Stevia Market to Reach a Valuation of US$ 739.4 Million by 2034 Amid Growing Demand for Sugar Alternatives Worldwide | Future Market Insights, Inc.

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Jul 15, 2024, 10:23 ET

Increasing consumer demand for sugar-free diets to boost healthy lifestyles is propelling the adoption of stevia products. Plant-based, organic, and natural sweeteners are increasing the demand for stevia to reduce blood sugar levels.

NEWARK, Del., July 15, 2024 /PRNewswire/ -- According to Future Market Insights (FMI), the worldwide demand for stevia market is expected to increase from US$ 405.6 million in 2024 to US$ 739.4 million in 2034. By 2034, stevia demand is projected to grow at a CAGR of 6.2%.

The use of stevia in soft and non-alcoholic beverages is growing quickly due to the expanding beverage industry. The stevia market is also developing due to customers' increasing inclination toward organic products while searching for clean-label goods.

To raise taste and quality standards, consumers select ecologically friendly items over traditional ones. The market thrives due to the growing competition among companies to supply standardized products with innovative skills.

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The surge in international trade and export operations in several countries is driving growth in the stevia industry. The expanding research institutes aim to enhance consumer requirements through better taste in the food and beverage industry. Leading corporations in the market are expected to promote stevia as a safer and more effective sugar alternative.

The governments of several countries are promoting healthy sugar replacements to boost stevia sales. Growing supply chains and distribution networks are fostering global trade & propelling the expansion of the stevia market. Several enterprises are expanding their worldwide reach using partnerships and collaborations with multinational corporations.

Key Market Highlights

South America is a prominent producer of stevia due to the increasing cultivation of the Stevia rebaudiana plant.
The increasing popularity of dietary supplements such as vegan diets is driving the stevia market demand.
Rising concerns about environmental impacts are increasing the adoption of stevia-based products.
The growing product innovation among food manufacturers to improve consumers' taste to reach an international level is fueling the organic stevia market.

Key Takeaways from the Stevia Market Report:

The global stevia market is expected to reach a valuation of US$ 739.4 million by 2034.
The market is set to rise at a CAGR of 6.2% over the forecast period.
The global stevia market is expected to generate an absolute $ opportunity of US$ 333.7 million.
Based on form, powder extract is expected to dominate the global stevia market, holding an 89.9% share in 2024.
By product type, the conventional stevia segment is expected to grow at a CAGR of 5.8% over the forecast period.
North America is expected to reach US$ 130.9 million in 2024.

"Stevia comes in several forms, including liquid, powder, and granulated. Demand for powdered stevia is growing due to the need for environmentally friendly sweeteners in baking and cooking. The market for powder stevia is set to rise further due to shifting customer preferences, ease of usage, and the ability to measure sweetness levels," - Nandini Roy Choudhury, Client Partner at Future Market Insights

Competitive Landscape

Cargill Incorporated, Ingredion Incorporated, Koninklijke DSM NV, Tate and Lyle Plc., Sunwin Stevia International, Inc., GLG Life Tech Corp, and Evolva Holding SA Nemours & Co are key stevia manufacturers listed in the report.

Key players in the stevia market are continuously getting involved in mergers and acquisitions activities to maintain their dominance in the market. In addition to this, several key food ingredients manufacturing players are in the stevia industry with acquisition strategies.

For instance,

In July 2020, Ingredion acquired a 75% stake in Pure Circle Limited.

The United States Leading the Global Market with Better Version of Stevia Products.

The United States Stevia Market captures a 4.2% CAGR of the global market revenue. The United States is the largest market that significantly drives the global market. Increasing incidence of diabetes, changing consumer alternatives, and adoption of healthy options are expanding the United States market.

The food & beverage companies are focused on sustainability with the adoption of plant-based food additives. The United States' key companies are offering a better version of stevia products to enhance consumers' requirements. On the flip side, the increasing trends of wellness and high-quality food items with low-sugar options are advancing the global market.

The United States stevia market is growing due to surging international trade and export activities in several countries. The growing research institutions are focused on improving taste in the food & beverages sector that attract consumers' needs. The key companies that are offering non-hazardous and non-toxic stevia as a better substitute than sugar are advancing the United States market.

Growing Natural and Organic Trends Upsurge the German Market

Germany is estimated to secure a share of 2.8% CAGR of the global market 2024 to 2034. The increasing demand for healthy sweeteners and low-calorie and eco-friendly products is driving Germany's stevia market share. The availability of stevia-based products in supermarkets and retail shops is significantly fueling the German market. These products are sugar-free and healthier options that reduce toxicity and improve health.

