Global Stevia Market Estimated to Reach USD 721.0 Million By 2024: Zion Market Research

According to the report, global stevia market was valued at approximately USD 416.6 million in 2017 and is expected to generate revenue of around USD 721.0 million by end of 2024, growing at a CAGR of around 8.2% between 2018 and 2024.

Zion Market Research has published a new report titled “Stevia Market by Extract Type (Liquid, Powder, and Leaf) and by Application (Dairy Products, Bakery and Confectionery Products, Dietary Supplements, Packaged Food Products, Beverages, and Others): Global Industry Perspective, Comprehensive Analysis and Forecast, 2018 – 2024”.

According to the report, global stevia market was valued at approximately USD 416.6 million in 2017 and is expected to generate revenue of around USD 721.0 million by end of 2024, growing at a CAGR of around 8.2% between 2018 and 2024.  

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Stevia is a small perennial plant which grows almost 50 to 85 cm tall and has oppositely arranged sessile and leaves. The plant is semi-humid and subtropical that can be grown easily like any other vegetable or crop, even in the kitchen garden. There are diverse species of stevia which have imminent sweetening compounds among which stevia rebaudiana is the sweetest of all. Saline soils are avoided while cultivating this plant. Stevia has been successfully cultivated in recent years in many areas of the Indian states. The increasing demand for natural sweeteners is driving the farmers towards large-scale stevia cultivation globally. Stevia is a small perennial plant growing almost 60 to 80 cm tall, with oppositely arranged leaves and sessile. It is a semi-humid subtropical plant that can be grown easily like any other vegetable or crop, even in the kitchen garden. Diverse species of stevia contain imminent sweetening compounds, but stevia rebaudiana is the sweetest of all. Saline soils need to be avoided while cultivating this plant. Stevia has been successfully cultivated in recent years in many areas of the Indian states. The increasing demands for natural sweeteners have driven the farmers towards large-scale stevia cultivation globally.

Currently, the global stevia market is witnessing growth due to raising awareness of the low-calorie consumable products and health benefits. Even the government is taking initiatives to grow consumer awareness and encouraging people which are further augmenting positive signs for the growth of stevia market. The introduction of various stevia-based products is also supporting the market growth and also is also being appreciated by consumers. Furthermore, the demand for the antioxidants natural ingredients and the product is adding as an additional factor, expected to increase the market growth. Health organizations are advocating the use of low-calorie sugar substitutes, calling for higher production of stevia. Stevia is viewed favorably by consumers since it has earned the tag of being a healthy consumable product.

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Currently, the global stevia market is witnessing growth owing to increasing awareness of the health benefits and low-calorie consumable products. Also, the government is encouraging and taking initiatives to grow consumer awareness which is further auguring positive signs of the growth of stevia market. The introduction of various stevia-based products is certainly supporting the overall market growth and has also been appreciated by consumers. Further, demand for antioxidants and natural ingredient products are additional factors expected to supplement the market growth. Health organizations also advocate the use of low-calorie sugar substitutes, while calling for higher production of stevia. By earning the tag of being a healthy consumable product, stevia is viewed favorably by consumers.

Based on product type, the market is segmented into liquid, powder, and leaf. The liquid extract segment is anticipated to grow at a robust CAGR during the forecast period. The growth is supported by the widespread use of stevia consumption in liquid form as a tabletop sweetener together with various stevia-based liquid products globally. Based onis application, the market is segmented into dairy products, bakery and confectionery products, dietary supplements, packaged food products, beverages, and others. The bakery and dairy food product segments are expected to grow significantly in terms of revenue contribution, during the forecast period. Based on the product the market is segmented into liquid, powder, and leaf. Liquid extracts segment is experiencing a robust CAGR during the forecast period. This growth is supported by widespread use of stevia liquid in consumption as tabletop sweeteners coupled with varied stevia-based liquid products globally. Based on the application the market is segmented into dairy products, bakery and confectionery products, dietary supplements, packaged food products, beverages and others. In terms of revenue contribution, the dairy food products, and bakery segment are expected to record significant growth, respectively during the forecast period.

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The Asia Pacific is the leading market for stevia. It has a broad recognition and acceptance in the region particularly in countries like such as India, Japan, China, and South Korea, since stevia-based natural sweeteners are likely to be a significant part of their diet for several people in these countries. Emerging economies such as Thailand, Indonesia, and Malaysia are also expected to be the key markets for the product owing to the growing food & beverage industry. North America and Europe are also expected to witness sizeable volume growth. A recent approval by the FDA related to the product is likely to have a positive impact on the overall industry and therefore improving the penetration levels of stevia in the market. Also, the rising consumer demand for organic products is playing an important role in propelling the overall market growth globally. The Asia Pacific is the leading market for stevia. It has a broad recognition and acceptance in the region particularly in countries like India, Japan, China, and South Korea, since stevia-based natural sweeteners have been a part of this likely to be a significant part of their diet of for several consumers people in these countries for a considerable period. Emerging economies such as Thailand, Indonesia, and Malaysia are also expected to be the key markets for the product owing to the growing food & beverage industry. North America and Europe are also expected to witness sizeable volume growth. Recent approvals by the FDA related to the product A recent approval by the FDA related to the product is likely to have a positive impact on the overall industry and therefore improving the penetration levels of stevia in the market. Also, the rising consumer demand for organic products is playing an important role in propelling the overall market growth globally.

Some of the key players in the stevia market are Tate & Lyle Plc, The Coca-Cola Company, PureCircle Ltd., Evolva Holding S.A., Nestlé S.A., Ingredion, Inc., GLG Life Tech Corp., PepsiCo, Inc., Stevia Corp., Cargill, Inc., and others. For Instance, In July 2016, an investment of USD 100 million was done by PureCircle Ltd. for the development of stevia agronomy program.

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This report segments the global stevia market as follows:

Global Stevia Market: Extract Type Segment Analysis

  • Liquid
  • Powder
  • Leaf

 

Global Stevia Market: Application Segment Analysis

  • Dairy Products
  • Bakery and Confectionery Products
  • Dietary Supplements
  • Packaged Food Products
  • Beverages
  • Others

 

Global Stevia Market: Regional Segment Analysis

  • North America
    • The U.S.
  • Europe
    • UK
    • France
    • Germany
  • Asia Pacific
    • China
    • Japan
    • India
  • Latin America
    • Brazil
  • Middle East and Africa

 

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