Stevia Market Strategies, Top Players, Growth Opportunities, Analysis and Forecast by 2031

Stevia Market Size and Forecast (2021 - 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Type (Whole Leaf, Powder, and Liquid), Application (Dairy and Frozen Desserts, Bakery and Confectionery, Tabletop Sweeteners, Beverages, and Others), and Geography

  • Report Code : TIPRE00004710
  • Category : Food and Beverages
  • No. of Pages : 150
Buy Now

Stevia Market Drivers and Opportunities to 2031

Buy Now

The stevia market size is projected to reach US$  1,241.95 million by 2031 from US$ 636.97 million in 2023. The market is expected to register a CAGR of 8.7% during 2023–2031. Rising trend for low-calorie sugar alternatives with increasing calorie consciousness is likely to remain key trend in the market.

Stevia Market Analysis

The growing awareness about healthy diet and increasing health consciousness among people are the major drivers for the stevia market in the globe. Countries such as US, Germany, UK, Canada, China, Japan and South Korea are major contributors for the market growth in the globe. Consumers are seeking similar labels and natural ingredients as they become more aware of their own nutrition. Also, the increased awareness of obesity, weight control, and the significance of eating a healthy diet is driving up demand for stevia-based products worldwide. The global market for stevia has been rising on account of advancements in the food and beverages industry. The food and beverage industry are the largest manufacturing field in the global countries. The increased consumption of processed foods among consumers owing to busy lifestyle and convenience is driving the stevia market growth.

Stevia Market Overview

Increasing consumer inclination toward natural sweeteners has been driving the global stevia market growth. With the increasing incidence of diabetes and obesity worldwide, consumers are progressively shifting toward natural sweetening products. According to the International Diabetes Foundation, 641 million people will have diabetes by 2040, rising from 415 million in 2015. Obesity is a prevalent disease that leads to diabetes along with other chronic diseases such as hypertension, metabolic syndrome, cardiovascular risk, and retinopathy. The authorities across the world are focusing on a healthier lifestyle, which includes a reduction in the number of calories consumed, especially added sugar. The World Health Organization (WHO) has recommended a decrease in added sugars in the daily lifestyle. To lower the amount of sugar intake, consumers prefer natural sweeteners such as stevia, which helps in weight management by reducing added sugar and calories. Along with this, in Europe, consumers are increasingly consuming products having no added sugar. According to the 2020 New Nutrition Business survey, two-thirds of European consumers are trying to lower their sugar intake due to the increasing rate of obesity and diabetes, which has led to an increased demand for stevia in Europe. Thus, an increase in consumer inclination toward natural sweeteners is driving the growth of the stevia market.

Customize Research To Suit Your Requirement

We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.

Stevia Market: Strategic Insights

stevia-market
Market Size Value inUS$ 539.68 million in 2021
Market Size Value byUS$ 965.82 Million by 2028
Growth rateCAGR of 8.7% from 2021-2028
Forecast Period2021-2028
Base Year2021
Analyst Image

Shejal

Have a question?

Shejal will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.

Analyst Image  Speak to Analyst

Stevia Market Drivers and Opportunities

Rising Concerns About Diabetes and Obesity to Favor Market

With the increasing incidence of diabetes and obesity worldwide, consumers are progressively shifting toward natural sweetening products. According to the International Diabetes Foundation, 641 million people will have diabetes by 2040, rising from 415 million in 2015. Obesity is a prevalent disease that leads to diabetes along with other chronic diseases such as hypertension, metabolic syndrome, cardiovascular risk, and retinopathy. The authorities across the world are focusing on a healthier lifestyle, which includes a reduction in the number of calories consumed, especially added sugar. The World Health Organization (WHO) has recommended a decrease in added sugars in the daily lifestyle. To lower the amount of sugar intake, consumers prefer natural sweeteners such as stevia, which helps in weight management by reducing added sugar and calories. Along with this, in Europe, consumers are increasingly consuming products having no added sugar. According to the 2020 New Nutrition Business survey, two-thirds of European consumers are trying to lower their sugar intake due to the increasing rate of obesity and diabetes, which has led to an increased demand for stevia in Europe. Thus, an increase in consumer inclination toward natural sweeteners is driving the growth of the stevia market

Increasing Demand for Low-Calorie Sweeteners in Food and Beverages

Businesses are becoming more aware of stevia; Pepsi and Coca-Cola, for instance, have begun using stevia into their soft drinks as a sweetener. Stevia is also used by other producers of food and beverages products such as yogurts, candies, and processed foods like ketchup. Opportunities in the market are also increased by developments in stevia labeling. The new EU labeling update, which changes the product's name from "Steviol glycosides (E 960)" to "Steviol glycosides from stevia (E 960)," gives consumers additional transparency and information about the product's botanical origin. Consumer demand is predicted to be impacted by the change. According to Cargill's Ingredient Tracker, just about 25% of European consumers are aware with the phrase "steviol glycosides," whereas 64% are familiar with "stevia." However, as consumers are paying more attention to ingredients used in processed food and beverages, the awareness for “steviol glycosides” term is projected to increase over the period of time, which is expected to open new opportunities in the coming years.

