Stevia Market Size Analysis and Forecast Report Till 2030
The global stevia market size is expected to reach USD 1,642.8 Million in 2030 and register a revenue CAGR of 8.5% over the forecast period, according to the latest report by Reports and Data. Rising demand for natural sweeteners in beverage industry and increasing investments in Research & Development (R&D) in food & beverage industry are factors driving market revenue growth.
Increasing incidence of diabetes and obesity and rising public awareness regarding healthier sugar alternatives is driving growth of stevia market. Stevia is a high-intensity sweetener, which is 200 times sweeter than sucrose and helps to develop low-calorie products. Stevia is used as a natural sweetener in food & beverage industry and does not have any harmful effects. It is also used in instant beverages and food products. Moreover, increase in demand for plant-based natural sweeteners is contributing to market revenue growth.
Stevia products are available in different forms such as liquid, powder, and leaf. Powdered stevia is used as an alternative for refined table sugar in food & beverages. Stevia is available in conventional and organic forms and is also used in dairy food products, baked goods, dietary supplements, and others.
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Moreover, supportive initiatives by government and regulatory bodies is driving growth of global stevia market. Introduction of several stevia-based products is positively supporting overall market and has created awareness among consumers. Furthermore, demand for natural ingredient products and antioxidants are additional factors expected to drive market growth.
Some Key Highlights from the Report
- In December 2020, Tate & Lyle, which is a food & beverage ingredient company, completed the acquisition of Sweet Green Fields (SGF), a global stevia producer with an approximate revenue of about USD 50 million in 2020. With this acquisition, Tate & Lyle strengthened its position as a leading provider of sweetening solutions.
- Powder segment accounted for a significantly large revenue share in 2021. Powder stevia has high sweetness and is easy to use and store. Powdered stevia does not leave a bitter after taste as stevia leaves and is highly soluble. It is widely used in beverage industry as natural sweetener owing to its nutritional value.
- Dry segment accounted for largest revenue share in 2021 owing to increased application in food & beverage industry due to their natural sweetening properties. Stevia is a flavor carrier and can be a useful addition to instant beverage mixes. A pinch of stevia powder is equal to about one teaspoon of table sugar.
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- Food & beverages segment accounted for largest revenue share in 2021 owing to rising awareness regarding health benefits of natural sweeteners in food and beverages. Stevia provides numerous health benefits that have attracted the attention of manufacturers for the utilization of it in yogurt and other food items. It is also being used in the preparation of instant drinks such as tea and coffee.
- Market in North America accounted for largest revenue share in 2021 owing to increased demand for stevia from beverage industry. There is consistently high demand for such products owing to rise in diabetic population in the US. Diversified applications and availability of various food & beverage brands with natural ingredients is also driving growth of the market. Increasing demand for dry grounded stevia in cereals, yogurt and salads is further contributing to growth of the market in this region.
- Companies profiled in the global market report include Cargill, Incorporated, Arboreal Stevia, Tate & Lyle, PureCircle, GLG Life Tech Corp., Sunwin Stevia International Inc., S&W Seed Co., Pyure Brands LLC, Morita Kagaku Kogyo Co., Ltd., and Layn Natural Ingredients.
For the purpose of this report, Reports and Data has segmented the stevia market based on, type, form, application, and region:
Type Outlook (Revenue, USD Billion; 2019–2030)
Form Outlook (Revenue, USD Billion; 2019–2030)
Application Outlook (Revenue, USD Billion; 2019–2030)
- Bakery & Confectionery
- Tabletop Sweeteners
- Food & Beverages
- Convenience Food
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