Stevia Market to Reach USD 708.1 Mn at a CAGR of 7.2% from 2022 to 2032

The worldwide stevia market is assessed at USD 355 Mn in 2022 and is projected to arrive at USD 708.1 Mn by 2032, at a CAGR of 7.2% from 2022 to 2032. The stevia market is supposed to obtain ~12.7% of the natural sweetener market by 2022 end.

According to a new study by FMI, global sales of stevia is expected to reach ~ US$ 355 Mn in 2022. The rise in the demand for the stevia can be attributed to its low-calorie content along with growing demand for effective solutions to counteract lifestyle diseases such as diabetes and obesity.

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Powder extract of stevia continues to influence growth strategies, in the view of longer shelf-life and ease of transportation. As the powder extract accounted for ~90% share in 2021, manufacturers are specifically focused in this category which further include stevia blends and glycosides.

While conventional stevia continues to account for relatively high share in the market, the demand for organic variants is expected to increase at a robust rate in the coming years. An increase in health-awareness and inclination of consumers towards healthy products are some drivers for the growth of the organic stevia market.

Stevia find numerous applications in dairy food products, bakery products, dietary supplements, beverages, packaged food products, confectionery products, snacks, table top sweeteners, and others (electrolyte powder and medicinal formulations). Of these, significant application in beverages is likely to account for major share of manufacturers' bottom lines.

WHO & Government Support for the Use of Stevia in the Food & Beverages Industry Boosting the Market Growth

The support from health organizations and governments is one of the key reasons for the growth of the stevia market. As today's consumers interpret the safety of the product by looking for certifications and government approval, it becomes necessary for the manufacturers in the food and beverages industry to use appropriate ingredients to gain the trust of the consumers.

Stevia has received approval from various regulatory bodies to be used as a natural sweetener in a number of end-use applications, thereby offering significant impetus to the market growth.

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Key Companies Profiled:

Cargill Incorporated
• Ingredion Incorporated
• Koninklijke DSM NV
• Tate and Lyle Plc.
• Sunwin Stevia International, Inc.
• GLG Life Tech Corp
• Evolva Holding SA Nemours & Co
• Archer Daniels Midland Company
• Stevia Nutra Corp.

Manufacturers Emphasize on Building Consumer Trust through Transparency in Production

New technologies have provided consumers the accessibility to smart labels, through which, they can track the journey of the products. Consumers are nowadays asking food companies to increase the transparency of their products, going beyond free-from status, ingredients, and nutritional levels.

Buyers are demanding to understand the background of the products - from where and how the ingredients were sourced to the manufacturing of the end product. In the food and beverages industry, trust and transparency have become major challenges, as there aren't any strict regulations and guidelines laid down by governments regarding clean labeling.

Companies have started using clean labeling as a catchword for promotional and marketing purposes, and have taken advantage of this to sell their products as clean label products. It is essential for manufacturers to adopt cleaner practices to sell their clean label food products without alienating the trust of consumers.

This study by FMI offers insights into the stevia market for the forecast period of 2022-2032. The stevia market is projected to record a CAGR of ~ 7.2% during the predefined timeframe.

Global Stevia Market by Category

By Nature, Global Stevia Market is segmented as:

Organic Stevia
Conventional Stevia

By Type, Global Stevia Market is segmented as:

Liquid Extract
Clear
Dark
Powder Extract
Stevia Blends
Glycoside (40%-79%)
Glycoside (80% and above)
Stevia Leaves

By Application, Global Stevia Market is segmented as:

Dairy Food Products
Bakery Products
Beverages
Packaged Food Products
Dietary Supplements
Confectionery Products
Snacks
Table Top Sweeteners
Others (Electrolyte Mixes and Medicinal Formulations)
By Region, Global Stevia Market is segmented as:

North America
Latin America
Europe
East Asia
South Asia
Oceania
Middle East & Africa

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About FMI
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

This release was published on openPR.