The scope of the publisher's recent study on the “Stevia Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Type (Whole Leaf, Powder, and Liquid) and Application (Dairy and Frozen Dessert, Bakery and Confectionery, Tabletop Sweeteners, Beverages, and Others),” includes the factors fuelling the market growth, revenue estimation and forecast, and market share analysis, along with the identification of significant market players and their key developments.
The stevia market was valued at US$ 539.68 million in 2021 and is projected to reach US$ 965.82 million by 2028; it is expected to grow at a CAGR of 8.7% from 2021 to 2028. Stevia is a plant that is native to the tropical regions in Western North America t
Based on application, the stevia market is segmented into dairy and frozen dessert, bakery and confectionery, tabletop sweeteners, beverages, and others. During the forecast period, the beverages segment dominated the market. Stevia is a natural choice for sweetening of various beverages, which include tea, coffee, flavored water, soft drinks, alcoholic beverages, and juices. Stevia used in beverage applications can provide a clean, superior sugar like taste along with reduced linger. The increased usage of stevia in the beverage industry is due to its various benefits such as zero calories, non-caloric, 100% naturally originated, stable pH, non-fermenting, highly soluble, heat stable, photo (light) stable, and shelf stable. For shelf stability, stevia is considered as a suitable sweetener for carbonated soft drinks, which has low pH. Stevia is essential in the beverage industry as they provide and expand beverage choices to control caloric, carbohydrate, or specific sugar intake.
The global stevia market is segmented into five main regions-North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America (SAM). During the forecast period, Asia Pacific is expected to account for the largest share of the global stevia market. The high consumption of stevia in the Asia Pacific region is attributed to rising consciousness toward health and wellness. The presence of a manufacturing hub and the growing demand for stevia from food and beverage processing industries drives the market growth in the region. Additionally, the changing lifestyle of consumers and booming food & beverages industry along with market penetration by global market players are expected to propel the market growth in coming years. In addition, continuous research and development and the growth of food & beverage industry have led to the widespread adoption of stevia in the regional market.
The ongoing COVID-19 pandemic has been impacting the sugar consumption patterns and its alternatives, as there is a reduced demand for the sweeteners from beverage and other FMCG companies amid the lockdown across multiple countries. Food & beverage industry is the bulk consumer of stevia and is likely to affect the consumption owing to the lockdown in various countries, which has implemented a shut down on various manufacturing units. Food & beverage products, which includes bakery products, confectionery, dairy products, and soft drinks containing food additives such as sweeteners are being pushed back as the supermarkets re-allocated stock priorities toward staples and essential supplies due to COVID-19 outbreak. This was mainly due to the mass lockdown instructions given by several countries’ governments to avoid the spread of the pandemic in their respective countries. Lockdown and quarantine measures along with import and export restrictions imposed by states and governments are impacting the stevia exporters due to the disruption in supply chains. The pandemic has been a reason for major shifts in consumer preferences, which has led to an increased awareness about having a healthy lifestyle. Consumers due to the pandemic are substituting conventional ingredients with healthier alternative, which is increasing the demand for natural sweeteners such as stevia. With an increase in the diet trend of no added sugars and low carbohydrates among consumers during the pandemic has led to an increase in demand for stevia. During the pandemic there has been rapid surge in demand for less sugary and immunity-boosting products, which is due to people seeking solutions to boost overall health and wellbeing. The COVID-19 pandemic has prompted the customers to become health-conscious and turn to low-calorie or sugar-free food. Hence, increasing health consciousness and high demand for sugar-reducing solutions among the global population due to the COVID pandemic has had a positive impact on the stevia market. Thus, COVID-19, had a significant impact on the stevia market across the world.
Based on type, the stevia market is segmented into whole leaf, powder, and liquid. Based on application, the stevia market is segmented into dairy and frozen dessert, bakery and confectionery, tabletop sweeteners, beverages, and others. Geographically, the stevia market is segmented into five main regions-North America, Europe, Asia Pacific, Middle East and Africa, and South America.
Reasons to Buy
The stevia market was valued at US$ 539.68 million in 2021 and is projected to reach US$ 965.82 million by 2028; it is expected to grow at a CAGR of 8.7% from 2021 to 2028. Stevia is a plant that is native to the tropical regions in Western North America t
South America, including countries like Brazil and Paraguay. The leaf extract of the stevia plant is used as a natural sweetener having various health benefits such as it helps in lowering blood glucose and blood pressure levels. Stevia in the market is available in the form of powder, liquid, or leaf where the powder is made up of intensely sweet glycosides derived from the leaves of stevia. Stevia finds its application as a natural and non-caloric sweetener.
