by Stevia is a natural sweetener extracted from the leaves of the Stevia plant. It has been used for centuries in South America as a sugar substitute. Stevia is about 30 times sweeter than sugar but has virtually no calories. The steviol glycosides found in Stevia are heat stable and don’t promote tooth decay. Stevia is gaining popularity as an alternative to artificial sweeteners due to consumer demand for natural ingredients. Stevia is used in a variety of foods and beverages as a sugar substitute including yogurt, soft drinks, juice, tea and baked goods.
The global Stevia Market is estimated to be valued at US$ 716.49 Mn in 2023 and is expected to exhibit a CAGR of 18% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Key Trends:
The increasing popularity of low calorie and sugar-free products presents a major opportunity for the growth of the Stevia market. Stevia consumption has been found to aid in weight management and blood sugar control. Owing to its natural properties and health benefits, Stevia is gaining widespread acceptance as a table top sweetener in homes. Food and beverage manufacturers are also increasingly incorporating Stevia as a sugar substitute in various product formulations. The COVID-19 pandemic has further accelerated the demand for immunity-boosting and healthy products, providing a tailwind to the Stevia market. Continuous R&D for the development of new Stevia varieties and extracts with modified taste profiles will expand its application scope in the years to come.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderately high as there are no major regulatory barriers to entry in the stevia market. However, established brands have significant resources and consumer brand loyalty which acts as a deterrent for new players.
Bargaining power of buyers: The bargaining power of buyers is moderate. However, as stevia is a specialized product with few substitutes, buyers do not have significant influence over prices.
Bargaining power of suppliers: The bargaining power of suppliers is low to moderate as raw materials required for stevia production such as steviol glycosides are available from multiple suppliers globally.
Threat of new substitutes: The threat of new substitutes is low as stevia is a unique high-intensity sweetener with no direct substitutes. However, alternatives such as artificial sweeteners and sugar pose competition.
Competitive rivalry: The competitive rivalry is high owing to the presence of numerous international and regional players offering a variety of stevia products. Players compete based on factors like taste, quality, and price.
Key Takeaways
The Global Stevia Market Demand is expected to witness high growth over the forecast period. The global Stevia Market is estimated to be valued at US$ 716.49 Mn in 2023 and is expected to exhibit a CAGR of 18% over the forecast period 2023 to 2030.
The Asia Pacific region currently dominates the market and is expected to maintain its lead over the forecast period as well. Countries like China, Japan, and South Korea are the major producers and consumers of stevia extracts. This can be attributed to the larger consumption of stevia as a sugar substitute in the region. Countries in Latin America like Brazil and Paraguay also offer significant growth opportunities owing to the ideal climate for stevia cultivation.
Key players: Key players operating in the stevia market are Cisco Systems Inc., SAP SE, General Electric, Microsoft Corporation, Intel Corporation, Siemens AG, IBM Corporation, Qualcomm, Verizon Communication Inc., and AT&T Inc. Players adopt strategies like new product launches, partnerships, and investments in research and development to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
