Global Stevia Markets Report 2022-2028 - Surging Demand for Natural Sweeteners, Rising Demand in Beverage Industry & Increasing Number of New Stevia-Based Products

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Mar 14, 2022, 09:30 ET

DUBLIN, March 14, 2022 /PRNewswire/ -- The "Stevia Market by Type (Extract [Powder, Liquid], Leaves); Nature (Conventional, Organic); Components (Reb A, Reb M, Reb D, and Others); Application (Beverages, Food, Pharmaceuticals, and Other Applications); and Geography - Global Forecasts to 2028" report has been added to ResearchAndMarkets.com's offering.

The stevia market is expected to grow at a CAGR of 8.8% from 2021-2028 to reach $1.11 billion by 2028. Moreover, in terms of volume, the stevia market is expected to grow at a CAGR of 6.7% from 2021-2028 to reach 72,670.9 tonnes by 2028.

Succeeding extensive secondary and primary research and an in-depth analysis of the market scenario, the report conducts the impact analysis of the key industry drivers, restraints, opportunities, and challenges. This market is characterized by more diversified operations, which offer healthy products, mainly due to rising health-consciousness and consumer preference for food that contain healthy ingredients.

The high growth of the stevia market is mainly attributed to the factors such as the growing incidences of diabetes & obesity, surging demand for natural sweeteners, rising demand for stevia application in the beverage industry, the increasing number of new stevia-based product launches, and the taxes imposed on sugar-sweetened beverages. However, fluctuating stevia leaf prices are expected to restrain the growth of this market to a certain extent in the near future.

Based on type, the stevia market is segmented into extracts and leaves. The extracts segment is further divided into stevia extract powder and stevia liquid extract. The stevia extract powder segment generated the largest portion of the revenue of the extract stevia market in 2021. Its high solubility, ease of handling, and lower chances of incompatibility compared to the liquid dosage form are the key factors contributing to the dominant position of this segment.

Based on nature, the conventional stevia segment registered the largest share of the stevia market in 2021. The key factors attributed to the major share of this segment are its easy availability, low cost, increasing stevia application in the pharmaceutical industry, and high productivity. However, the organic stevia segment is expected to register the fastest growth during the forecast period of 2021-2028.

Based on component, the Reb A segment generated the largest portion of the revenue in the stevia market in 2021. Key factors contributing to the dominant position of this segment are its easy availability, lower cost compared to other components, multiple functional properties, and ease of application.

Based on application, the beverage segment registered the largest share of the stevia market in 2021. The large market share of this segment is attributed to the growing awareness of health benefits regarding natural sweeteners in beverages, increasing new product development and launches of stevia-based beverages, rising demand for sugar-free beverages, and the growing popularity of flavored soft drinks. Also, the demand for health and sports drinks with enhanced nutritional value is expected to boost the demand for stevia in the near future.

Asia-Pacific is expected to grow with the fastest CAGR during the forecast period. The high growth rate of this regional market is mainly attributed to the growing diabetic and obese population, rapid urbanization, rising awareness about the health benefits of sugar-free products, and increasing demand for diet drinks and beverages.

Market Insights

Drivers

Growing Prevalence of Diabetes and Obesity
Surging Demand for Natural Sweeteners
Rising Demand in Beverage Industry
Increasing Number of New Stevia-Based Products
Taxes Imposed on Sugar-Sweetened Beverages

Restraints

Fluctuation In Stevia Leaf Prices

Trends

Clean Label

Opportunities

Emerging Economies: Asia, Africa, And Latin America

Regulatory Analysis

The key operating players in the stevia market are

Tate & Lyle PLC (U.K.)
Cargill Incorporated (U.S.)
Archer Daniels Midland Company (U.S.)
Ingredion Incorporated (U.S.)
Sudzucker AG (Germany)
GLG Life Tech Corp. (Canada)
Sunwin Stevia International Inc (China)
MORITA KAGAKU KOGYO CO. Ltd. (Japan)
Zhucheng Haotian Pharm Co. Ltd. (China)
Stevialite Holding (Colombia)
Guilin Layn Natural Ingredients Corp. (China)
S&W Seed Company (U.S.)
The Real Stevia Company AB (Sweden)
Van Wankum Ingredients (Netherlands).

Scope of the Report:

Stevia Market, by Type

Extract
Stevia Extract Powder
Stevia Liquid Extract
Leaves

Stevia Market, by Nature

Conventional
Organic

Stevia Market, by Components

Reb A
Reb M
Reb D
Other Components

Stevia Market, by Application

Beverages
Food
Tabletop Sweeteners
Bakery
Cereal Based
Dairy
Confectionery
Others
Pharmaceuticals
Other Applications

Stevia Market by Region

North America
U.S.
Canada
Europe
Germany
France
U.K.
Italy
Spain
Rest of Europe (RoE)
Asia-Pacific (APAC)
China
Japan
India
Rest of Asia-Pacific
Latin America
Brazil
Mexico
Argentina
Paraguay
Rest of Latin America
Middle East & Africa

For more information about this report visit https://www.researchandmarkets.com/r/vj0ok5

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Research and Markets
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SOURCE Research and Markets