Based on application, the stevia market is segmented into dairy and frozen dessert, bakery and confectionery, tabletop sweeteners, beverages, and others. During the forecast period, the beverages segment dominated the market. Stevia is a natural choice for sweetening of various beverages, which include tea, coffee, flavored water, soft drinks, alcoholic beverages, and juices. Stevia used in beverage applications can provide a clean, superior sugar like taste along with reduced linger. The increased usage of stevia in the beverage industry is due to its various benefits such as zero calories, non-caloric, 100% naturally originated, stable pH, non-fermenting, highly soluble, heat stable, photo (light) stable, and shelf stable. For shelf stability, stevia is considered as a suitable sweetener for carbonated soft drinks, which has low pH. Stevia is essential in the beverage industry as they provide and expand beverage choices to control caloric, carbohydrate, or specific sugar intake.
The global stevia market is segmented into five main regions-North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America (SAM). During the forecast period, Asia Pacific is expected to account for the largest share of the global stevia market. The high consumption of stevia in the Asia Pacific region is attributed to rising consciousness toward health and wellness. The presence of a manufacturing hub and the growing demand for stevia from food and beverage processing industries drives the market growth in the region. Additionally, the changing lifestyle of consumers and booming food & beverages industry along with market penetration by global market players are expected to propel the market growth in coming years. In addition, continuous research and development and the growth of food & beverage industry have led to the widespread adoption of stevia in the regional market.
Impact of the COVID-19 Pandemic on the Stevia Market
The ongoing COVID-19 pandemic has been impacting the sugar consumption patterns and its alternatives, as there is a reduced demand for the sweeteners from beverage and other FMCG companies amid the lockdown across multiple countries. Food & beverage industry is the bulk consumer of stevia and is likely to affect the consumption owing to the lockdown in various countries, which has implemented a shut down on various manufacturing units. Food & beverage products, which includes bakery products, confectionery, dairy products, and soft drinks containing food additives such as sweeteners are being pushed back as the supermarkets re-allocated stock priorities toward staples and essential supplies due to COVID-19 outbreak. This was mainly due to the mass lockdown instructions given by several countries’ governments to avoid the spread of the pandemic in their respective countries. Lockdown and quarantine measures along with import and export restrictions imposed by states and governments are impacting the stevia exporters due to the disruption in supply chains. The pandemic has been a reason for major shifts in consumer preferences, which has led to an increased awareness about having a healthy lifestyle. Consumers due to the pandemic are substituting conventional ingredients with healthier alternative, which is increasing the demand for natural sweeteners such as stevia. With an increase in the diet trend of no added sugars and low carbohydrates among consumers during the pandemic has led to an increase in demand for stevia. During the pandemic there has been rapid surge in demand for less sugary and immunity-boosting products, which is due to people seeking solutions to boost overall health and wellbeing. The COVID-19 pandemic has prompted the customers to become health-conscious and turn to low-calorie or sugar-free food. Hence, increasing health consciousness and high demand for sugar-reducing solutions among the global population due to the COVID pandemic has had a positive impact on the stevia market. Thus, COVID-19, had a significant impact on the stevia market across the world.
Overview of the Stevia Market
The report includes the segmentation of the global stevia market as follows:
Based on type, the stevia market is segmented into whole leaf, powder, and liquid. Based on application, the stevia market is segmented into dairy and frozen dessert, bakery and confectionery, tabletop sweeteners, beverages, and others. Geographically, the stevia market is segmented into five main regions-North America, Europe, Asia Pacific, Middle East and Africa, and South America.
Reasons to Buy
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the global stevia market.
- Highlights key business priorities in order to assist companies to realign their business strategies.
- The key findings and recommendations highlight crucial progressive industry trends in the global stevia market, thereby allowing players across the value chain to develop effective long-term strategies.
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
- Scrutinize in-depth global market trends and outlook coupled with the factors driving the stevia market, as well as those hindering it.
- Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution.
