Stevia Market Size and Share

Stevia is a natural sweetener that is derived from the leaves of the Stevia rebaudiana plant. It is a zero-calorie sweetener that is gaining popularity as a healthier alternative to sugar. The global stevia market size was valued at USD 492.5 million in 2020 and is expected to grow at a CAGR of 8.2% from 2021 to 2028. The increasing demand for natural sweeteners and the rising prevalence of diabetes and obesity are driving the growth of the stevia market.

Overview

The stevia market is segmented by type, application, and region. By type, the market is segmented into powder, liquid, and leaf. The powder segment is expected to hold the largest market share due to its ease of use and longer shelf life. By application, the market is segmented into food, beverages, pharmaceuticals, and others. The food segment is expected to hold the largest market share due to the increasing demand for natural sweeteners in the food industry.

The Asia Pacific region is expected to hold the largest market share due to the high production of stevia in countries such as China and India. North America and Europe are also expected to witness significant growth due to the increasing demand for natural sweeteners and the rising prevalence of diabetes and obesity in these regions.

Key Players in the Stevia Market Size and Share

The key players in the stevia market include Cargill, Inc., PureCircle Ltd., Tate & Lyle PLC, Ingredion Incorporated, GLG Life Tech Corporation, Stevia Corp., Sunwin Stevia International, Inc., Stevia First Corporation, Pyure Brands LLC, and Wisdom Natural Brands.

These companies are focusing on product innovation and expansion to increase their market share. For instance, in 2020, PureCircle Ltd. launched a new line of stevia sweeteners that are designed to provide a clean, sugar-like taste. In 2019, Cargill, Inc. expanded its portfolio of stevia sweeteners with the launch of EverSweet, a next-generation stevia sweetener that is produced through fermentation.

Market Challenges

One of the major challenges faced by the stevia market is the availability of alternative sweeteners such as aspartame, sucralose, and saccharin. These sweeteners are widely used in the food and beverage industry and are often preferred over stevia due to their lower cost and longer shelf life. Moreover, the taste of stevia can vary depending on the source and processing method, which can make it difficult for manufacturers to achieve consistent taste and quality.

Market Opportunities

The increasing demand for natural and organic products is expected to create significant opportunities for the stevia market. Consumers are becoming more health-conscious and are looking for healthier alternatives to sugar and artificial sweeteners. Moreover, the rising prevalence of diabetes and obesity is driving the demand for low-calorie sweeteners such as stevia. The food and beverage industry is also increasingly using stevia as a natural sweetener in a wide range of products such as soft drinks, dairy products, and baked goods.

Future of the Stevia Market Size and Share

The stevia market is expected to witness significant growth in the coming years due to the increasing demand for natural sweeteners and the rising prevalence of diabetes and obesity. The market is also expected to benefit from the growing trend of clean label products, which are free from artificial ingredients and additives. Moreover, the increasing adoption of stevia by the food and beverage industry is expected to create significant opportunities for the market.

Conclusion

The stevia market is a growing market that is driven by the increasing demand for natural sweeteners and the rising prevalence of diabetes and obesity. The market is expected to witness significant growth in the coming years due to the increasing adoption of stevia by the food and beverage industry and the growing trend of clean label products. However, the market faces challenges such as the availability of alternative sweeteners and the variability in taste and quality. The key players in the market are focusing on product innovation and expansion to increase their market share.