Stevia Global Market Report 2024

Stevia, derived from stevia plant leaves, serves as a non-nutritive, zero-calorie sugar substitute containing steviol glycosides. It's a natural alternative to sugar, aiding in calorie reduction without artificial additives.

Stevia products primarily manifest as powder, liquid, and leaves. Powdered stevia serves as a sugar substitute in food and beverages, with an approximate equivalence of one teaspoon to table sugar. Available in both organic and conventional varieties, stevia finds application in bakeries, dairy items, beverages, dietary supplements, confectionery, and other food sectors.

The stevia market research report is one of a series of new reports from The Business Research Company that provides stevia market statistics, including stevia industry global market size, regional shares, competitors with a stevia market share, detailed stevia market segments, market trends and opportunities, and any further data you may need to thrive in the stevia industry. This stevia market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The stevia market size has grown rapidly in recent years. It will grow from $0.83 billion in 2023 to $0.92 billion in 2024 at a compound annual growth rate (CAGR) of 11.6%. The growth observed in the historic period can be attributed to several factors, including prevalent health and wellness trends, rising concerns regarding obesity, a growing preference for natural ingredients, supportive regulatory measures, and a notable consumer shift away from artificial sweeteners. These elements collectively contributed to the growth and evolution of the relevant industry or sector during that period.

The stevia market size is expected to see rapid growth in the next few years. It will grow to $1.48 billion in 2028 at a compound annual growth rate (CAGR) of 12.4%. The anticipated growth in the forecast period can be attributed to several factors including the sustained focus on health consciousness, increasing awareness regarding diabetes, the continuous expansion of the food and beverage industry, a growing preference for clean label products, and ongoing global dietary shifts.

The escalating prevalence of diabetes and obesity is poised to propel the growth of the stevia market in the foreseeable future. Root causes contributing to obesity include an unhealthy lifestyle, lack of physical activity, overeating, genetic predisposition, increased stress levels, elevating the risks of diabetes, heart disease, and certain cancers. Pertinently, data from the International Diabetes Federation (IDF) projected a global diabetic population of 537 million in 2021, anticipated to escalate to 643 million in 2030 and 783 million in 2045. Concurrently, the World Obesity Federation's World Obesity Atlas 2022 forecasted a trajectory where one billion individuals, including 1 in 5 women and 1 in 7 men, would grapple with obesity by 2030, potentially surging to 4 billion individuals by 2035, constituting 51% of the global populace. Consequently, the burgeoning prevalence of diabetes and obesity fuels the demand for zero-calorie natural sweeteners such as stevia, thus driving the growth of the market.

The stevia market is poised for growth, driven by an increasing focus on health consciousness. Stevia, a preferred choice for health-conscious individuals seeking calorie-free and diabetic-friendly alternatives to sugar, offers intense sweetness with minimal use. In January 2021, a survey conducted by Public Health England revealed that around 80% of adults over 18 aimed to adopt a healthy lifestyle, with 40% specifically focusing on healthy eating. This growing inclination towards health-conscious choices among consumers underpins the expected surge in the stevia market.

Noteworthy advancements in the stevia market are centered around innovative products such as liquid stevia-based sweeteners, strategically aimed at expanding customer reach, driving sales, and augmenting revenues. These sweetening products, derived from stevia plant leaves processed into a liquid form, are at the forefront of innovation. In July 2022, Sweegen, Inc., a leading US-based manufacturer of stevia-based sweeteners, introduced Bestevia LQ. This product distinguishes itself with tailored features catering to applications in carbonated soft drinks, confectionery, liquid sweeteners, dessert toppings, and flavored syrups. Bestevia LQ resolves solubility challenges, ensures product stability, and enables precise measurement, tailored for easy handling in laboratory and factory settings. Particularly beneficial for facilities not utilizing powdered stevia, it offers a convenient alternative, showcasing innovation in the liquid stevia-based sweetener segment.

Icon Foods, a US-based stevia sweetener manufacturer, launched SteviaSweet RM95 in July 2022. This natural sweetener, derived from Stevia rebaudiana leaves, stands out as a 95% Rebaudioside M (Reb M) variant, offering a clean, bitter-free taste profile. Its high-intensity, zero-calorie composition allows seamless blending with other sweeteners, serving as both a sweetness and flavor modulator for versatile product formulations.

In November 2023, SK Capital Partners, LP, a US-based private equity firm, successfully acquired J&K Ingredients, Inc., a US-based stevia manufacturer. This acquisition is intended to drive growth for J&K Ingredients by further developing its expertise in clean label, natural, and organic products.

Major companies operating in the stevia market report are Cargill Inc., Archer Daniels Midland Company, PepsiCo Inc., The Coca-Cola Company, Ingredion Incorporated, WhiteWave Services Inc., Tate & Lyle PLC, SunOpta Inc., SweetLeaf Stevia, BENEO GmbH, Stevia Corp., Real Stevia Company, Sweet Green Fields LLC, Guilin Layn Natural Ingredients Corp., S&W Seed Co., GL Stevia Co. Ltd., Sunwin Stevia International Inc., PureCircle Ltd., Pyure Brands LLC, Bioplus Life Sciences Pvt. Ltd., Evolva Holding S.A., GLG Life Tech Corp., Foodchem International Corporation, Hunan Nutramax Inc., Sunrise Nutrachem Group Co. Ltd., Zhucheng Haotian Pharma Co. Ltd., Wisdom Natural Brands, Shandong Aojing Biotechnology Co. Ltd., Morita Kagaku Kogyo Co. Ltd., Ganzhou Julong High-Tech Industrial Co. Ltd., Arista Industries Inc., Martin Bauer GmbH Co., Health Plus Inc., Kerry Group PLC, Whole Earth Brands Inc., Steviva Ingredients Inc., Layn Corporation, Taos Inc., Biolotus Technology Jiangsu Inc., Sino-Food Machinery Co. Ltd., Nutra Food Ingredients LLC

Asia-Pacific was the largest region in the stevia market share in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the stevia market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the stevia market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The stevia market consists of sales of powdered stevia, leaf stevia, and liquid stevia that is used as a natural sweetener for food and beverages. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

Stevia Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on stevia market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

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Where is the largest and fastest growing market for stevia ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The stevia market global report from the Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

• The market characteristics section of the report defines and explains the market.
• The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
• The forecasts are made after considering the major factors currently impacting the market. These include:

The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.

The impact of higher inflation in many countries and the resulting spike in interest rates.

The continued but declining impact of covid 19 on supply chains and consumption patterns.

• Market segmentations break down the market into sub markets.
• The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
• The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
• The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.

Scope

Markets Covered:

• 1) By Product: Powder; Liquid; Leaf
• 2) By Nature: Organic; Conventional
• 3) By Application: Bakery; Dairy Food Products; Beverages; Dietary supplements; Confectionery; Other Applications
• Companies Mentioned: Cargill Inc.; Archer Daniels Midland Company; PepsiCo Inc.; The Coca-Cola Company; Ingredion Incorporated
• Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
• Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
• Time series: Five years historic and ten years forecast.
• Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
• Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
• Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
• Delivery format: PDF, Word and Excel Data Dashboard.