Stevia Market

Stevia Market Outlook from 2024 to 2034

The global Stevia Market is expected to rise from USD 405.6 million in 2024 to USD 739.4 million by 2034. By 2034, the market is projected to surge at 6.2% CAGR.

Attributes	Key Insights
Estimated Global Stevia Market Size (2024E)	USD 405.6 million
Projected Stevia Market Value (2034F)	USD 739.4 million
Value-based CAGR (2024 to 2034)	6.2%

Stevia Market Overview

• The stevia market is driven by consumers' growing need for natural sugar substitutes, sugar-free or low-calorie beverages, and wholesome food options for their diets.
• As people's disposable income rises, they become more health conscious and seek healthier food alternatives.
• The market is expanding significantly due to the increasing demand for dietary foods & beverages and ongoing product innovations utilizing stevia.
• Government initiatives and the expanding range of stevia-based products are fueling the stevia market.
• The safety aspect of stevia, coupled with its ability to provide sweetness without adding calories, is propelling its popularity as a sugar alternative.
• The swift expansion of e-commerce and the development of superior stevia goods are augmenting the worth of domestic brands.
• Manufacturers are offering affordable, calorie-free stevia products with nutritional labeling.

2019 to 2023 Global Stevia Market Growth Outlook Vs. 2024 to 2034 Forecast

The global stevia sales grew at a CAGR of 5.3% from 2019 to 2023.

• Technological developments in stevia extraction have significantly enhanced the sweetness intensity and flavor profile of stevia extracts.
• The stevia market expanded quickly as customer demand for natural sweeteners increased and regulatory obstacles were removed.
• As stevia became increasingly in demand, efforts were directed at refining stevia cultivars and extraction techniques to increase the concentration of particular steviol glycosides, such as Reb M and Reb A.
• Leading companies established operations and distribution networks worldwide, transforming the stevia business from a specialty to a global industry.
• The market began consolidating as leading companies bought out small-scale stevia manufacturers and made research & development investments to spur innovation and economies of scale.

By 2034, the market for stevia is predicted to expand at 6.2% CAGR.

• The increasing demand for functional food is attributed to the growing demand for functional ingredients, such as stevia, which offers health benefits without compromising the taste or sensory quality of food products.
• Increasing urbanization, rising living standards, and hectic lifestyles are driving customers to opt for safe and convenient food choices.
• Due to increasing consumer awareness and internet penetration, stevia is widely used in the food industry.
• Stevia is used to manufacture food products such as cereals, nutrient supplements, candies, and chocolates.
• The increasing use of stevia in the food processing industry contributes to the growth of the global stevia market.

Key Stevia Market Trends

• Growing demand for natural sweeteners is boosting the stevia market.
• Ongoing clean label trend is set to drive market growth.
• Technological innovations in stevia processing are gaining momentum.
• Manufacturers are emphasizing building consumer trust through transparency in production.
• Rising health-conscious consumer demographics across emerging countries are expected to spur growth.
• Consumers are adopting sugar-free sports nutrition, which is predicted to fuel the market expansion.
• Demand for organic products is rising phenomenally across the globe

Restraining Factors in the Stevia Market

• Even with the development of extraction and purification techniques, several consumers still find stevia to have a bitter aftertaste, particularly at high doses.
• With regard to price per unit, stevia is more costly than conventional sweeteners like sugar or artificial sweeteners.
• In price-sensitive market segments where competitive pricing is essential, this cost gap is set to function as a constraint for food and beverage companies.
• Despite initiatives to inform customers about the advantages of stevia, there are still several unanswered questions or a lack of knowledge about the supplement.
• Due to doubts over stevia's efficacy, taste, or safety in comparison to other sweeteners, some customers are not familiar with it or are reluctant to try it.

Country-wise Insights

The table below shows the estimated growth rates of the top five countries. Japan, China, and India are set to record high CAGRs of 6.5%, 5.4%, and 5.0%, respectively, through 2034.

