Stevia is a natural sweetener that is extracted from the leaves of Stevia rebaudiana plant native to South America. It is estimated to be around 200-300 times sweeter than sugar. Stevia has gained popularity as a table top sweetener and alternative to sugar owing to its zero-calorie content. It also helps in managing blood sugar levels and promoting weight control. Stevia finds widespread application in beverages, dairy products, bakery items and other food products as a sugar substitute.
The global Stevia Market Growth 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 are Merck, iCo Therapeutics, AEterna Zentaris, AEterna Zentaris AG, Eurofins Advinus, Pieris Pharmaceuticals, Dafra Pharma. Stevia provides opportunities for product innovation in various food categories for developing low-calorie and sugar-free products. Many countries are also supporting stevia production to tackle growing issues of obesity and diabetes. Major stevia producing and exporting countries include China, Japan, South Korea and Brazil. The rising health-conscious consumer base across global communities is driving increased cultivation and application of stevia.
Market drivers
Stevia's high sweetening strength makes it an ideal substitute for sugar and artificial sweeteners. It is known to be safe for consumption by diabetics and obese individuals. Increasing prevalence of lifestyle diseases like diabetes and obesity is prompting consumers to opt for low-calorie natural sweeteners like stevia. Stevia is gaining popularity as a tabletop sweetener due to its negligible impact on blood glucose levels. Favorable regulatory approvals and certifications are further supporting increased demand and growth of the global stevia market.
PEST Analysis
Political: The government policies and regulations play a key role in the growth of the stevia market. Some countries have stringent regulations regarding the usage of artificial sweeteners. Policies supporting the adoption of natural sweeteners are expected to boost the demand.
Economic: Increase in disposable income and rising health awareness are major drivers of growth. Stevia consumption helps manage diabetes and weight. Economic growth of developing countries with large populations will expand the customer base.
Social: Growing preference for natural sweeteners and concerns over artificial ingredients are driving demand. Stevia helps reduce sugar and calorie intake supporting weight management goals. Rise of health-conscious consumers promotes consumption.
Technological: Companies are increasingly investing in R&D to develop new extraction processes and product forms of stevia. New formulations like powder, liquid and tablet extracts are expanding applications in beverages, bakery, dairy and other foods. Utilization of advanced technologies helps lower production costs and commercialization.
Geographical concentration
North America accounted for the largest share of the global stevia market value in 2024 due to rising health awareness and consumer preference for low-calorie sweeteners. Robust demand from the developed beverage and food processing industries also contributed to growth.
Fastest growing region
Asia Pacific is projected to be the fastest growing regional market through 2031 supported by rising incomes, growing middle class and shifting preferences in countries like China, India and Southeast Asia. Increasing acceptance of natural sugar substitutes coupled with expansion of domestic food and beverage industries will drive volumes higher.
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