Stevia Global Market Report 2024

The stevia market size has grown rapidly in recent years. It will grow from $0.83 billion in 2023 to $0.92 billion in 2024 at a compound annual growth rate (CAGR) of 11.6%. The growth observed in the historic period can be attributed to several factors, including prevalent health and wellness trends, rising concerns regarding obesity, a growing preference for natural ingredients, supportive regulatory measures, and a notable consumer shift away from artificial sweeteners. These elements collectively contributed to the growth and evolution of the relevant industry or sector during that period.

The stevia market size is expected to see rapid growth in the next few years. It will grow to $1.48 billion in 2028 at a compound annual growth rate (CAGR) of 12.4%. The anticipated growth in the forecast period can be attributed to several factors including the sustained focus on health consciousness, increasing awareness regarding diabetes, the continuous expansion of the food and beverage industry, a growing preference for clean label products, and ongoing global dietary shifts.

The escalating prevalence of diabetes and obesity is poised to propel the growth of the stevia market in the foreseeable future. Root causes contributing to obesity include an unhealthy lifestyle, lack of physical activity, overeating, genetic predisposition, increased stress levels, elevating the risks of diabetes, heart disease, and certain cancers. Pertinently, data from the International Diabetes Federation (IDF) projected a global diabetic population of 537 million in 2021, anticipated to escalate to 643 million in 2030 and 783 million in 2045. Concurrently, the World Obesity Federation's World Obesity Atlas 2022 forecasted a trajectory where one billion individuals, including 1 in 5 women and 1 in 7 men, would grapple with obesity by 2030, potentially surging to 4 billion individuals by 2035, constituting 51% of the global populace. Consequently, the burgeoning prevalence of diabetes and obesity fuels the demand for zero-calorie natural sweeteners such as stevia, thus driving the growth of the market.

The stevia market is poised for growth, driven by an increasing focus on health consciousness. Stevia, a preferred choice for health-conscious individuals seeking calorie-free and diabetic-friendly alternatives to sugar, offers intense sweetness with minimal use. In January 2021, a survey conducted by Public Health England revealed that around 80% of adults over 18 aimed to adopt a healthy lifestyle, with 40% specifically focusing on healthy eating. This growing inclination towards health-conscious choices among consumers underpins the expected surge in the stevia market.

Noteworthy advancements in the stevia market are centered around innovative products such as liquid stevia-based sweeteners, strategically aimed at expanding customer reach, driving sales, and augmenting revenues. These sweetening products, derived from stevia plant leaves processed into a liquid form, are at the forefront of innovation. In July 2022, Sweegen, Inc., a leading US-based manufacturer of stevia-based sweeteners, introduced Bestevia LQ. This product distinguishes itself with tailored features catering to applications in carbonated soft drinks, confectionery, liquid sweeteners, dessert toppings, and flavored syrups. Bestevia LQ resolves solubility challenges, ensures product stability, and enables precise measurement, tailored for easy handling in laboratory and factory settings. Particularly beneficial for facilities not utilizing powdered stevia, it offers a convenient alternative, showcasing innovation in the liquid stevia-based sweetener segment.

Icon Foods, a US-based stevia sweetener manufacturer, launched SteviaSweet RM95 in July 2022. This natural sweetener, derived from Stevia rebaudiana leaves, stands out as a 95% Rebaudioside M (Reb M) variant, offering a clean, bitter-free taste profile. Its high-intensity, zero-calorie composition allows seamless blending with other sweeteners, serving as both a sweetness and flavor modulator for versatile product formulations.

In November 2023, SK Capital Partners, LP, a US-based private equity firm, successfully acquired J&K Ingredients, Inc., a US-based stevia manufacturer. This acquisition is intended to drive growth for J&K Ingredients by further developing its expertise in clean label, natural, and organic products.

Major companies operating in the stevia market report are Cargill Inc., Archer Daniels Midland Company, PepsiCo Inc., The Coca-Cola Company, Ingredion Incorporated, WhiteWave Services Inc., Tate & Lyle PLC, SunOpta Inc., SweetLeaf Stevia, BENEO GmbH, Stevia Corp., Real Stevia Company, Sweet Green Fields LLC, Guilin Layn Natural Ingredients Corp., S&W Seed Co., GL Stevia Co. Ltd., Sunwin Stevia International Inc., PureCircle Ltd., Pyure Brands LLC, Bioplus Life Sciences Pvt. Ltd., Evolva Holding S.A., GLG Life Tech Corp., Foodchem International Corporation, Hunan Nutramax Inc., Sunrise Nutrachem Group Co. Ltd., Zhucheng Haotian Pharma Co. Ltd., Wisdom Natural Brands, Shandong Aojing Biotechnology Co. Ltd., Morita Kagaku Kogyo Co. Ltd., Ganzhou Julong High-Tech Industrial Co. Ltd., Arista Industries Inc., Martin Bauer GmbH Co., Health Plus Inc., Kerry Group PLC, Whole Earth Brands Inc., Steviva Ingredients Inc., Layn Corporation, Taos Inc., Biolotus Technology Jiangsu Inc., Sino-Food Machinery Co. Ltd., Nutra Food Ingredients LLC.

Asia-Pacific was the largest region in the stevia market share in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the stevia market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the stevia market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Stevia products primarily manifest as powder, liquid, and leaves. Powdered stevia serves as a sugar substitute in food and beverages, with an approximate equivalence of one teaspoon to table sugar. Available in both organic and conventional varieties, stevia finds application in bakeries, dairy items, beverages, dietary supplements, confectionery, and other food sectors.

The stevia market research report is one of a series of new reports that provides stevia market statistics, including stevia industry global market size, regional shares, competitors with a stevia market share, detailed stevia market segments, market trends and opportunities, and any further data you may need to thrive in the stevia industry. This stevia market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The stevia market consists of sales of powdered stevia, leaf stevia, and liquid stevia that is used as a natural sweetener for food and beverages. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.