Countries	CAGR (2024 to 2034)
United States	4.2%
Germany	2.8%
China	5.4%
India	5.0%
Japan	6.5%

The table below explains the stevia market size of the leading five countries for 2034. Among them, the United States is anticipated to remain at the forefront by reaching a valuation of USD 172.1 million. It is anticipated to be followed by China, which is expected to reach a market valuation of USD 37.4 million by 2034.

Countries	Market Value (2034)
United States	USD 172.1 million
Germany	USD 28.6 million
China	USD 37.4 million
India	USD 18.6 million
Japan	USD 29.3 million

Growing Health-conscious Consumers in China to Surge Demand

China’s stevia market is expected to reach USD 37.4 million by 2034. It is set to expand at a CAGR of 5.4% through 2034. Key factors supporting the market growth are:

Due to its natural source and low-calorie content, stevia is gaining traction in foods and beverages in China.

In China, stevia-based sweeteners are extensively accessible via supermarkets, drugstores, and internet merchants.

Stevia products are available to consumers in a variety of formats, including powder, liquid drops, blends, and packs, making them convenient to use both at home and on the move.

High Prevalence of Diabetes to Boost Demand in the United States

The United States stevia market is poised to exhibit a CAGR of 4.2% during the forecast period. By 2034, the United States stevia market is expected to reach USD 172.1 million. This is attributable to a combination of factors, including:

• To cater to the growing demand for healthy lifestyles and eating habits, food product manufacturers are trying to replace ingredients in their products with healthy options.
• Growing health consciousness and worries about obesity & diabetes have led to a rising demand for natural and low-calorie sweeteners such as stevia in the United States.

Ongoing Clean Label Trend in Germany to Spur Growth

Germany’s stevia market is expected to rise at a CAGR of 2.8%, reaching a market valuation of USD 28.6 million by 2034. The factors driving the market growth are as follows:

• Germany’s food and beverage industry is significantly reshaping due to changing consumer preferences.
• Gen Z and millennial consumers in Germany are becoming aware of the food products they are consuming. Hence, with rising consumer awareness, the demand for clean-label ingredients like stevia is also growing in Germany.
• In order to improve stevia's flavor and functionality, manufacturers are creating a variety of mixes and formulations to solve issues with bitterness and aftertaste.
• To give consumers more options while preserving the health benefits of stevia, stevia blends with other sweeteners or flavor enhancers are gaining traction in Germany.

Category-wise Insights

The section below shows the next-gen stevia segment dominated by product type. The segment is expected to rise at a CAGR of 7.1% through 2034. Based on form, the powder extract segment is anticipated to generate a dominant share through 2024. It is set to surge at a CAGR of 6.1% through 2034.

Segment	CAGR (2024 to 2034)
Next Gen Stevia (Product Type)	7.1%
Beverages (End-use Application)	3.6%
Powder Extract (Form)	6.1%

Next Gen Stevia Segment Dominates the Market by Product Type

• Developments in science and technology are the reason why manufacturers are improving the taste profile of stevia using methods like extraction procedures, genetic manipulation, and selective breeding in order to make it more pleasant for customers.
• New developments have broadened the spectrum of food products that stevia can be used in, extending beyond its conventional use in beverages and tabletop sweeteners to include baked goods, dairy products, and condiments.

Powder Extract to Remain Highly Sought-after Form in the Market

• Powdered form stevia is used in a variety of food applications such as bakery mixes.
• Due to its long shelf life, powdered stevia is gaining high popularity among food & beverage manufacturers who aim to use high shelf-life raw material in their products.

Beverages to Boost Sales of Stevia Globally

• Increasing demand for healthy drinks is expected to offer lucrative opportunities for players in the global stevia market.
• The ever-increasing demand for drinks or chocolate bars with natural ingredients is expected to result in considerably high IMO-based product sales. Players operating in the stevia market are capitalizing on this trend.
• Food & beverage companies are concentrating extensively on research & development to improve the nutritional and multifunctional profile of food products, which provides high health benefits.

Competitive Landscape

Leading players involved in the global stevia market are constantly launching a new range of products to meet consumer demand. Key companies and stevia manufacturers are also focusing on merger and acquisition activities in order to gain a competitive advantage in the market.

