sugar. Stevia powder is a good choice for people who want to use stevia in a variety of recipes. Stevia sweeteners are tabletop sweeteners that are made from stevia extract. They are typically used in place of sugar in coffee, tea, and other beverages.Stevia sweeteners are a good choice for people who want to reduce their sugar intake without sacrificing sweetness.

Source Primary Research, Secondary Research, MRFR Database and Analyst Review

Stevia Product Market Application Insights

The Stevia Product Market is divided into four major applications, such as Food and Beverages, Pharmaceuticals, Cosmetics, and Industrial. The Food and Beverages segment is expected to hold the largest share, as there is an increasing demand for low-calorie sweeteners in food and beverages over the years. Moreover, the Pharmaceuticals segment is expected to hold a substantial share in the future as well since the number of diabetic, obese people who require such products for diet purposes is increasing. Additionally, the share of the Cosmetics segment is expected to grow at a stable pace because stevia has started to be increasingly used as a natural sweeteners to be included in producing a variety of creams, shampoos, and so on.The Industrial segment is also expected to grow at some pace, as there are multiple uses such as coatings, adhesives, etc.

Stevia Product Market Distribution Channel Insights

The Stevia Product Market segmentation by Distribution Channel involves various channels through which stevia products reach consumers. Direct Sales refer to direct selling to customers through company representatives or distributors, offering personalized advice and product demonstrations. Retail Stores include supermarkets, hypermarkets, and convenience stores, providing physical access to products for consumers. Online Marketplaces, such as e-commerce websites and mobile applications, enable online purchases and doorstep delivery. Food Service Outlets encompass restaurants, cafes, and catering services, offering stevia-based products as part of their menu.In 2023, the Stevia Product Market revenue through Direct Sales was valued at USD 345.7 million, while Retail Stores accounted for USD 289.6 million. Online Marketplaces are projected to experience significant growth, with a projected market size of USD 421.5 million by 2032. Food Service Outlets are estimated to contribute USD 142.3 million to the market revenue in 2024. These distribution channels cater to diverse consumer preferences and market dynamics, playing a crucial role in the growth of the Stevia Product Market.

Stevia Product Market Target Group Insights

The Stevia Product Market segmentation by Target Group offers crucial insights into the specific consumer segments driving demand. Health-conscious consumers are a major force, seeking natural and calorie-free sweeteners to maintain a healthy lifestyle. Diabetic Patients represent a significant market opportunity as stevia provides a safe and effective alternative to sugar, supporting blood sugar management. Weight-loss seekers are increasingly turning to stevia as a low-calorie sweetener to aid in their weight-management efforts. Food and Beverage Manufacturers are leveraging stevia's versatility and cost-effectiveness to create innovative products that meet the evolving consumer demands for healthier and reduced-sugar options.This segmentation data is vital for market participants to tailor their strategies and capitalize on the growth opportunities within each target group.

Stevia Product Market Organic vs. Conventional Insights

The organic segment of the Stevia Product Market is projected to grow at a CAGR of 10.2% from 2023 to 2032, reaching a value of USD 1.52 billion by 2032. The conventional segment, on the other hand, is expected to grow at a CAGR of 7.9% during the same period, reaching a value of USD 0.84 billion by 2032. The growth of the organic segment is driven by the increasing demand for natural and healthy products. Consumers are becoming more aware of the health benefits of organic stevia, which is free from pesticides and other chemicals. The conventional segment is also expected to grow, but at a slower pace, due to the increasing competition from organic stevia.In terms of market share, the organic segment is expected to account for 64.4% of the Stevia Product Market by 2032, while the conventional segment is expected to account for the remaining 35.6%. The growth of the organic segment is expected to be driven by the increasing demand for natural and healthy products.

Stevia Product Market Regional Insights

The Stevia Product Market segmentation by Region comprises North America, Europe, APAC, South America, and MEA. North America is the largest regional market for stevia products, followed by Europe and APAC. The growth of the North American market is attributed to the increasing demand for natural sweeteners and sugar substitutes. The European market is also growing steadily, driven by the rising health consciousness and the growing popularity of stevia as a natural sweetener. The APAC market is expected to witness significant growth in the coming years, owing to the increasing disposable income and the growing awareness of the health benefits of stevia.South America and MEA are also emerging markets for stevia products, with the potential for significant growth in the future. The Stevia Product Market is expected to reach a valuation of 2.36 billion USD by 2032, expanding at a CAGR of 8.17% over the forecast period.

