July 21, 2024
Stevia Market

Increasing Adoption of Low-Calorie Sweeteners to Accelerate Growth of the Stevia Market

The global Stevia Market is estimated to be valued at US$ 716.49 Mn in 2023 and is expected to exhibit a CAGR of 8.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Stevia is a natural low-calorie sweetener extracted from the leaves of the Stevia Rebaudiana plant. It is about 150-300 times sweeter than sugar but has negligible calories. Stevia is widely used as a tabletop sweetener and in various food and beverage products. It provides sweetness without any bitterness or aftertaste. The rising health consciousness and focus on weight management have increased the demand for low-calorie sweeteners like stevia. It is a good alternative to artificial sweeteners in the food industry.

Market key trends:
Stevia market is driven by increasing focus on reducing sugar content in food and beverages. The World Health Organization (WHO) recommends limiting daily intake of added sugars to less than 10% of total energy intake. This has prompted food manufacturers to reduce sugar and switch to low-calorie sweeteners like stevia. Further, rising prevalence of lifestyle diseases such as obesity and diabetes due to high sugar consumption is augmenting the demand. Growing awareness about the health benefits of stevia like controlling blood sugar levels and promoting oral health is also fueling the market growth. Expanding application scope of stevia extract in various industries including dietary supplements, cosmetics is another major trend in the market.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is low in the stevia market as it requires high initial investments for R&D and production facilities. The market is also dominated by few major players.

Bargaining power of buyers: The bargaining power of buyers is high in the stevia market as the product is available from various manufacturers. Buyers can easily switch between brands based on price and quality.

Bargaining power of suppliers: The bargaining power of suppliers is moderate as there are limited sources for stevia extracst globally. However, industry leaders are taking initiatives to increase stevia cultivation.

Threat of new substitutes: The threat of substitutes is moderate as stevia competes with high intensity sweeteners like aspartame and sucralose. However, its natural properties provide it an advantage over artificial sweeteners.

Competitive rivalry: The competitive rivalry is high among the major stevia players due to their global presence and wide product portfolio.

Key Takeaways

The global Stevia Market Size is expected to reach US$ 1,236.51 Million by 2030, exhibiting a CAGR of 8.5% over the forecast period. Increasing demand for low-calorie sweeteners and growing consumer preference for natural sweeteners are expected to drive the market.

Regionally, North America dominated the global market in 2023 and is expected to maintain its leading position over the next few years. This is attributed to rising health awareness and increasing use of stevia in various beverages and food products in the US and Canada. Asia Pacific is anticipated to witness the fastest growth owing to rising disposable incomes, growing middle-class population and changing consumer tastes in countries like China and India.

Key players operating in the stevia market are Nestle S.A., The Coca-Cola Company, PepsiCo Inc., Cargill Inc., Evolva Holding S.A., PureCircle Ltd., Stevia Corp., Ingredion Inc., GLG Life Tech Corp., and Tate & Lyle Plc. Leading companies are investing heavily in R&D activities to develop new stevia extracts with better taste and color. They have also adopted strategies like acquisitions, partnerships and new product launches to solidify 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