Stevia Market - Global Industry Analysis (2019 - 2021) - Growth Trends and Market Forecast (2022 - 2029)

The stevia market is headed toward sound maturity driven by the soaring demand for natural and organic sweeteners. Globally, the rising incidence of diabetes, obesity, and chronic diseases is propelling consumers to drastically reduce their sugar consumption. Consequently, stevia-based sweeteners are now an essential ingredient in several beverages and consumables. A recent study by Fairfield Market Research presents a comprehensive analysis and valuable insights into the global stevia market. With a robust value of US$780 Mn in 2021, the market is slated to reach a valuation of US$1,621 Mn by 2029 end. It is expected that the stevia market will register a CAGR of 9.6% between the forecast period of 2022 to 2029.

Growth enablers such as a strong pursuit of healthier lifestyles, increasing demand for natural sweeteners, product innovation, and extensive applications in the dairy industry are poised to drive the global stevia market to sound maturity. During the forecast period, all these developments are predicted to influence M&A among industry leaders, unleashing new business prospects and strengthening revenue generation in the global stevia market.

Key Insights and Trends Across Global Stevia Market

On the basis of application, the dairy segment will account for a significant share of US$200.6 Mn

Concerns around maintaining sound health are projected to be the foremost demand drivers, with powdered stevia attracting greater applications

With a share of US$247.1 Mn, the Asia Pacific is set to rise as the largest stevia market with a value CAGR of 10.7% by 2029

Robust Demand from Dairy Industry Drives Rigorous Growth Across Stevia Market

In recent years, the applications of stevia in the dairy industry have been witnessing an optimistic outlook. In this industry, market leaders and vendors are consistently innovating to make sugar-free products that aim to reduce childhood obesity. This, in turn, is surging the demand for stevia and other sweeteners without the need to include special labels for consumers. Over the forecast period, the global stevia market is set to register lucrative outcomes owing to these factors. It is expected that the demand for stevia will also rise as the production of confectionery items gains a steady pace. Being widely available, healthier to use, lower in cost, and easier to process, stevia will attract notable demand to produce caramel, taffy, candy, chocolate, and chewing gum. Due to growing applications in the dairy industry and in the production of confectionery items, the stevia market is poised to yield economically-favorable outcomes in the near future.

Pursuit of Healthier Lifestyles Makes Asia Pacific a Promising Stevia Market

On a global scale, the Asia Pacific is set to rise as the leading player in the stevia market due to the growing demand for nutraceuticals in the region. Countries such as India and China are rapidly pursuing innovative strategies influencing product differentiation in stevia manufacturing. Additionally, changing lifestyles and the rising incidence of metabolic disorders are driving the demand for stevia across the APAC. These factors, coupled with a growing preference for healthier food items, are expected to position the Asia Pacific as the fastest-growing stevia market.

Prominent Market Players

Major players in the stevia market include Sunwin Stevia International Inc, GLG Life Tech Corporation, Archer Daniels Midland Company, Cargill, Südzucker AG, PureCircle Ltd, and Ingredion Incorporated among others.