by The stevia market has increasingly gained popularity over the past few years as an alternative to sugar. Stevia is an all-natural, zero-calorie sweetener extracted from the leaves of the stevia plant. It can be over 200 times sweeter than sugar and does not affect blood sugar levels. Stevia is widely used in the food and beverage industry as a sugar substitute for products like soft drinks, juices, dairy products and baked goods. The increasing prevalence of obesity and diabetes worldwide has led more consumers to opt for low-calorie or sugar-free options, driving demand for natural sweeteners like stevia.
Global stevia market size is expected to reach US$ 1.79 Bn by 2031, from US$ 1.00 Bn in 2024, exhibiting a compound annual growth rate (CAGR) of 10.1% during the forecast period (2024-2031).
Key Takeaways
Key players operating in the stevia market are Merck, iCo Therapeutics, AEterna Zentaris, AEterna Zentaris AG, Eurofins Advinus, Pieris Pharmaceuticals, Dafra Pharma. Stevia extracts and powders are produced through various extraction methods by key market players and marketed to food and beverage manufacturers. The rising consumer preference for zero-calorie and sugar-free products along with increasing awareness about health and wellness has been a major driver of demand for stevia globally in recent years. Key players are expanding their production capacities and geographical footprint to capitalize on the growing demand. Leading companies are investing heavily in R&D to develop innovative stevia formulations and products to further increase global market share.
With increasing health-consciousness, the Stevia Market Insights in Stevia Market various food applications is expected to rise steadily over the next few years. Regions like Asia Pacific and North America currently dominate the global market due to growing consumption of low-calorie packaged foods and beverages. Manufacturers are focusing on emerging countries for expansions, as markets in regions like Latin America, Middle East & Africa are still untapped, with immense future potential.
Market Key Trends
A major trend gaining traction in the stevia market is the increasing demand for innovative stevia-based formulations. Leading players are developing purified steviol glycoside blends and novel stevia extract formulations customized for various product applications. This is helping enhance sweetness profiles and widen the range of food items where stevia can be utilized as a sugar substitute. Moreover, with continuous R&D, the aftertaste commonly associated with stevia is gradually being reduced, further increasing consumer acceptance. Such formulation advancements are expected to support market growth over the forecast period.
Porter’s Analysis
Threat of new entrants: The threat is moderate due to the presence of intellectual property and patents. Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes. Bargaining power of suppliers: Suppliers have moderate bargaining power as there are few raw material suppliers in the market. Threat of new substitutes: Threat is high due to the availability of artificial sweeteners in the market. Competitive rivalry: The competition is high among major players.
Geographical Regions
North America region dominates stevia market in terms of value share due to increasing demand for low calorie natural sweeteners. Asia Pacific region is expected to witness fastest growth over forecast period owing to rising health awareness among consumers in countries like China and India.
The Asia Pacific is projected to be one of the fastest growing regions for the stevia market during the forecast period. Countries like China, India, Indonesia and Thailand are anticipated to experience high demand for stevia-based sweeteners due to increasing health consciousness among consumers. Additionally, rapid urbanization coupled with rising per capita income in developing Asian economies is fueling the market growth.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. LinkedIn
