London, Jan. 04, 2023 (GLOBE NEWSWIRE) — According to a new market research report titled “Stevia Market by Type (Extract [Powder, Liquid], Leaves); Nature (Conventional, Organic); Components (Reb A, Reb M, Reb D, and Others); Application (Beverages, Food, Pharmaceuticals, and Other Applications); and Geography — Global Forecasts to 2028”, published by Meticulous Research®, the stevia market is expected to grow at a CAGR of 8.8% from 2023–2028 to reach $1.11 billion by 2028. In terms of volume, this market is expected to grow at a CAGR of 6.7% from 2023–2028 to reach 72,670.9 tonnes by 2028.
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Stevia is a low-calorie sweetener that has antioxidant and anti-diabetic properties. Unlike artificial sweeteners and sugar, stevia can suppress plasma glucose levels and significantly increase glucose tolerance. The increasing demand for low-calorie food products is one of the major factors responsible for the growth of the stevia market.
Stevia, being a natural sweetener, is applicable in different applications to replace sugar. It is increasingly preferred by manufacturers producing food & beverage products, functional foods, dietary supplements, pharmaceutical products, pet food, and personal care products. Growing incidences of diabetes & obesity, surging demand for natural sweeteners, rising demand for stevia application in the beverage industry, the increasing number of new stevia-based product launches, and the taxes imposed on sugar-sweetened beverages are some of the major factors driving the growth of this market. However, fluctuating stevia leaf prices are expected to restrain the growth of this market to a certain extent.
Impact of COVID-19 on the Stevia Market
The COVID-19 pandemic caused by the SARS-CoV-2 virus created a severe public health emergency globally, with its quick spread in more than 215 countries. To combat & control the spread of this disease, numerous countries worldwide declared emergencies and announced complete nationwide, statewide, or citywide lockdowns, putting a halt to travel, transport, manufacturing, educational institutions, and non-essential trade, significantly impacting numerous industries globally and reducing manufacturing and distributions worldwide. The stevia industry is one of such industries where manufacturers are facing disruptions in raw material supply due to the pandemic. Also, imports and exports in many countries have either been restricted or delayed since the outbreak, creating hurdles for stevia suppliers.
The manufacturers of consumer food & beverage products face challenges, such as significantly reduced consumption and disrupted supply chains. The food & beverage sector has witnessed a minor decline due to the lockdowns imposed across various countries. This scenario has also negatively impacted the confectionery industry since people have started purchasing only essential products.
In addition, government bodies passed various rules and regulations on the purchase of essential goods. Most consumers are buying only essential products, which has significantly lowered the consumption of confectionery items.
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However, the pandemic has led to the adoption of some best-practice models for the food industry as the pandemic has vitalized the importance of hygienic and nutritious foods comprising reduced sugar, calories, and fats. This industry has faced unprecedented demand from the consumer, particularly for low-calorie food products. For instance, in 2020, in Europe, two-third of the population preferred lower sugar intake. (Source: New Nutrition Business). Therefore, numerous companies in the food industry have already started changing their strategies by replacing sugar with natural sweeteners.
The stevia market has witnessed a rapid uptick with the onset of the COVID-19 pandemic, as people seek solutions to boost overall health and wellbeing, resulting in a surge in demand for less sugary and immunity-boosting products. The COVID-19 pandemic has also prompted most health-conscious customers to turn to low-calorie or sugar-free food. Hence, increasing health consciousness and high demand for sugar-reducing solutions and organic foods among the global population have forced manufacturers and product formulators to opt for stevia.
Further, dietary supplement sales increased during the pandemic as they helped prepare the immune system against COVID-19, according to the article published by Nutrition Outlook. During the last week of March 2020, the sales growth for overall dietary supplements skyrocketed to more than 35% in the U.S.
Thus, growing health and wellness concerns, strong demand for dietary supplements, and increasing demand for sugar-free products are expected to propel the growth of the stevia market.
Stevia Market Overview
The overall stevia market is segmented based on type (extract [stevia extract powder, stevia liquid extract], leaves), nature (conventional, organic), components (Reb A, Reb D, Reb M, and other components), application (beverages, food, pharmaceuticals, and other applications), and geography. The study also evaluates industry competitors and analyzes the market at the regional and country levels.
Based on type, in 2023, the extract segment accounted for the largest share of the overall stevia market. The large market share of this segment is attributed to its lack of bitter after-taste, high sweetness potency, ease of use, high solubility compared to the liquid form, heat stability, and increasing application in beverages. The extracts segment is further segmented into stevia extract powder and stevia liquid extract. In 2023, the stevia extract powder segment commanded the largest portion of the revenue of the stevia extract market. Key factors contributing to the dominant position of this segment are good solubility, ease of handling, and lower chances of incompatibility compared to the liquid dosage form.
