June 18, 2024
Stevia Market

The Stevia Market is flourishing due to growing demand for low calorie sweeteners

Stevia, a natural zero calorie sweetener, has emerged as a popular sugar substitute for health-conscious consumers. Stevia is extracted from the leaves of the plant species Stevia rebaudiana and is about 200-300 times sweeter than table sugar. The global Stevia Market is driven primarily by the rising prevalence of obesity and diabetes as stevia helps manage blood sugar levels. Stevia also aids weight loss efforts due to its low impact on blood glucose.

The Global Stevia Market is estimated to be valued at US$ 825.4 Bn in 2024 and is expected to exhibit a CAGR of 17% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the Stevia Market Demand are Merck, iCo Therapeutics, AEterna Zentaris, AEterna Zentaris AG, Eurofins Advinus, Pieris Pharmaceuticals, Dafra Pharma. Stevia extracts and its derivatives including steviol glycosides are used extensively as non-nutritive sweeteners in food and beverage products. Key players are focusing on capacity expansion plans and new product launches to cater to the growing demand.

The growing health-conscious population and declining sugar consumption represent a massive market opportunity for stevia producers and vendors. The rising global prevalence diabetes and obesity has boosted demand for low calorie sugar substitutes. Moreover, changing consumer preferences towards natural ingredients is a key driver for stevia adoption.

The stevia market is witnessing steady global expansion with growing demand from countries across North America, Europe, Asia Pacific and Latin America. Moreover, government support for stevia production and awareness about the benefits of low calorie sweeteners are encouraging stevia adoption. International food and beverage giants are also transitioning to stevia-based sweetener solutions to position their products as healthier alternatives.

Market key trends

Technology advancements in stevia cultivation and extraction processes are improving yield and product quality. Leading players are focusing on advanced farming techniques including hydroponics and gene editing to develop stevia varieties with higher reb M content and superior taste profiles. Newer extraction methods using technologies like supercritical CO2 are further enhancing purity and taste of stevia extracts. These innovation-led trends will support large scale stevia production and commercialization over the forecast period.

Porter’s Analysis

Threat of new entrants: Stevia is commercially grown in North and South America, Asia and Europe making it easy for new players to enter.

Bargaining power of buyers: Multiple stevia producers’ results in buyers having higher bargaining power on pricing.

Bargaining power of suppliers: Suppliers having patent protection limits buyers choices impacting their bargaining power.

Threat of new substitutes: Other high intensity sweeteners pose threats as substitutes.

Competitive rivalry: Intense competition exists among global and regional players to capture market share.

Geographical Regions

North America accounts for the largest share in the stevia market in terms value owing to increasing demand for low calorie and natural sweeteners. Asia Pacific region is expected to witness the fastest growth over the forecast period driven by rising health awareness and economic growth in countries like China and India.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it