Table of Contents
1. Introduction1.1 Study Scope1.2 The Publisher's Research Report Guidance
1.3 Market Segmentation
2. Key Takeaways
3. Research Methodology3.1 Scope of the Study
3.2 Research Methodology
3.2.1 Data Collection
3.2.2 Primary Interviews
3.2.3 Hypothesis Formulation
3.2.4 Macro-economic Factor Analysis
3.2.5 Developing Base Number
3.2.6 Data Triangulation
3.2.7 Country Level Data
4. Global Stevia Market Landscape4.1 Market Overview
4.2 Porter’s Analysis
4.2.1 Threat of New Entrants:
4.2.2 Bargaining Power of Buyers:
4.2.3 Bargaining Power of Suppliers:
4.2.4 Competitive Rivalry:
4.2.5 Threat of Substitutes:
4.3 Value Chain Analysis
4.4 Expert Opinion
5. Stevia Market - Key Market Dynamics5.1 Market Drivers
5.1.1 Increasing Consumer Inclination Toward Natural Sweeteners
5.1.2 Growing Applications of Stevia in Beverage Industry
5.2 Market Restraints
5.2.1 Fluctuating Prices of Stevia Leaf
5.3 Market Opportunities
5.3.1 Innovations in Stevia Market
5.4 Future Trend
5.4.1 Improvement in Taste of Stevia
5.5 Impact Analysis of Drivers and Restraints
6. Stevia Agents - Global Market Analysis6.1 Stevia Market Overview
6.2 Stevia Market -Revenue and Forecast To 2028 (USD Million)
6.3 Competitive Positioning - Key Market Players
7. Stevia Market Analysis - By Type Overview7.1 Stevia Market, By Type (2020 and 2028)
7.2 Whole Leaf
7.2.1 Overview
7.2.2 Whole Leaf: Stevia Market - Revenue and Forecast To 2028 (USD Million)
7.3 Powder
7.3.1 Overview
7.3.2 Powder: Stevia Market - Revenue and Forecast To 2028 (USD Million)
7.4 Liquid
7.4.1 Overview
7.4.2 Liquid: Stevia Market - Revenue and Forecast to 2028 (USD Million)
8. Stevia Market Analysis - By Application8.1 Overview
8.2 Stevia Market, By Application (2020 and 2028)
8.3 Dairy and Frozen Dessert
8.3.1 Overview
8.3.2 Dairy and Frozen Dessert: Stevia Market - Revenue and Forecast To 2028 (USD Million)
8.4 Bakery and Confectionery
8.4.1 Overview
8.4.2 Bakery and Confectionery: Stevia Market - Revenue and Forecast To 2028 (USD Million)
8.5 Tabletop sweeteners
8.5.1 Overview
8.5.2 Tabletop sweeteners: Stevia Market - Revenue and Forecast To 2028 (USD Million)
8.6 Beverages
8.6.1 Overview
8.6.2 Beverages: Stevia Market - Revenue and Forecast To 2028 (USD Million)
8.7 Others
8.7.1 Overview
8.7.2 Others: Stevia Market - Revenue and Forecast To 2028 (USD Million)
9. Stevia Market - Geographic Analysis9.1 Overview
9.2 North America: Stevia Market
9.2.1 North America: Stevia Market -Revenue, and Forecast to 2028 (USD Million)
9.2.2 North America: Stevia Market, by Type
9.2.3 North America: Stevia Market, by Application
9.2.4 North America: Stevia Market, by Key Country
9.2.4.1 US: Stevia Market - Revenue, and Forecast to 2028 (USD Million)
9.2.4.1.1 US: Stevia Market, by Type
9.2.4.1.2 US: Stevia Market, by Application
9.2.4.2 Canada: Stevia Market - Revenue, and Forecast to 2028 (USD Million)
9.2.4.2.1 Canada: Stevia Market, by Type
9.2.4.2.2 Canada: Stevia Market, by Application
9.2.4.3 Mexico: Stevia Market - Revenue, and Forecast to 2028 (USD Million)
9.2.4.3.1 Mexico: Stevia Market, by Type
9.2.4.3.2 Mexico: Stevia Market, by Application
9.3 Europe: Stevia Market
9.3.1 Europe: Stevia Market -Revenue, and Forecast to 2028 (USD Million)
9.3.2 Europe: Stevia Market, by Type
9.3.3 Europe: Stevia Market, by Application
9.3.4 Europe: Stevia Market, by Key Country
9.3.4.1 Germany: Stevia Market - Revenue, and Forecast to 2028 (USD Million)
9.3.4.1.1 Germany: Stevia Market, by Type
9.3.4.1.2 Germany: Stevia Market, by Application
