The global stevia market size is expected to reach USD 553.7 million by 2024, according to a new report by Grand View Research, Inc., progressing at a CAGR of 6.1% during the forecast period. Soaring demand for low-calorie sweeteners is expected to be a major factor propelling the market growth. Considering the market is still at a nascent stage, the market is yet to realize its full potential. Stevia is obtained from the leaves of an herbal plant found in the forests of Brazil and Paraguay. It is used as a natural sweetener and a sugar substitute as it contains rebaudioside-A and stevioside, which are the main cause of sweetness without any side effects on health. The sweetness in the leaves of the stevia rebaudiana plant comes from the glycosides present in it. It has also found new applications in the cosmetics and medicine industries due to its medicinal and nutritional qualities.
Stevia market abounds with applications in sectors such as Food & Beverages, in fact, beverages form the largest application segment and in 2015, accounted for 34.7% of the total volume. This is purely due to the increasing market penetration of stevia in various soft drinks, juices, teas, and nectar. For instance, major companies like PepsiCo, Inc., Nestle, Inc., and The Coca-Cola Company have incorporated the product in their diet soft drinks and started marketing them as drinks with no side effects on consumer health. In addition to this, stevia is bound to replace sucrose in other foods to, such as confectionery jellies, traditional cakes, biscuits, and other baked products.
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Stevia Market Report Highlights
• Mergers & Acquisitions help companies grow and expand in the market, leading to better demands. For instance, in September 2020, Ingredion announced the agreement to acquire a 75% stake in PureCircle. It will allow Ingredion to invest in Stevia product development
•With the rise in diabetes cases in Asian economies and growing awareness about the benefits of the product, many Asian governments are giving go-ahead to stevia sale in their country. For example, in November 2019, PureCircle, the world’s leading producer and innovator of great-tasting, zero-calorie stevia sweeteners, planned to expand its Indian footprint and helped Indian companies reduce 250 billion calories in the Indian diet by 2020
•Major companies are reporting higher sales of stevia products in the market. For instance, in May 2019, PureCircle, the world’s leading producer and innovator of stevia sweeteners reported the acceleration in the growth of the usage of stevia leaf sweetener in food and beverage products
•The global market generated USD 337.7 million in 2015 and is anticipated to progress at a CAGR of 6.1% during the forecast period
•On the basis of applications, Beverages accounted for the largest share by application in 2015, holding 34.7% of the total volume. The segment is expected to witness the fastest growth over the forecast period owing to the increasing use of stevia in various carbonated drinks to expand the consumer base
•On the basis of region, Asia Pacific was the largest market, accounting for 35.3% of the global market volume in 2015. A positive outlook of the food and beverage sectors in China, Japan, South Korea, and Vietnam is expected to promote the consumption
•PureCircle Limited, GLG Life Tech Corp, and Stevia Corp are some of the major producers. Stevia First Corp, Cargill, and Evolva S.A. are other major players in the market
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Stevia Market Segmentation
Grand View Research has segmented the global stevia market by application and region:
Stevia Application Outlook (Volume, Tons; Revenue, USD Million, 2013 - 2024)
• Beverage
• Food
• Pharmaceuticals
• Tabletop sweeteners
• Others
Stevia Regional Outlook (Volume, Tons; Revenue, USD Million, 2013 - 2024)
• North America
• The U.S.
• Europe
• Germany
• Asia Pacific
• China
• Japan
• South Korea
• Latin America
• Brazil
• Middle East & Africa
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About Grand View Research
Grand View Research is an India & U.S. based market research and consulting company headquartered in San Francisco, which offers syndicated research reports, customized research reports, and consulting services. The company's rich database includes in-depth analysis across a range of industries including chemicals, materials, energy, healthcare, and technology, among others.
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