Stevia Market Size, Share, Opportunities, And Trends By Type (Leaves, Liquid Extract, Powder), By Application (Beverages, Bakery And Confectionery, Tabletop Sweeteners, Dairy, Others), By Distribution Channel (Online, Offline), And By Geography - Forecasts From 2024 To 2029

  • Published : Mar 2024
  • Report Code : KSI061611529
  • Pages : 110

The stevia market is expected to grow at a CAGR of 10.85% over the forecast period to reach a total market size of US$1534.502 million by 2029, increasing from US$746.271 million in 2022.

Stevia is a natural food sweetener and has applications in the healthcare and food and beverage industries. Growing consumer demand for natural sugar alternatives coupled with increasing research and development expenditure by major companies will drive the demand for stevia.

In addition, in recent years, the market has witnessed a significant increase in the number of product launches, which is opening up growth opportunities for manufacturers and vendors. However, the availability of low-calorie-based sweetener substitutes is expected to restrain the growth of the market in the coming years. Also, the bitter aftertaste of stevia has been a major concern for companies, and therefore, they are working on solutions that can help to nullify the bitterness.

Market Drivers

  • Rising cases of Diabetes cases globally-

There has been a noticeable rise in diabetes cases over recent years, leading to elevated sugar levels in the body and an increased risk of conditions like obesity, heart disease, and diabetes among the populace. According to the Centers for Disease Control, over 1 in 3 adults, approximately 98 million Americans, have prediabetes, with 81% of them unaware of their condition. To counteract the risks associated with these diseases, individuals are becoming more health-conscious and gravitating towards low-calorie sugar substitutes, including natural sweeteners like stevia.

  • Adoption in the dairy industry-

Today, stevia is considered a valuable ingredient as it reduces sugar application in the dairy industry. It is one of the important benefits that include stability and flexibility of use in a wide variety of dairy categories such as yogurt, flavored milk, and ice cream.

Restraint-

  • Price fluctuations-

The prices of stevia leaves are subject to substantial fluctuations influenced by various factors, including weather patterns, crop yields, and trade regulations. Such volatility poses challenges for food and beverage companies in budgeting for stevia procurement, potentially dissuading their adoption of the sweetener.

Stevia market segmentation by type into leaves, liquid extract, and powder

Segmenting the stevia market based on product types yields three primary categories: Stevia Leaves, Liquid Extract, and Powder. Stevia Leaves, renowned for their historical use in herbal medicine, offer versatility as they can be brewed into teas or incorporated as a natural sweetener in cooking.

Liquid Extract, typically packaged in convenient dropper bottles, provides a concentrated form of sweetness, ideal for adding to beverages or recipes.

Meanwhile, Stevia Powder, used for its adaptability, serves a wide array of culinary purposes, including baking, cooking, and enhancing the flavor of beverages.

North America is anticipated to hold a significant share of the stevia market.

The North American market is expected to hold a significant share of the market owing to the presence of major players coupled with the growing number of product launches in countries like Canada and the United States.

In addition, a growing number of health-conscious populations coupled with changing lifestyles are the factors boosting the demand for the product, and with the growing demand for food and beverage products made from natural ingredients, the demand for stevia in the region is further expected to increase over the forecast period.

Market Developments

  • March 2023-  Splenda® Stevia Farm announced the official commencement of its fully integrated US-based stevia farm, heralding the establishment of a burgeoning American industry. Located in Central Florida, the farm was fully operational. The farm's agricultural endeavors enabled Splenda to domestically produce the finest-tasting Splenda Stevia products and other Splenda-sweetened foods and beverages.
  • July 2023- HOWTIAN introduced SoPure™ Galaxy, marking a significant leap in the realm of stevia for dairy applications. The Galaxy-Series represented a pioneering range of stevia products tailored to elevate dairy applications, aligning with the escalating consumer preference for healthier and more natural dairy options.