The increasing beverage sector is rapidly increasing the adoption of stevia for soft drinks and non-alcoholic beverages. The growing trends of organic products among consumers who are looking for clean-label products are expanding the German market. Consumers are choosing environmentally friendly products to improve taste and quality standards. The rising competition among several companies to offer standardized products with their innovative skills is flourishing German market.

Increasing Health Benefits Drive Japan Market

Japan holds a share of 6.5% CAGR of the global market. The increasing demand for natural sweeteners during cultural and traditional ceremonies is mushrooming Japan's stevia market. Consumers are increasing the adoption of sugar alternatives for healthy habits are increasing the demand for stevia. In Japan, stevia is an essential medical property from ancient Japan.

Japanese companies are offering stevia products at international markets at a considerable price that is collecting huge revenue in the country. The rising product labeling for marketing products and rising government support are driving Japan's stevia market share. Key companies are educating their customers about the benefits of stevia to boost sales. The presence of key distributors and market players is making a huge contribution to the upsurge Japan market.

Public Health Initiatives Uplift Australia Market

growing production of stevia cultivation and easy availability of stevia are driving the Australian market. The rising awareness and initiatives of public health on the increasing incidence of obesity are surging the adoption of sugar replacement.

Increasing food & beverage companies and rising professional chefs are growing the demand for organic stevia for cooking. The new market players are launching their eco-friendly products and are increasing the sales of stevia in Australia. The innovation of high-quality packaging and presentation among key companies to attract their brand is expanding the adoption of stevia products.

Rising health stores and sustainable food retail shops to promote health habits among consumers are driving the Australian market. On the flip side, the popularity of stevia herbal tea for natural sweetening is expanding the market share. The rising allergen-free products and specific dietary requirements are fueling Australia's stevia market share.

Rising Nutritional Labeling of Stevia Products Uplift China Market

China holds a share of 5.4% of the global market. The increasing demand for diverse sweetening needs and the expanding population are fueling China's stevia market growth. Chinese are increasing the adoption of stevia as a traditional medicine integration.

The rapidly expanding e-commerce growth and innovation of high-quality stevia products are enhancing domestic brand value in China. Manufacturers are offering zero-calorie stevia products with nutritional labeling at affordable prices.

The Chinese government is making efforts to promote healthier substitutes for sugar to increase the sales of stevia. The increasing supply chain and distribution networks are fostering international trade and driving China's stevia market growth. Chinese companies are collaborating and partnering with global companies to expand their reach globally.

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Get More Valuable Insights

Future Market Insights (FMI), in its new offering, provides an unbiased analysis of the global stevia market, presenting historical demand data (2019 to 2023) and forecast statistics for the period from 2024 to 2034.

The study incorporates compelling insights on the stevia market based on product type (conventional stevia, next-gen stevia [Reb A, Reb M, others]), form (liquid extract, powder extract, stevia leaf), label (organic certified, regular), and end-use application (dairy food products [ice cream, yogurt, flavored milk], bakery products [bread & rolls, biscuits & cookies, cakes & pastries & other bakery product], beverage [energy drink, soft drink, hot drink, flavored drink, natured sweetened water], packaged food products [pickles, jam, sauce, chilled food product, nutritional product, frozen food], dietary supplement, confectionary product, snacks, tabletop sweetener, others) across several regions.

Authored by:

Nandini Roy Choudhury (Client Partner for Food & Beverages at Future Market Insights, Inc.) has 7+ years of management consulting experience. She advises industry leaders and explores off-the-eye opportunities and challenges. She puts processes and operating models in place to support their business objectives.

She has exceptional analytical skills and often brings thought leadership to the table.

Nandini has vast functional expertise in key niches, including but not limited to food ingredients, nutrition & health solutions, animal nutrition, and marine nutrients. She is also well-versed in the pharmaceuticals, biotechnology, retail, and chemical sectors, where she advises market participants to develop methodologies and strategies that deliver results.

Her core expertise lies in corporate growth strategy, sales and marketing effectiveness, acquisitions and post-merger integration and cost reduction. Nandini has an MBA in Finance from MIT School of Business. She also holds a Bachelor's Degree in Electrical Engineering from Nagpur University, India.

Nandini has authored several publications, and quoted in journals including Beverage Industry, Bloomberg, and Wine Industry Advisor.

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