Global Stevia Market Size, Share, Growth Analysis, By Product(Stevia Leaves, Stevia Extracts), By Application (Food and Beverages, Pharmaceutical), By Distribution channel(Hypermarkets/Supermarkets, Specialty Stores) - Industry Forecast 2023-2030

Global Stevia Market size was valued at USD 7.96 billion in 2022 and is poised to grow from USD 8.69 billion in 2023 to USD 15.26 billion by 2031, growing at a CAGR of 10.06% in the forecast period (2024-2031).

The growing knowledge of the health dangers linked to excessive sugar consumption has caused a shift in consumer tastes and expectations in the worldwide stevia industry in recent years. Stevia, a natural sweetener made from the leaves of the Stevia rebaudiana plant, is frequently seen as a better substitute for regular sugar and artificial sweeteners. The search for natural substitutes for sugar and artificial sweeteners is growing among consumers. Stevia is a calorie-free plant-based sweetener that is becoming more and more popular as a healthy alternative to sugar.

The food and beverage sector has made extensive use of stevia as a vital component of numerous goods, such as dairy products, snacks, and beverages. The desire from consumers for healthier options as well as legislative actions supporting lower sugar content are the driving forces behind this trend. While stevia is a well-liked sugar alternative, some users discover that its flavor profile differs from sugar's. The flavor and content of items made with stevia are always being improved by manufacturers. When compared to conventional sweeteners, stevia's production costs can be comparatively costly, which may have an impact on its pricing and accessibility to markets.

Global Stevia Market Segmental Analysis

There are four main segments of the worldwide stevia market: product, application, distribution channel, and geography. It is separated into powder extracts, liquid extracts, stevia extracts, stevia leaves, and various forms according on type. It is divided into two categories based on application: nutritional supplements, pharmaceuticals, and food and drink. It is divided into supermarkets, convenience stores, online retailers, specialty shops, health food stores, vending machines, and other categories based on the distribution routes. The market is divided into Asia-Pacific, North America, Europe, Latin America, and the Middle East and Africa regions based on geography.

Drivers of the Global Stevia Market

The demand for natural and low-calorie sweeteners is rising as a result of the increased awareness of health and wellness around the world. Stevia, which is made from the leaves of the Stevia rebaudiana plant, has become more well-known as a healthy substitute for artificial sweeteners and regular sugars, going along with customer desires for plant-based and clean-label goods. The food and beverage industry's growth is yet another important factor. Because of its adaptability, stevia can be found in a variety of goods, such as baked goods, sweets, and beverages. Using stevia in food formulations has become a calculated decision as businesses aim to meet consumer requests for healthier options and lower sugar levels.

Restraints in the Global Stevia Market

The taste profile of stevia, which some customers perceive to have a distinct aftertaste, is one of the primary barriers to the market. The perception of this aftertaste may prevent it from being widely accepted, even with technological developments aiming at reducing the taste-especially among consumers used to the taste of conventional sugars. The Stevia market is further limited by price sensitivity. Particularly when compared to other sweeteners, stevia production costs might be comparatively costly. This feature presents a problem since manufacturers and consumers might find it more expensive than other sweetening options, which would affect Stevia's overall market share.

Market Trends of the Global Stevia Market

the rising demand from consumers for sugar substitutes that are natural and low in calories, as their understanding of wellness and health grows. Stevia, a calorie-free sweetener derived from plants, fits in with this trend by establishing itself as a preferred substitute for table sugar and artificial sweeteners. The growing use of stevia in the food and beverage sector, especially in dairy products, confections, and beverages, is another noteworthy development. Because stevia works well in a variety of product formulations, producers are increasingly incorporating it into a wide range of applications in response to consumer requests for healthier options and lower sugar content.