Stevia Market Report Segmentation Analysis

Key segments that contributed to the derivation of the stevia market analysis are type and application

  • Based on type, the stevia market is divided into whole leaf, powder, and liquid. The powder segment held the largest market share in 2023. A stevia white powder is a natural and healthy substitute for sugar. Stevia leaves are dried to form the powder and the powdered form of stevia is loaded with the extracts of stevia leaves and erythritol
  • In terms of application, the market is segmented into dairy and frozen desserts, bakery and confectionery, tabletop sweeteners, beverages, and others. The dairy and frozen desserts segment held a significant share of the market in 2023. The rising demand for low-calorie sweeteners in ice creams, yogurts, milkshakes, and other dairy products due to increasing calorie consciousness and increasing preference for products with “no-added sugar” claims is expected to drive the demand for stevia in dairy and frozen desserts, propelling the segment’s growth.

Stevia Market Share Analysis by Geography

The geographic scope of the stevia market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.

Asia Pacific has dominated the market. In Asia Pacific region, consumers, health experts and governments have become more concerned about health and diet. This has leads to the adoption of natural sweeteners, including stevia by the various food and beverage manufacturers. Stevia is a plant based sweetener which works well in various food and beverage applications. With the raising importance of stevia sweetener, its use has also increased in carbonated soft drink, ice creams, baked goods, flavored and sparking waters, ready to drink teas and coffees, flavored milks, tabletop sweeteners and other food and beverage products in the region. The various government policies also contribute for the growth of the stevia market in the region. For instances, Singapore's Ministry of Health (MOH) recommended several policies that could have an impact on the food and beverage industries, including prohibiting the sale of high-sugar pre-packaged drinks and levying a tax on sugar-based beverages.

Stevia Market Report Scope

Stevia Market News and Recent Developments

The stevia market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the stevia market are listed below:

  • Tate & Lyle PLC (Tate & Lyle), a world leader in ingredient solutions for healthier food and beverages, is pleased to announce a new addition to its sweetener portfolio – TASTEVA® SOL Stevia Sweetener. An internationally patent protected breakthrough in stevia technology, this addition expands Tate & Lyle’s ability to help customers solve stevia solubility issues in food and beverages and helps deliver on consumer demand for healthier and tastier, sugar and calorie reduced products. (Source: Tate and Lyle, Company Website, July 2023)
  • Ingredion Incorporated (NYSE: INGR), a leading global provider of specialty ingredients to the food and beverage industry, announces the expansion of PureCircle™ by Ingredion’s stevia production facility in Malaysia, further extending its position as the largest scale operator for stevia ingredients from bioconversion. This expansion grows PureCircle’s bioconversion technology capacity, supporting four times the current capacity for these ingredients. The investment significantly increases the scale and supply of the best-tasting stevia leaf ingredients for replacing sugar and artificial sweeteners across food and beverage categories.. (Ingredion, Press Release, November 2023)

Stevia Market Report Coverage and Deliverables

The “Stevia Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:

  • Stevia market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
  • Stevia market trends as well as market dynamics such as drivers, restraints, and key opportunities
  • Detailed PEST/Porter’s Five Forces and SWOT analysis
  • stevia market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
  • Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the stevia market
  • Detailed company profiles
Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

Type and Application

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States

Frequently Asked Questions


Which region dominated the stevia market in 2023?

Asia Pacific dominates the stevia market in 2023 with rising demand for low-calorie and low-intensity sweeteners

What are the driving factors impacting the stevia market?

Rising concerns about obesity and diabetes and shifting consumer demand for refined sugar alternatives are the key market drivers.

What are the future trends of the stevia market?

Increasing adoption of clean-label products with low-calorie sweeteners is likey to remain the key trend in the stevia market.

Which are the leading players operating in the stevia market?

A few of the players operating in the global hair extension market includes Cargill, Incorporated; Ingredion Incorporated; Tate & Lyle PLC; GLG LIFE TECH CORP; ADM; Sunwin Stevia International, Inc.; S&W Seed Company; Morita Kagaku Kogyo Co., Ltd.; Zhucheng Haotian Pharm Co., Ltd.; and PureCircle

What would be the estimated value of the stevia market by 2031?

By 2031, the stevia market is projected to reach US$ 1,241.95 million.

What is the expected CAGR of the stevia market?

The expected CAGR of the stevia market is 8.7%

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

Your data will never be shared with third parties, however, we may send you information from time to time about our products that may be of interest to you. By submitting your details, you agree to be contacted by us. You may contact us at any time to opt-out.

Trends and growth analysis reports related to Food and Beverages : READ MORE..