The research report titled “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”, provides an in-depth analysis of the stevia market across five major geographies emphasizing on the current market trends, market sizes, recent developments, and forecasts till 2028.
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.
An in-depth geographic analysis of the industry provides detailed qualitative and quantitative insights about the five major geographies (North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa) and the coverage of major countries in each region.
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.
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.), Südzucker AG (Germany), GLG Life Tech Corp. (Canada), S&W Seed Company (U.S.), 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), and Van Wankum Ingredients (Netherlands).
Key Questions Answered in the Report:
- What is the current value of revenue generated by the stevia market?
- At what rate is the demand for stevia projected to grow for the next 5-7 years?
- What is the historical market size and growth rate for the stevia market?
- What are the major factors impacting the growth of this market at the global and regional levels? What are the major opportunities for existing players and new entrants in the market?
- What impacts does the current COVID-19 pandemic have on the stevia market?
- Which segments in terms of type, nature, component, and application create major traction for the manufacturers in this market?
- What are the key geographical trends in this market? Which regions/countries are expected to offer significant growth opportunities for the manufacturers operating in the stevia market?
- Who are the major players in the stevia market? What are their specific product offerings in this market?
- What recent developments have taken place in the stevia market? What impacts have these strategic developments made on the market?
Scope of the Report:
Stevia Market, by Type
- Stevia Extract Powder
- Stevia Liquid Extract
Stevia Market, by Nature
Stevia Market, by Components
- Reb A
- Reb M
- Reb D
- Other Components
Stevia Market, by Application
- Tabletop Sweeteners
- Cereal Based
- Other Applications
Stevia Market by Region
- North America
- Rest of Europe (RoE)
- Asia-Pacific (APAC)
- Rest of Asia-Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
1.2. Market Ecosystem
1.4. Key Stakeholders
2.2. Data Collection & Validation
2.2.1. Secondary Research
2.2.2. Primary Research
2.3. Market Assessment
2.3.1. Market Size Estimation
2.3.2. Bottom-Up Approach
2.3.3. Top-Down Approach
2.3.4. Growth forecast
2.4. Assumptions for the Study
2.5. Limitations for the Study
3.2. Segment Analysis
3.2.1. Type Segment Analysis
3.2.2. Nature Segment Analysis
3.2.3. Component Segment Analysis
3.2.4. Application Segment Analysis
3.3. Regional Analysis
3.4. Key Players
4.2.1. Growing Prevalence of Diabetes and Obesity
4.2.2. Surging Demand for Natural Sweeteners
4.2.3. Rising Demand in Beverage Industry
4.2.4. Increasing Number of New Stevia-Based Products
4.2.5. Taxes Imposed on Sugar-Sweetened Beverages
4.3.1. Fluctuation In Stevia Leaf Prices
4.4.1. Clean Label
4.5.1. Emerging Economies: Asia, Africa, And Latin America
4.6. Regulatory Analysis
4.6.2. North America
4.6.5. Rest of the World
5.2. Stevia Extract
5.3. Stevia Leaves
7.2. Stevia Extract
7.2.1. Stevia Extract Powder
7.2.2. Stevia Liquid Extract
9.2. Reb A
9.3. Reb M
9.4. Reb D
9.5. Other Stevia Components
10.3. Food Products
10.3.1. Tabletop Sweeteners
10.3.2. Bakery Products
10.3.3. Cereal-Based Products
10.3.4. Dairy Products
10.3.5. Confectionery Products
10.3.6. Other Food Products
10.5. Other Applications
11.2. North America
11.3.6. Rest of Europe (RoE)
11.4.4. Rest of Asia-Pacific (RoAPAC)
11.5. Latin America
11.5.5. Rest of Latin America
11.6. Middle East & Africa
12.2. Competitive Benchmarking
13.2. Cargill, Incorporated
13.3. Archer Daniels Midland Company
13.4. Ingredion Incorporated
13.5. Südzucker AG
13.6. S&W Seed Company
13.7. GLG Life Tech Corp
13.8. Sunwin Stevia International Inc
13.9. Morita Kagaku Kogyo Co., Ltd.
13.10. Zhucheng Haotian Pharm Co., Ltd.
13.11. Stevialite Holding
13.12. Guilin Layn Natural Ingredients Corp.
13.13. The Real Stevia Company Ab
13.14. Van Wankum Ingredients
14.2. Available Customization
- Tate & Lyle PLC (U.K.)
- Cargill Incorporated (U.S.)
- Archer Daniels Midland Company (U.S.)
- Ingredion Incorporated (U.S.)
- Südzucker 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).