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Stevia Market - Growth, Trends, and Forecast (2022 - 2030)
SKU ID : INH-14244482 | Publishing Date : 01-Apr-2019 | No. of pages : 110
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Market Overview
The stevia market is forecasted to reach USD 934 million by 2024. It is expected to witness a CAGR of 8.43% during the forecast period (2019-2024).
- Increasing awareness of the health benefits of low-calorie consumable products is a major catalyst to the market growth. As the number of obese and diabetic people is on the rise, stevia is the best sugar alternative due to its zero-calorie property.
- Ground stevia can also be sprinkled lightly overcooked vegetables, meat, cereals, and salads. Besides adding its own sweet taste, it significantly enhances the flavor and nutritional value of food, thereby leading to its increased demand in the market.
Scope of the Report
Stevia is available in the powdered, liquid, and leaf form, and is used for applications such as bakery, dairy food products, beverages, confectioneries, dietary supplements, and others. Manufacturers are increasingly exploring alternative sweeteners to reduce calorific content without sacrificing the taste of food.
Key Market Trends
Liquid Stevia witnessed as fastest growing segment
Liquid Stevia is projected to be the fastest growing segment as consumers are preferring liquid form of stevia to sweeten recipes. A few drops of the liquid stevia extract replaces a teaspoon of cane sugar and is useful for sweetening coffee, teas and smoothies. Liquid stevia is available in several forms such as syrups, resulting from boiling the leaves in water. The syrup is used to enhance the flavour of many foods. Commercial scale applications prefer liquid stevia as they are concentrated and very less quantity is required. Furthermore, the demand for alcohol-free liquid is growing at a greater pace in the segment.
Asia- Pacific dominates the Market
Consumers have started to show interest in knowing the ingredients present in their foods, thus demanding “better for me” products. Most food manufacturers are responding to this new trend among consumers by developing products with lower sugar and lower calorie content, which are natural such as stevia. The United States has the highest consumption of stevia as a sweetener among all the countries in the North America region. Stevia extracts were only approved for use in the European Union in November 2011. Therefore, consumption of stevia is still very low. However, food & beverage manufacturers are rapidly developing products containing stevia. Asia-Pacific is the world's largest stevia consuming region, which has been achieved principally through rapid population growth.
Competitive Landscape
Cargill, Incorporated, PureCircle, Tate & Lyle, and Ingredion Incorporated are some of the companies leading the stevia market due to their new product launches. The companies are adopting strategies such as partnerships and new product launches in different forms such as leaves and liquid to increase their product line and share. In February 2018, GLG Life Tech Corporation, in collaboration with Archer Daniels Midland Company, launched Reb M product line to expand its product portfolio. The stevia product line facilitates sugar replacement with better-tasting, low-calorie natural sweetening systems and solutions that provide better taste and experience.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- Report customization as per the client's requirements
- 3 months of analyst support
The stevia market is forecasted to reach USD 934 million by 2024. It is expected to witness a CAGR of 8.43% during the forecast period (2019-2024).
- Increasing awareness of the health benefits of low-calorie consumable products is a major catalyst to the market growth. As the number of obese and diabetic people is on the rise, stevia is the best sugar alternative due to its zero-calorie property.
- Ground stevia can also be sprinkled lightly overcooked vegetables, meat, cereals, and salads. Besides adding its own sweet taste, it significantly enhances the flavor and nutritional value of food, thereby leading to its increased demand in the market.
Scope of the Report
Stevia is available in the powdered, liquid, and leaf form, and is used for applications such as bakery, dairy food products, beverages, confectioneries, dietary supplements, and others. Manufacturers are increasingly exploring alternative sweeteners to reduce calorific content without sacrificing the taste of food.
Key Market Trends
Liquid Stevia witnessed as fastest growing segment
Liquid Stevia is projected to be the fastest growing segment as consumers are preferring liquid form of stevia to sweeten recipes. A few drops of the liquid stevia extract replaces a teaspoon of cane sugar and is useful for sweetening coffee, teas and smoothies. Liquid stevia is available in several forms such as syrups, resulting from boiling the leaves in water. The syrup is used to enhance the flavour of many foods. Commercial scale applications prefer liquid stevia as they are concentrated and very less quantity is required. Furthermore, the demand for alcohol-free liquid is growing at a greater pace in the segment.
Asia- Pacific dominates the Market
Consumers have started to show interest in knowing the ingredients present in their foods, thus demanding “better for me” products. Most food manufacturers are responding to this new trend among consumers by developing products with lower sugar and lower calorie content, which are natural such as stevia. The United States has the highest consumption of stevia as a sweetener among all the countries in the North America region. Stevia extracts were only approved for use in the European Union in November 2011. Therefore, consumption of stevia is still very low. However, food & beverage manufacturers are rapidly developing products containing stevia. Asia-Pacific is the world's largest stevia consuming region, which has been achieved principally through rapid population growth.
Competitive Landscape
Cargill, Incorporated, PureCircle, Tate & Lyle, and Ingredion Incorporated are some of the companies leading the stevia market due to their new product launches. The companies are adopting strategies such as partnerships and new product launches in different forms such as leaves and liquid to increase their product line and share. In February 2018, GLG Life Tech Corporation, in collaboration with Archer Daniels Midland Company, launched Reb M product line to expand its product portfolio. The stevia product line facilitates sugar replacement with better-tasting, low-calorie natural sweetening systems and solutions that provide better taste and experience.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- Report customization as per the client's requirements
- 3 months of analyst support
Frequently Asked Questions
This market study covers the global and regional market with an in-depth analysis of the overall growth prospects in the market. Furthermore, it sheds light on the comprehensive competitive landscape of the global market. The report further offers a dashboard overview of leading companies encompassing their successful marketing strategies, market contribution, recent developments in both historic and present contexts.
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The report provides a detailed evaluation of the market by highlighting information on different aspects which include drivers, restraints, opportunities, and threats. This information can help stakeholders to make appropriate decisions before investing.
