Stevia Market

Global Stevia Market:

The global stevia market size reached USD 763.0 Million in 2023. Looking forward, IMARC Group expects the market to reach USD 1,438.3 Million by 2032, exhibiting a growth rate (CAGR) of 7.1% during 2024-2032. The rising preference among individuals for natural sweeteners, coupled with the elevating applications of stevia in the food and beverage industry, are augmenting the market. At present, Asia Pacific holds the largest stevia market share, driven by its long-standing cultivation of the stevia plant and its cultural acceptance as a natural sweetener.

Stevia Market Analysis:

• Major Market Drivers: The increasing consumer inclination towards sugar substitutes in several food and beverage products is one of the key factors propelling the stevia market demand. Moreover, the rising demand for cleaner labels, along with the growing incidences of chronic diseases, including obesity and diabetes, are also acting as significant growth-inducing factors.
• Key Market Trends: The widespread adoption of natural ingredients in consumer items is strengthening the market. Apart from this, regulatory bodies in several countries are approving steviol glycosides as adoption-safe food additives, which is further positively influencing the stevia market outlook.
• Competitive Landscape: Some of the prominent companies in the global market include Archer-Daniels-Midland Company, Cargill Incorporated, GLG Life Tech Corporation, Guilin Layn Natural Ingredients Corp., Hunan NutraMax Inc., Ingredion Incorporated, Morita Kagaku Kogyo Co. Ltd., Pyure Brands LLC, Sunwin Stevia International Inc, Tate & Lyle PLC, The Real Stevia Company AB, Wisdom Natural Brands, and Zhucheng Haotian Pharm Co. Ltd., among many others. The key players strategize their business initiatives in line with the fluctuating stevia market price trends and other economic conditions.
• Geographical Trends: Asia Pacific exhibits a clear dominance in the market, owing to the expanding middle-class population. Additionally, the elevating focus among individuals living in the region on minimizing sugar and calorie intake is also stimulating the market.
• Challenges and Opportunities: One of the primary challenges hampering the market is the bitter aftertaste of stevia. However, key players are advancing extraction and purification technologies to improve the sweetness profile and customer acceptance, which will continue to fuel the market in the coming years.

Stevia Market Trends:

Increasing Health-Consciousness

The growing focus among consumers on prioritizing health and wellness is strengthening the market. The report published by McKinsey in January 2024, which surveyed more than 5,000 individuals across the United Kingdom, China, and the United States, showcased that approximately 60% of customers surveyed considered it "very" or "extremely" important to purchase products or services that help with healthy aging and longevity. Moreover, roughly 70% of people in the United Kingdom and the United States and about 85% in China indicated that they bought more in this category in prior years. These results were similar across age groups, thereby suggesting that the rising inclination toward healthy aging is spurred both by the millennial population seeking preventive solutions and older generations seeking to improve their longevity. Consequently, there is an escalating demand for natural and low-calorie sweeteners as alternatives to traditional sugar, which is expanding the stevia market scope across the globe. According to the IMARC, the global natural sweeteners market size reached USD 3.5 Billion in 2023. Looking forward, IMARC Group expects the market to reach USD 5.9 Billion by 2032, exhibiting a growth rate (CAGR) of 6.2% during 2024-2032. Apart from this, the rising prevalence of diabetes, obesity, and dental issues is encouraging consumers to reduce their sugar intake, which is also catalyzing the market. As per the International Food Information Council's Food and Health Survey conducted in December 2023, about 1,000 respondents in the U.S. sought out products with zero-sugar claims to limit or avoid sugar altogether.