9.3.4.2 France: Stevia Market - Revenue, and Forecast to 2028 (USD Million)
9.3.4.2.1 France: Stevia Market, by Type
9.3.4.2.2 France: Stevia Market, by Application
9.3.4.3 Italy: Stevia Market - Revenue, and Forecast to 2028 (USD Million)
9.3.4.3.1 Italy: Stevia Market, by Type
9.3.4.3.2 Italy: Stevia Market, by Application
9.3.4.4 UK: Stevia Market - Revenue, and Forecast to 2028 (USD Million)
9.3.4.4.1 UK: Stevia Market, by Type
9.3.4.4.2 UK: Stevia Market, by Application
9.3.4.5 Russia: Stevia Market - Revenue, and Forecast to 2028 (USD Million)
9.3.4.5.1 Russia: Stevia Market, by Type
9.3.4.5.2 Russia: Stevia Market, by Application
9.3.4.6 Rest of Europe: Stevia Market - Revenue, and Forecast to 2028 (USD Million)
9.3.4.6.1 Rest of Europe: Stevia Market, by Type
9.3.4.6.2 Rest of Europe: Stevia Market, by Application
9.4 Asia Pacific: Stevia Market
9.4.1 Asia Pacific: Stevia Market -Revenue, and Forecast to 2028 (USD Million)
9.4.2 Asia Pacific: Stevia Market, by Type
9.4.3 Asia Pacific: Stevia Market, by Application
9.4.4 Asia Pacific: Stevia Market, by Key Country
9.4.4.1 Australia: Stevia Market - Revenue, and Forecast to 2028 (USD Million)
9.4.4.1.1 Australia: Stevia Market, by Type
9.4.4.1.2 Australia: Stevia Market, by Application
9.4.4.2 China: Stevia Market - Revenue, and Forecast to 2028 (USD Million)
9.4.4.2.1 China: Stevia Market, by Type
9.4.4.2.2 China: Stevia Market, by Application
9.4.4.3 India: Stevia Market - Revenue, and Forecast to 2028 (USD Million)
9.4.4.3.1 India: Stevia Market, by Type
9.4.4.3.2 India: Stevia Market, by Application
9.4.4.4 Japan: Stevia Market - Revenue, and Forecast to 2028 (USD Million)
9.4.4.4.1 Japan: Stevia Market, by Type
9.4.4.4.2 Japan: Stevia Market, by Application
9.4.4.5 South Korea: Stevia Market - Revenue, and Forecast to 2028 (USD Million)
9.4.4.5.1 South Korea: Stevia Market, by Type
9.4.4.5.2 South Korea: Stevia Market, by Application
9.4.4.6 Rest of Asia-Pacific: Stevia Market - Revenue, and Forecast to 2028 (USD Million)
9.4.4.6.1 Rest of Asia-Pacific: Stevia Market, by Type
9.4.4.6.2 Rest of Asia-Pacific: Stevia Market, by Application
9.5 Middle East and Africa: Stevia Market
9.5.1 Middle East and Africa: Stevia Market -Revenue, and Forecast to 2028 (USD Million)
9.5.2 Middle East and Africa: Stevia Market, by Type
9.5.3 Middle East and Africa: Stevia Market, by Application
9.5.4 Middle East and Africa: Stevia Market, by Key Country
9.5.4.1 South Africa: Stevia Market - Revenue, and Forecast to 2028 (USD Million)
9.5.4.1.1 South Africa: Stevia Market, by Type
9.5.4.1.2 South Africa: Stevia Market, by Application
9.5.4.2 Saudi Arabia: Stevia Market - Revenue, and Forecast to 2028 (USD Million)
9.5.4.2.1 Saudi Arabia: Stevia Market, by Type
9.5.4.2.2 Saudi Arabia: Stevia Market, by Application
9.5.4.3 UAE: Stevia Market - Revenue, and Forecast to 2028 (USD Million)
9.5.4.3.1 UAE: Stevia Market, by Type
9.5.4.3.2 UAE: Stevia Market, by Application
9.5.4.4 Rest of Middle East and Africa: Stevia Market - Revenue, and Forecast to 2028 (USD Million)
9.5.4.4.1 Rest of Middle East and Africa: Stevia Market, by Type
9.5.4.4.2 Rest of Middle East and Africa: Stevia Market, by Application
9.6 South & Central America: Stevia Market
9.6.1 South & Central America: Stevia Market -Revenue, and Forecast to 2028 (USD Million)
9.6.2 South & Central America: Stevia Market, by Type
9.6.3 South & Central America: Stevia Market, by Application
9.6.4 South & Central America: Stevia Market, by Key Country
