by Stevia is a naturally derived zero-calorie sweetener extracted from the leaves of the stevia plant. It is about 300 times sweeter than sugar but contains no calories and glycemic index. This has increased its demand as a substitute for sugar among health-conscious consumers looking to limit their sugar intake. Stevia is widely used in various beverage products including soft drinks, juices and energy drinks as well as in dairy products and bakery items to reduce calories without compromising on sweetness.
The global stevia market is estimated to be valued at US$ 1.79 Bn in 2024 and is expected to exhibit a CAGR of 8.7% over the forecast period 2024 to 2031
Key Takeaways
Key players operating in the stevia market are Nestlé 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. The stevia market offers immense opportunitiesfor players to expand their product portfolios and tap the growing demand for low-calorie, natural sweeteners especially in the food and beverage industry. Globally, stevia finds widespread usageas asugar substitute in countries like Japan, South Korea, China and Brazil where consumers are increasinglyhealth-conscious.
Key opportunities in the Stevia Market Growth include introduction of innovative stevia-based formulations, collaborations and partnerships along the value chain as well as adopting acquisition and expansion strategies to strengthen market position. The growing globalobesity epidemicis driving demand for low-calorie substitutes across major F&B markets in North America, Europe, Asia Pacific and Latin America.
Market drivers
Increasing health consciousness among consumers worldwide regarding sugar consumption due to rising obesity and diabetes rates is a key driver for stevia market. The availability of stevia in various forms including powder, liquid and leaf enables its usage across multiple food products thus supplementing its demand. Further, shift towards natural and plant-based ingredients combined with favorable regulatory framework for stevia usage has propelled stevia adoption across major food and beverage categories.
PEST Analysis
Political: Regulations regarding the use of artificial sweeteners are becoming more stringent in many countries. This favors the demand for natural sweeteners like stevia.
Economic: Falling prices of stevia extracts due to large-scale production are increasing affordability and driving higher adoption rates across price-sensitive industries and regions.
Social: Growing health awareness and preference for natural ingredients is driving consumers to replace sugar and artificial sweeteners with stevia in food and beverages.
Technological: Researchers are developing new generation stevia varieties with better taste profiles and higher rebauodoside A content through conventional and genetic breeding methods to increase commercial viability.
In terms of value, Asia Pacific market holds the largest share of the stevia market currently, driven by widespread adoption in China, India, and other developing countries due to cost advantages and large consumer bases. North America also has a significant market share owing to rapid incorporation of stevia into various mainstream food and beverage products in the U.S. and Canada to meet demand for low-calorie offerings.
The stevia market in Latin America is expected to witness strong growth over the forecast period. Carbonated soft drinks and tabletop sweeteners are major contributors to the fast expansion of the regional market. This can be attributed to the native cultivation of stevia in Brazil and Paraguay which ensures stable supply and encourages domestic product development activities
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
