Table of Contents
Historical Data, Premium Insights, Market Dynamic, Analysis and Projection, By Product, Analysis and Projection, By Application, Analysis and Projection, By End-Use, Analysis and Projection, By Regional Analysis, Competitive Landscape, Company Profiles, Market Revenue, Sale & Price Analysis
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According to a research report published by Spherical Insights & Consulting, The Global Stevia Market Size is Estimated to Grow from USD 504.68 Million in 2023 to USD 1396.79 Million by 2033, Growing at a CAGR of 10.72% during the forecast period 2023-2033.
Browse key industry insights spread across 215 pages with 110 Market data tables and figures & charts from the report on the Global Stevia Market Size, Share, and COVID-19 Impact Analysis, By Form (Liquid Extract, Powder Extract, and Stevia Leaf), By Application (Food, Beverage, Tabletop Sweeteners, Pharmaceutical, and Others), By Purity (Reb A, Reb B, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033.
Stevia is a naturally occurring sweetener that is made from the leaves of the Stevia rebaudiana plant species, which is found in Brazil and Paraguay. The growing consumer desire for natural sugar substitutes, calorie- or sugar-free beverages, and nutritious food options is the primary driver propelling the stevia market. The growing trend of plant-based products is another important factor driving the stevia market's growth, as is the increase in people's disposable money, which encourages them to embrace healthier eating habits and substitutes. The market expanded significantly due to rising demand for dietary foods and drinks and ongoing innovation in stevia-based products. Additionally, the stevia industry benefits from government initiatives and the expanding range of stevia-based products available on the market. Innovations in extraction and processing techniques are enhancing the flavor and cost of stevia products, increasing their appeal to a wider range of consumers. Additionally, the market is growing in developing nations such as Asia-Pacific and South America, where the demand for natural sweeteners is being driven by rising disposable incomes and health consciousness. However, the price volatility of stevia leaves is a significant obstacle to the market's expansion.
The powder extract segment dominated the largest market share of 40.7% in 2023 and is expected to grow at a significant CAGR during the forecast period.
Based on the form, the stevia market is categorized into liquid extract, powder extract, and stevia leaf. Among these, the powder extract segment dominated the largest market share of 40.7% in 2023 and is expected to grow at a significant CAGR during the forecast period. As a natural sweetener with no calories, powdered stevia is becoming increasingly popular among consumers looking for better substitutes for sugar. This sort of extract provides a handy form for use in a variety of culinary applications, from baking to beverage preparation, according to the stevia market overview. In addition, advances in processing methods have enhanced the flavor profile of powdered stevia, lessening the bitter aftertaste that was previously connected to previous iterations.
The beverage segment accounted for the highest market share of 35.27% in 2023 and is expected to grow at a significant CAGR during the forecast period.
Based on the application, the stevia market is classified into food, beverage, tabletop sweeteners, pharmaceutical, and others. Among these, the beverage segment accounted for the highest market share of 35.27% in 2023 and is expected to grow at a significant CAGR during the forecast period. Owing to the rising popularity of natural sweeteners. Stevia-based drinks are becoming more and more popular as customers choose natural sweeteners over artificial ones. As a result of this increase in demand, stevia-sweetened beverages are now more widely available, which has raised customer demand as well.
The Reb A segment accounted for the largest market share of 63.49% in 2023 and is expected to grow at a significant CAGR during the forecast period.
Based on the purity, the stevia market is divided into Reb A, Reb B, and others. Among these, the Reb A segment accounted for the largest market share of 63.49% in 2023 and is expected to grow at a significant CAGR during the forecast period. Reb A's superiority in this market is a result of its high sweetness level in comparison to other stevia compounds and its lesser bitterness profile, which makes it ideal for substituting sugar in meals and drinks. As novel formulations and uses are created, ongoing research into the qualities of additional glycosides may direct some attention toward these, promoting market growth diversification.
Asia Pacific is expected to hold the largest share of the stevia market through the forecast period.
Asia Pacific is expected to hold the largest share of the stevia market through the forecast period. The market for substitute sweeteners is primarily driven by the Asia Pacific region, as demand is fueled by rising health concerns about diabetes and obesity. The stevia market is driven by consumers' desire for natural and low-calorie sugar substitutes as well as their increased health consciousness. Demand is fueled by the food and beverage sector's explosive growth, especially in functional beverages and health-conscious goods. The market is also fueled by clean-label tendencies, regulatory assistance, and China's dominance as a manufacturer and exporter.
Europe is predicted to grow at the fastest CAGR of the stevia market over the forecast period. Demand is rising after regulatory approval. Customers' acceptance of stevia has increased demand for goods that use this natural sweetener. Meanwhile, European manufacturers have affected regional costs by importing stevia leaves from overseas markets and turning them into pure stevia sweeteners. Stevia sales in Europe have increased as a result of this development.
Company Profiling
Major key players in the stevia market include Ingredion, Tate & Lyle, Archer Daniels Midland Company, Hunan NutraMax Inc., Cargill, Incorporated., HOWTIAN, Evolva Holding SA, Wisdom Natural Brands, GLG Life Tech Corp., Stevia First Corporation, and Others.
Recent Developments
Key Target Audience
Market Segment
This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the stevia market based on the below-mentioned segments:
Global Stevia Market, By Form
Global Stevia Market, By Application
Global Stevia Market, By Purity
Global Stevia Market, By Regional Analysis
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