9.6.4.1 Brazil: Stevia Market - Revenue, and Forecast to 2028 (USD Million)
9.6.4.1.1 Brazil: Stevia Market, by Type
9.6.4.1.2 Brazil: Stevia Market, by Application
9.6.4.2 Argentina: Stevia Market - Revenue, and Forecast to 2028 (USD Million)
9.6.4.2.1 Argentina: Stevia Market, by Type
9.6.4.2.2 Argentina: Stevia Market, by Application
9.6.4.3 Rest of South & Central America: Stevia Market - Revenue, and Forecast to 2028 (USD Million)
9.6.4.3.1 Rest of South and Central America: Stevia Market, by Type
9.6.4.3.2 Rest of South & Central America: Stevia Market, by Application
10. Overview - Impact of Coronavirus Outbreak10.1 Impact of COVID-19 on Stevia Market
10.2 Impact of COVID-19 on Stevia Market
10.3 North America: Impact Assessment of COVID-19 Pandemic
10.4 Europe: Impact Assessment of COVID-19 Pandemic
10.5 Asia Pacific: Impact Assessment of COVID-19 Pandemic
10.6 Middle East & Africa: Impact Assessment of COVID-19 Pandemic
10.7 South and Central America: Impact Assessment of COVID-19 Pandemic
11. Industry Landscape11.1 Product Launch
11.2 Product News
11.3 Strategy and Business Planning
11.4 Merger and Acquisition
12. Company Profiles12.1 Cargill, Incorporated.
12.1.1 Key Facts
12.1.2 Business Description
12.1.3 Products and Services
12.1.4 Financial Overview
12.1.5 SWOT Analysis
12.1.6 Key Developments
12.2 Ingredion Incorporated
12.2.1 Key Facts
12.2.2 Business Description
12.2.3 Products and Services
12.2.4 Financial Overview
12.2.5 SWOT Analysis
12.2.6 Key Developments
12.3 Tate & Lyle PLC
12.3.1 Key Facts
12.3.2 Business Description
12.3.3 Products and Services
12.3.4 Financial Overview
12.3.5 SWOT Analysis
12.3.6 Key Developments
12.4 GLG Life Tech Corp.
12.4.1 Key Facts
12.4.2 Business Description
12.4.3 Products and Services
12.4.4 Financial Overview
12.4.5 SWOT Analysis
12.4.6 Key Developments
12.5 ADM
12.5.1 Key Facts
12.5.2 Business Description
12.5.3 Products and Services
12.5.4 Financial Overview
12.5.5 SWOT Analysis
12.5.6 Key Developments
12.6 Sunwin Stevia International, Inc.
12.6.1 Key Facts
12.6.2 Business Description
12.6.3 Products and Services
12.6.4 Financial Overview
12.6.5 SWOT Analysis
12.6.6 Key Developments
12.7 S&W Seed Company
12.7.1 Key Facts
12.7.2 Business Description
12.7.3 Products and Services
12.7.4 Financial Overview
12.7.5 SWOT Analysis
12.7.6 Key Developments
12.8 Morita Kagaku Kogyo Co., Ltd.
12.8.1 Key Facts
12.8.2 Business Description
12.8.3 Products and Services
12.8.4 Financial Overview
12.8.5 SWOT Analysis
12.8.6 Key Developments
12.9 Zhucheng Haotian Pharm Co., Ltd.
12.9.1 Key Facts
12.9.2 Business Description
12.9.3 Products and Services
12.9.4 Financial Overview
12.9.5 SWOT Analysis
12.9.6 Key Developments
12.10 PureCircle
12.10.1 Key Facts
12.10.2 Business Description
12.10.3 Products and Services
12.10.4 Financial Overview
12.10.5 SWOT Analysis
12.10.6 Key Developments
13. Appendix13.1 About the Publisher
13.2 Word Index
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- Cargill, Incorporated
- Ingredion Incorporated
- Tate & Lyle PLC
- GLG LIFE TECH CORP
- ADM
- Sunwin Stevia International, Inc.
- S&W Seed Company
- Morita Kagaku Kogyo Co., Ltd.
- Zhucheng Haotian Pharm Co., Ltd.
- PureCircle
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 142 |
| Published | July 2021 |
| Forecast Period | 2020 - 2028 |
| Estimated Market Value ( USD | $ 499.7 Million |
| Forecasted Market Value ( USD | $ 965.82 Million |
| Compound Annual Growth Rate | 8.7% |
| Regions Covered | Global |