Numerous Product Innovations

Advancements in the formulations of products, coupled with the introduction of new stevia-based products, are acting as a significant growth-inducing factor. For instance, in March 2023, Splenda, the low-calorie sweetener brand, and its parent company, Heartland Food Products Group, announced the opening of Splenda Stevia Farm to produce superior-tasting stevia sweeteners and minimize environmental impact by eliminating unnecessary CO₂ emissions caused by global stevia supply chain operations. Additionally, companies are extensively investing in R&D activities to create better-tasting stevia extracts that mitigate the bitter aftertaste traditionally associated with stevia. This, in turn, is increasing the stevia market revenue. For example, in July 2023, Tate & Lyle, one of the key players specializing in ingredient solutions for healthier food and beverages, introduced TASTEVA SOL stevia sweetener with additional functionality and processing benefits. Besides this, advances in purification and extraction technologies have led to high-purity stevia products that are more palatable. In December 2023, Domino Sugar and C&H Sugar launched product offerings that are an all-natural blend of pure cane sugar and stevia, with half the calories of sugar. Moreover, they are prepared with no artificial ingredients or sugar alcohols like erythritol. Apart from this, in February 2024, Sugar-Free, one of the market leaders in the sugar substitute category in India, launched its new variant, Sugar-Free Green, across the country. Made from Stevia leaves, it is commonly available in two formats, namely, pellets and powder. Furthermore, in May 2024, Ingredion developed its PureCircle brand’s clean taste solubility solution, a drop-in stevia sweetener.

Regulatory Support

The launch of favorable policies by healthcare authorities plays a crucial role in the market's growth. The Food and Drug Administration (FDA) assesses the safety of a sweetener by evaluating the available information to identify potential hazards and determine a safe level of exposure. In the case of steviol glycosides, an acceptable daily intake (ADI) was established by the Joint Food and Agricultural Organization/World Health Organization Expert Committee on Food Additives (JECFA). Moreover, government bodies across several countries are also taking initiatives to reduce sugar consumption and combat related health issues, which is elevating the stevia market dynamics. According to the FSSAI, the guideline by the World Health Organization (WHO) can be used to educate consumers through the Eat Right India movement and create awareness among individuals to consume artificially sweetened products in moderation. Besides this, regulatory approvals provide food and beverage manufacturers with the confidence to include stevia in their formulations, which, in turn, will continue to fuel the market in the coming years. For instance, in February 2024, Avansya, the joint venture between dsm-firmenich and Cargill, revealed that EverSweet stevia sweetener received a positive safety opinion from both the UK Food Standards Agency and the European Food Safety Authority (EFSA).

Global Stevia Industry Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with the forecasts at the global, regional, and country levels for 2024-2032. Our report has categorized the market based on the extract type and end use.

Breakup by Extract Type:

• Powder
• Liquid
• Leaf
   

Among these, powder represents the most popular extract type

The report has provided a detailed breakup and analysis of the market based on the extract type. This includes powder, liquid, and leaf. According to the report, powder represented the largest market segmentation.

Powdered stevia is gaining significant popularity as a natural, zero-calorie sweetener, appealing to consumers seeking healthier alternatives to sugar. As per the stevia industry overview, this extract type offers a convenient form for use in various culinary applications, from baking to beverage preparation. Additionally, advancements in processing techniques have improved the taste profile of powdered stevia, reducing the bitter aftertaste traditionally associated with earlier versions. This form of stevia is also favored for its long shelf life and ease of storage, further enhancing its appeal in both domestic kitchens and commercial food production. As consumers continue to prioritize health and wellness, powdered stevia will continue to augment the segment's growth. For example, in June 2023, Wisdom Natural Brands expanded its SweetLeaf product line in powdered form. Additionally, in April 2024, the Moon Store introduced Moon Lunar Hydration Powder, which is made with artificial sweeteners, such as stevia.

Breakup by End Use:

• Beverages
• Food Products
• Table Top Sweeteners
• Pharmaceuticals
• Others
   

Currently, beverages accounted for the majority of stevia market share

The report has provided a detailed breakup and analysis of the market based on the end use. This includes beverages, food products, table top sweeteners, pharmaceuticals, and others. According to the report, beverages represented the largest market segmentation.

Beverages include a diverse range of liquid products, such as soft drinks, flavored water, teas, and juices, where stevia serves as a natural sweetener. Apart from this, the impact of beverages on the market is significant and varied. Additionally, as consumers increasingly look for healthier and lower-calorie alternatives to traditional sugary drinks, beverage manufacturers are opting for stevia as a preferred sweetening option. Stevia's natural origin, zero-calorie content, and ability to replicate the taste of sugar make it a perfect choice to satisfy these evolving consumer preferences. Consequently, it is expected to drive the segment's growth over the forecasted period. For instance, in July 2023, Ingredion launched PureCircle Clean Taste Solutions, a range of stevia solutions tailored to specific applications in the preparation of beverages.

