The stevia industry is one of the significant ingredient industries and varies widely in terms of production scale and process. Growth in the stevia industry has opened new avenues for food, beverages, pharmaceutical, and other industries. The growing health concerns and increasing consumption of sugar-free products indicate the untapped growth potential of the stevia market. According to the latest publication on the Stevia Market by Meticulous Research®, the stevia market is expected to grow at a CAGR of 8.8% from 2021 to 2028 to reach $1.1 billion by 2028.
The stevia market is mainly driven by the growing prevalence of diabetes & obesity, surging demand for natural sweeteners, rising demand for stevia application in the beverage industry, and the increasing number of new stevia-based product launches. However, fluctuating stevia leaf prices is expected to restrain the growth of this market to some extent.
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To provide an efficient and accurate analysis, Meticulous Research® has segmented this market based on by nature (organic, conventional), type (leaves, extract {powder, liquid}), components (Reb A, Reb D, Reb M), application (food, beverages, tabletop sweeteners, pharmaceuticals, other), and geography. The study also evaluates industry competitors and analyzes the market at regional and country levels.
The stevia market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. The emerging trend of healthy food & natural food ingredients: rising rate of various chronic diseases; the increasing prevalence of diabetic people, and obesity; changing trends, such as low carb and clean labels; and strong demand for sugar-free products are the key factors that contribute to the to North America’s expected largest share in the stevia market in 2021.
However, the Asia-Pacific region is projected to offer lucrative growth opportunities for the key players in the market and achieve the fastest growth during the analysis period. The fast growth of this regional market is mainly attributed to the growing diabetic and obese population, rapid urbanization, rising awareness about the health benefits of sugar-free products, and increasing demand for diet drinks and beverages.
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Scope of the Report:
Stevia Market, by Nature
- Organic
- Conventional
Stevia Market, by Type
- Leaves
- Extract
- Powder
- Liquid
Stevia Market, by Components
- Reb A
- Reb D
- Reb M
- Others (Reb C, E, F)
Stevia Market, by Application
- Beverages
- Food
- Tabletop Sweeteners
- Pharmaceuticals
- Others
Stevia Market, by Region
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Rest of Europe (RoE)
- Asia-Pacific (APAC)
- China
- Japan
- India
- Rest of Asia-Pacific
- Latin America
- Middle East & Africa
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Based on nature, the stevia market is segmented into organic and conventional. The conventional segment is expected to hold the major share of the stevia market in 2021. The larger share of this segment is mainly attributed to its easy availability, low cost, increasing stevia application in the pharmaceutical industry, and high productivity. However, the organic stevia segment is expected to register the fastest growth during the forecast period of 2021. The fast growth of this segment is mainly attributed to the growing consumer preference for clean-label products, rising awareness about the health benefits of stevia, and increasing use of stevia in the food & beverage industry.
Based on type, the stevia market is segmented into leaves and extract. The powder segment is expected to command the largest share of the stevia extract market in 2021. The leading position of this segment is mainly attributed to good solubility, no bitter after taste, high potency sweetness, ease of use, and increasing application in beverages.
Based on components, the stevia market is segmented into Reb A, Reb D, Reb M, and others. Further, the Reb A segment is expected to generate the largest portion of the revenue of the stevia market in 2021. Key factors contributing to the dominant position of this segment are its easy availability, less expensive compared to other components, multiple functional properties, and is easily applicable in different applications. However, the Reb M component is expected to register the fastest growth during the forecast period. The rapid growth of this market is mainly attributed to its higher sweetness potency, lacks bitterness after taste compared to other components, multiple functional properties, and increasing application in food and beverages.
Based on application, the stevia market is segmented into beverages, food, tabletop sweeteners, pharmaceuticals, and others. The beverages segment is expected to dominate the stevia market in 2021. The dominant position of this segment is mainly attributed to the growing awareness of health benefits related to natural sweeteners in beverages, increasing new product development and launches of stevia-based beverages, and rising demand for sugar-free beverages, the growing popularity of flavored soft drinks. Also, the demand for health and sports drinks with enhanced nutritional value is expected to boost the demand for stevia in the near future. However, the food application segment is expected to register the fastest growth during the forecast period of 2021-2028.
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Key Players
The report provides competitive intelligence in terms of financials, growth strategies, product portfolios, and geographical presence on some of the key players in this market, including Tate & Lyle PLC, (U.K.), Cargill, Incorporated (U.S.), Archer Daniels Midland Company (U.S.), Ingredion Incorporated (U.S.), Südzucker AG (Germany), S&W Seed Company (U.S.), GLG Life Tech Corp. (Canada), Sunwin Stevia International Inc (China), MORITA KAGAKU KOGYO CO., LTD. (Japan), Zhucheng Haotian Pharm Co., Ltd. (China), Stevialite Holding (Colombia), Guilin Layn Natural Ingredients Corp. (China), The Real Stevia Company AB (Sweden), and Van Wankum Ingredients (Netherlands) among others.
About Meticulous Research®
Meticulous Research® was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
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