Market Segmentation

  • By Type
    • Leaves
    • Liquid Extract
    • Powder
  • By Application
    • Beverages
    • Bakery and Confectionery
    • Tabletop Sweeteners
    • Dairy
    • Others
  • By Distribution Channel
    • Online
    • Offline
  • By Geography
    • North America
      • USA
      • Canada
      • Mexico
    • South America
      • Brazil
      • Argentina
      • Others
    • Europe
      • Germany
      • France
      • UK
      • Spain
      • Others
    • Middle East and Africa
      • Saudi Arabia
      • UAE
      • Israel
      • Others
    • Asia Pacific
      • China
      • Japan
      • India
      • South Korea
      • Indonesia
      • Taiwan
      • Thailand
      • Others

Frequently Asked Questions (FAQs)

The stevia market is expected to reach a total market size of US$1534.502 million in 2029.
Stevia Market was valued at US$746.271 million in 2022.
The global stevia market is expected to grow at a CAGR of 10.85% during the forecast period.
North America is anticipated to hold a significant share of the stevia market.
Growing demand for natural and low-calorie-based sweeteners is expected to drive the global stevia market growth during the forecast period.

1. INTRODUCTION

1.1. Market Overview

1.2. Market Definition

1.3. Scope of the Study

1.4. Market Segmentation

1.5. Currency

1.6. Assumptions

1.7. Base, and Forecast Years Timeline

1.8. Key benefits to the stakeholder

2. RESEARCH METHODOLOGY

2.1. Research Design

2.2. Research Process

3. EXECUTIVE SUMMARY

3.1. Key Findings

3.2. Analyst View

4. MARKET DYNAMICS

4.1. Market Drivers

4.2. Market Restraints

4.3. Porter’s Five Forces Analysis

4.3.1. Bargaining Power of Suppliers

4.3.2. Bargaining Power of Buyers

4.3.3. Threat of New Entrants

4.3.4. Threat of Substitutes

4.3.5. Competitive Rivalry in the Industry

4.4. Industry Value Chain Analysis

4.5. Russia-Ukraine War Impact Analysis

5. STEVIA MARKET ANALYSIS BY TYPE

5.1. Introduction

5.2. Leaves

5.2.1. Market opportunities and trends

5.2.2. Growth prospects

5.3. Liquid Extract

5.3.1. Market opportunities and trends

5.3.2. Growth prospects

5.4. Powder

5.4.1. Market opportunities and trends

5.4.2. Growth prospects

6. STEVIA MARKET ANALYSIS BY APPLICATION

6.1. Introduction

6.2. Beverages

6.2.1. Market opportunities and trends

6.2.2. Growth prospects

6.3. Bakery and Confectionery

6.3.1. Market opportunities and trends

6.3.2. Growth prospects

6.4. Tabletop Sweeteners

6.4.1. Market opportunities and trends

6.4.2. Growth prospects

6.5. Dairy

6.5.1. Market opportunities and trends

6.5.2. Growth prospects

6.6. Others

6.6.1. Market opportunities and trends

6.6.2. Growth prospects

7. STEVIA MARKET ANALYSIS BY DISTRIBUTION CHANNEL

7.1. Introduction

7.2. Online

7.2.1. Market opportunities and trends

7.2.2. Growth prospects

7.3. Offline

7.3.1. Market opportunities and trends

7.3.2. Growth prospects

8. STEVIA MARKET ANALYSIS BY GEOGRAPHY

8.1. Introduction

8.2. North America

8.2.1. By Type

8.2.2. By Application

8.2.3. By Distribution Channel

8.2.4. By Country

8.2.4.1. United States