Breakup by Region:

• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• North America
  • United States
  • Canada
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
• Middle East and Africa
  • Turkey
  • Saudi Arabia
  • Iran
  • United Arab Emirates
  • Others
• Latin America
  • Brazil
  • Mexico
  • Argentina
  • Colombia
  • Chile
  • Peru
  • Others
     

Asia Pacific currently dominates the market

The market research report has also provided a comprehensive analysis of all the major regional markets, which include Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); North America (the United States and Canada); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); the Middle East and Africa (Turkey, Saudi Arabia, Iran, the United Arab Emirates, and others); and Latin America (Brazil, Mexico, Argentina, Colombia, Chile, Peru, and others). According to the report, Asia-Pacific accounted for the largest market share.

The Asia Pacific stevia market is experiencing robust growth, driven by increasing health consciousness and a shift towards natural sweeteners. Countries such as China, India, Japan, and South Korea are leading this trend, with a rising number of consumers seeking healthier alternatives to sugar. For example, in April 2024, QNET India launched a vibrant social media initiative labeled Healthy Living with Natose Stevia. This campaign aims to highlight the importance of minimizing sugar intake and embracing healthier alternatives like stevia, a natural sweetener. The demand for stevia is bolstered by the region's growing diabetic population and government initiatives promoting reduced sugar intake. According to the Global Nutrition Report, in 2022, approximately 6.0% of adult men and about 4.3% of adult women aged 18 years and over in Japan were obese. Additionally, as per the stevia market growth analysis, the region's strong tradition of plant-based ingredients is acting as another significant growth-inducing factor. As the market expands, the Asia Pacific region is set to become a significant player in the global stevia industry, reflecting broader trends toward health and wellness. The report published by McKinsey in January 2024 showed that approximately 85% of individuals in China bought products that help with healthy aging and longevity.

Competitive Landscape:

The market is experiencing steady growth as key players are actively innovating to meet evolving consumer demands and expand their product offerings. One notable innovation is the development of stevia-based sweeteners with improved taste profiles. Several leading companies are investing in research and development (R&D) to overcome the lingering aftertaste associated with stevia, creating formulations that closely mimic the taste of sugar. Additionally, there has been a heightened focus on expanding the applications of stevia beyond tabletop sweeteners and into a broader range of food and beverage (F&B) products. This includes innovations in stevia-sweetened beverages, dairy products, baked goods, and condiments. Furthermore, as per the stevia market insights, sustainable sourcing and production methods have gained attention, with companies exploring environmentally friendly cultivation practices and supply chain transparency to meet the escalating demand for responsibly sourced stevia. These innovations reflect the industry's commitment to addressing consumer preferences for healthier, natural, and sustainable alternatives to traditional sugar.

The market research report has provided a comprehensive analysis of the competitive landscape. Detailed profiles of all major companies have also been provided. Some of the key players in the market include:

• Archer-Daniels-Midland Company
• Cargill Incorporated
• GLG Life Tech Corporation
• Guilin Layn Natural Ingredients Corp.
• Hunan NutraMax Inc.
• Ingredion Incorporated
• Morita Kagaku Kogyo Co. Ltd.
• Pyure Brands LLC
• Sunwin Stevia International Inc
• Tate & Lyle PLC
• The Real Stevia Company AB
• Wisdom Natural Brands
• Zhucheng Haotian Pharm Co. Ltd.
   

 (Please note that this is only a partial list of the key players, and the complete list is provided in the report.)

 Stevia Market Recent Developments:

• May 2024: Ingredion developed its PureCircle brand’s clean taste solubility solution, a drop-in stevia sweetener.
• April 2024: The Moon Store launched Moon Lunar Hydration Powder, which is made with artificial sweeteners, such as stevia.
• February 2024: Sugar-Free, one of the market leaders in the sugar substitute category in India, introduced its new product variant, Sugar-Free Green, made from Stevia leaves.
   

Stevia Market Report Scope:

Key Benefits for Stakeholders:

• IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the stevia market from 2018-2032.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the global stevia market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the stevia industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.