Based on nature, in 2023, the conventional segment is expected to command the largest share of the overall stevia market. The large share of this segment is attributed to its easy availability, low cost, increasing stevia application in the pharmaceutical industry, and high productivity. However, the organic stevia segment is expected to grow at the highest CAGR during the forecast period. Growing consumer preference for clean-label products, rising awareness about the health benefits of organic stevia, and increasing use of organic stevia in the food & beverage industry are some of the major drivers for the growth of the organic stevia segment.
Based on component, in 2023, the Reb A segment is expected to command the largest share of the overall stevia market in 2023, which is mainly attributed to its easy availability, lower cost compared to other components, multiple functional properties, and ease of application. However, the Reb M segment is expected to register the highest growth in the stevia market. Key factors driving the demand of this segment are its higher sweetness potency, lack of bitterness after taste compared to other components, multiple functional properties, and increasing applications in food and beverages.
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Based on application, in 2023, the beverages segment is expected to dominate the overall stevia market. The dominant position of this segment is attributed to the growing awareness of health benefits related to natural sweeteners in beverages, increasing product development and launches of stevia-based beverages, rising demand for sugar-free beverages, and the growing popularity of flavored soft drinks. Additionally, the growing demand for health and sports drinks with enhanced nutritional value is expected to support the growth of this segment. However, the food segment is expected to register the highest CAGR during the forecast period. The growth of this segment is attributed to the increasing consumer preferences towards healthy foods, changing food consumption patterns, and extensive use of sugar substitutes in different foods, including baked goods and savory snacks.
The food segment is further segmented into tabletop sweeteners, bakery, cereal-based, dairy, confectionery, and others. In 2023, tabletop sweeteners are expected to account for the largest share of the overall stevia market for food. The growing consumption of natural sugar substitutes, increasing consumption of instant hot beverages, low cost and high solubility of stevia, and natural sweetness and balanced taste are the key factors contributing to the large market share of this segment.
Geographically, in 2023, North America is estimated to account for the largest share of the global stevia market. The emerging trend of healthy food & natural food ingredients, the rising rate of various chronic diseases, increasing incidences of diabetes and obesity, rising trends of low carb and clean labels, and increasing demand for sugar-free products are the key factors that contribute to the large market share of North America. However, Asia-Pacific region is projected to offer lucrative growth opportunities for the key players in the market and achieve the fastest growth during the analysis period. The high growth rate of this regional market is attributed to the growing diabetic and obese population, rapid urbanization, rising awareness about the health benefits of sugar-free products, and increasing demand for diet drinks and beverages.
The report includes an extensive assessment of the key strategic developments by leading market participants in the industry over the past four years. In recent years, the stevia market has witnessed several product launches, partnerships, agreements, and collaborations. The key players operating in the global stevia market are Tate & Lyle PLC, (U.K.), Cargill, Incorporated (U.S.), Archer Daniels Midland Company (U.S.), Ingredion Incorporated (U.S.), Südzucker AG (Germany), S&W Seed Company (U.S.), GLG Life Tech Corp. (Canada), Sunwin Stevia International Inc (China), MORITA KAGAKU KOGYO CO., LTD. (Japan), Zhucheng Haotian Pharm Co., Ltd. (China), Stevialite Holding (Colombia), Guilin Layn Natural Ingredients Corp. (China), S&W Seed Company (U.S.), The Real Stevia Company AB (Sweden), and Van Wankum Ingredients (Netherlands) among others.
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Scope of the Report:
Stevia Market, by Type
- Extract
- Stevia Extract Powder
- Stevia Liquid Extract
- Leaves
Stevia Market, by Nature
- Conventional
- Organic
Stevia Market, by Component
- Reb A
- Reb M
- Reb D
- Other Components
Stevia Market, by Application
- Beverages
- Food
- Tabletop Sweeteners
- Bakery
- Cereal Based
- Dairy
- Confectionery
- Others
- Pharmaceuticals
- Other Applications
Stevia Market, by Geography
- North America
-
- U.S.
- Canada
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Rest of Europe (RoE)
- Asia-Pacific (APAC)
- China
- Japan
- India
- Rest of Asia-Pacific
- Latin America
- Brazil
- Mexico
- Argentina
- Paraguay
- Rest of Latin America
- Middle East & Africa
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Related Report:
Sugar Substitutes Market by Source (Natural, Artificial), Type (High Intensity, HFCS), Product (Sucralose, Stevia, Aspartame, Saccharin, Polyols), Form, and Application (Beverages, Food, Pharmaceuticals, Other Applications) – Global Forecasts to 2028
https://www.meticulousresearch.com/product/sugar-substitutes-market-5174
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