8.2.4.1.1. Market Trends and Opportunities

8.2.4.1.2. Growth Prospects

8.2.4.2. Canada

8.2.4.2.1. Market Trends and Opportunities

8.2.4.2.2. Growth Prospects

8.2.4.3. Mexico

8.2.4.3.1. Market Trends and Opportunities

8.2.4.3.2. Growth Prospects

8.3. South America

8.3.1. By Type

8.3.2. By Application

8.3.3. By Distribution Channel

8.3.4. By Country

8.3.4.1. Brazil

8.3.4.1.1. Market Trends and Opportunities

8.3.4.1.2. Growth Prospects

8.3.4.2. Argentina

8.3.4.2.1. Market Trends and Opportunities

8.3.4.2.2. Growth Prospects

8.3.4.3. Others

8.3.4.3.1. Market Trends and Opportunities

8.3.4.3.2. Growth Prospects

8.4. Europe

8.4.1. By Type

8.4.2. By Application

8.4.3. By Distribution Channel

8.4.4. By Country

8.4.4.1. Germany

8.4.4.1.1. Market Trends and Opportunities

8.4.4.1.2. Growth Prospects

8.4.4.2. France

8.4.4.2.1. Market Trends and Opportunities

8.4.4.2.2. Growth Prospects

8.4.4.3. UK

8.4.4.3.1. Market Trends and Opportunities

8.4.4.3.2. Growth Prospects

8.4.4.4. Spain

8.4.4.4.1. Market Trends and Opportunities

8.4.4.4.2. Growth Prospects

8.4.4.5. Italy

8.4.4.5.1. Market Trends and Opportunities

8.4.4.5.2. Growth Prospects

8.4.4.6. Others

8.4.4.6.1. Market Trends and Opportunities

8.4.4.6.2. Growth Prospects

8.5. Middle East and Africa

8.5.1. By Type

8.5.2. By Application

8.5.3. By Distribution Channel

8.5.4. By Country

8.5.4.1. Saudi Arabia

8.5.4.1.1. Market Trends and Opportunities

8.5.4.1.2. Growth Prospects

8.5.4.2. UAE

8.5.4.2.1. Market Trends and Opportunities

8.5.4.2.2. Growth Prospects

8.5.4.3. Others

8.5.4.3.1. Market Trends and Opportunities

8.5.4.3.2. Growth Prospects

8.6. Asia Pacific

8.6.1. By Type

8.6.2. By Application

8.6.3. By Distribution Channel

8.6.4. By Country

8.6.4.1. China

8.6.4.1.1. Market Trends and Opportunities

8.6.4.1.2. Growth Prospects

8.6.4.2. Japan

8.6.4.2.1. Market Trends and Opportunities

8.6.4.2.2. Growth Prospects

8.6.4.3. India

8.6.4.3.1. Market Trends and Opportunities

8.6.4.3.2. Growth Prospects

8.6.4.4. South Korea

8.6.4.4.1. Market Trends and Opportunities

8.6.4.4.2. Growth Prospects

8.6.4.5. Indonesia

8.6.4.5.1. Market Trends and Opportunities

8.6.4.5.2. Growth Prospects

8.6.4.6. Taiwan

8.6.4.6.1. Market Trends and Opportunities

8.6.4.6.2. Growth Prospects

8.6.4.7. Thailand

8.6.4.7.1. Market Trends and Opportunities

8.6.4.7.2. Growth Prospects

8.6.4.8. Others

8.6.4.8.1. Market Trends and Opportunities

8.6.4.8.2. Growth Prospects

9. COMPETITIVE ENVIRONMENT AND ANALYSIS

9.1. Major Players and Strategy Analysis

9.2. Market Share Analysis

9.3. Mergers, Acquisition, Agreements, and Collaborations

9.4. Competitive Dashboard

10. COMPANY PROFILES

10.1. Cargill, Incorporated

10.2. Ingredion Incorporated

10.3. Archer Daniels Midland Company

10.4. In The Raw

10.5. Pyure

10.6. Biosweet Ventures

10.7. Evolva Holding S.A

10.8. Sunwin Stevia International, Inc.


Cargill, Incorporated

Ingredion Incorporated

Archer Daniels Midland Company

In The Raw

Pyure

Biosweet Ventures

Evolva Holding S.A

Sunwin Stevia International, Inc.