Source Primary Research, Secondary Research, MRFR Database and Analyst Review

Stevia Product Market Key Players And Competitive Insights

Leading players in the Stevia Product Market are focusing on research and development activities to offer high-quality innovative products, expand reach in the market and adopt partnerships and acquisitions to improve market share in the coming years. Apart from this, players in the leading market are also looking forward to adopting marketing strategies to enhance their product offerings and improve sales in the coming years. The Stevia Product Market is highly competitive and is characterized by a number of players offering diverse solutions to customers in the market. The competitive landscape of Stevia Product Market is fragmented with a mix of emerging and established companies.Cargill is a key player in the Stevia Product Market, offering sweeteners, flavors, and stevia-based products and ingredients. Cargill, being one of the most prominent companies in the Stevia Product Market has a diversified product portfolio and a strong worldwide presence. Apart from this, the company also focuses on sustainability and invests in research and development activities to provide high-quality products to customers. Therefore, Cargill is expected to retain its leading position in the coming years with its geographical presence and high-quality products offered by the company.

In Ingredion, the second largest player in the worldwide Stevia Product Market. Markets offer a diverse range of stevia extracts and sweeteners targeting food, beverage and pharmaceutical applications. The company is highly focused on its customers and aims to build partnerships with clients to provide products and solutions tailored to the unique objectives and opportunities of the customers. Apart from this, the company also has a high reach and a strong supply chain to meet the diverse needs of customers. Ingredion is also focused on providing healthy and clean-label food products and leading sustainability in the diversified product offerings to the customers.

Key Companies in the Stevia Product Market Include

• Cargill


• S Seed Company


• Daesang


• PureCircle


• The Stevia Company


• GLG Life Tech Corporation


• Tate Lyle


• BENEOOrafti


• Ingredion Incorporated


• Kerry Group


• Lonza


• Celanese Corporation


• The CocaCola Company

Stevia Product Market Industry Developments

The stevia product market is projected to reach USD 2.36 billion by 2032, exhibiting a CAGR of 8.17% during the forecast period (2024-2032). Rising consumer preference for natural sweeteners, coupled with increasing health consciousness, is driving market growth. Asia-Pacific is the largest regional market, owing to the high demand for stevia in countries such as China, India, and Japan. Key industry participants are focusing on product innovation and strategic partnerships to expand their market presence. Recent developments include the launch of new stevia-based products, such as low-calorie beverages and sugar-free confectionery, to cater to evolving consumer tastes. Moreover, ongoing research and development activities are expected to further enhance the functionality of stevia, creating new growth opportunities in the coming years.

Stevia Product Market Segmentation Insights

• Stevia Product Market Product Type Outlook
  
  
  
  • Stevia Extract
  
  
  • Stevia Leaf
  
  
  • Stevia Powder
  
  
  • Stevia Sweeteners
  
  
  
  


• Stevia Product Market Application Outlook
  
  
  
  • Food and Beverages
  
  
  • Pharmaceuticals
  
  
  • Cosmetics
  
  
  • Industrial
  
  
  
  


• Stevia Product Market Distribution Channel Outlook
  
  
  
  • Direct Sales
  
  
  • Retail Stores
  
  
  • Online Marketplaces
  
  
  • Food Service Outlets
  
  
  
  


• Stevia Product Market Target Group Outlook
  
  
  
  • Health-Conscious Consumers
  
  
  • Diabetic Patients
  
  
  • Weight-Loss Seekers
  
  
  • Food and Beverage Manufacturers
  
  
  
  


• Stevia Product Market Organic vs. Conventional Outlook
  
  
  
  • Organic Stevia
  
  
  • Conventional Stevia
  
  
  
  


• Stevia Product Market Regional Outlook
  
  
  
  • North America
  
  
  • Europe
  
  
  • South America
  
  
  • Asia Pacific
  
  
  • Middle East and Africa