For instance,

• In 2022, Sweegen introduced Bestevia LQ, which is a collection of liquid stevia-based sweeteners.
• In 2022, Cargill launched its prominent stevia sweetener, EverSweet, which is integrated with its ClearFlo technology platform. It has achieved extensive commercial accessibility. This advancement enables the blending of Cargill's sweetener with several other natural flavors.
• In July 2020, Ingredion acquired a controlling 75% stake in Pure Circle Limited.
• In 2021, Layn announced the construction of its newly built stevia plant. Every year, around 4,000 tons of stevia leaf extracts are processed there.

Key Companies Profiled

• Cargill Incorporated
• Ingredion Incorporated
• Koninklijke DSM NV
• Tate and Lyle Plc.
• Sunwin Stevia International, Inc.
• GLG Life Tech Corp
• Evolva Holding SA Nemours & Co.

Table of Content

• 1. Executive Summary
• 2. Market Overview
• 3. Market Dynamics
• 4. Global Market - Pricing Analysis
• 5. Value Chain Analysis
• 6. Global Market Size in Value (USD million) and Volume (units) Analysis 2019 to 2023 and Forecast, 2024 to 2034
• 7. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, by Product Type
  • 7.1. Conventional
  • 7.2. Next Gen
    • 7.2.1. Reb A
    • 7.2.2. Reb M
    • 7.2.3. Others
• 8. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, by Form
  • 8.1. Liquid Extract
  • 8.2. Powder Extract
  • 8.3. Leaf
• 9. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, by Label
  • 9.1. Organic Certified
  • 9.2. Regular
• 10. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, by End Use Application
  • 10.1. Dairy Food Products
    • 10.1.1. Ice Cream
    • 10.1.2. Yogurt
    • 10.1.3. Flavored Milk
  • 10.2. Bakery Products
    • 10.2.1. Breads & Rolls
    • 10.2.2. Biscuits & Cookies
    • 10.2.3. Cakes & Pastries
    • 10.2.4. Other Bakery Product
  • 10.3. Beverage
    • 10.3.1. Energy Drink
    • 10.3.2. Soft Drink
    • 10.3.3. Hot Drink
    • 10.3.4. Flavored Drink
    • 10.3.5. Natural Sweetened Wate
  • 10.4. Packaged Food Products
    • 10.4.1. Pickles
    • 10.4.2. Jam
    • 10.4.3. Sauce
    • 10.4.4. Chilled Food Product
    • 10.4.5. Nutritional Product
    • 10.4.6. Frozen Food
  • 10.5. Dietary Supplement
  • 10.6. Confectionary Product
  • 10.7. Snacks
  • 10.8. Table Top Sweetener
  • 10.9. Others
• 11. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, by Region
  • 11.1. North America
  • 11.2. Latin America
  • 11.3. Europe
  • 11.4. East Asia
  • 11.5. South Asia
  • 11.6. Oceania
  • 11.7. Middle East and Africa
• 12. North America Market Analysis 2019 to 2023 and Forecast 2024 to 2034
• 13. Latin America Market Analysis 2019 to 2023 and Forecast 2024 to 2034
• 14. Europe Market Analysis 2019 to 2023 and Forecast 2024 to 2034
• 15. East Asia Market Analysis 2019 to 2023 and Forecast 2024 to 2034
• 16. South Asia Market Analysis 2019 to 2023 and Forecast 2024 to 2034
• 17. Oceania Market Analysis 2019 to 2023 and Forecast 2024 to 2034
• 18. Middle East and Africa Market Analysis 2019 to 2023 and Forecast 2024 to 2034
• 19. Country-level Market Analysis, 2022
• 20. Market Structure Analysis
• 21. Competition Analysis
  • 21.1. Cargill Incorporated
  • 21.2. Ingredion Incorporated
  • 21.3. Koninklijke DSM NV
  • 21.4. Tate and Lyle Plc.
  • 21.5. Sunwin International, Inc.
  • 21.6. GLG Life Tech Corp
  • 21.7. Evolva Holding SA Nemours & Co
  • 21.8. Others (on additional request)
• 22. Assumptions and Acronyms
• 23. Research Methodology