Press release
Stevia Market Size Will Reach USD 1016.5 Million By 2028 With A CAGR of 7.8% - Valuates Reports
The global Stevia market size is estimated to be worth USD 647.7 million in 2022 and is forecast to be a readjusted size of USD 1016.5 million by 2028 with a CAGR of 7.8% during the review period.
Major Factors Driving The Growth Of The Stevia Market
The stevia industry is going to rise rapidly due to the increasing base of health-conscious consumers and preference for natural sugar beverages. Stevia is also used extensively in the pharmaceutical and cosmetics industry due to its antimicrobial, antihypertensive, antioxidant, and skin hydration properties.
Moreover, the continuous product innovations and use as natural sweeteners in dietary food supplements will boost the growth of the global stevia market.
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TRENDS INFLUENCING THE GROWTH OF THE STEVIA MARKET
Stevia acts as an excellent low-calorie natural sweetener. It has widespread applications in the food and beverage sector. The increasing prevalence of chronic diseases such as obesity, diabetes has prompted consumers to shift to healthy lifestyles. Hence manufacturers are using stevia as a natural substitute to artificial sugar in dietary supplements, beverages, pet foods, etc. These factors are expected to propel the growth of the stevia market in the coming years.
Stevia extracts have antimicrobial, antioxidant, antidiabetic, and antihypertensive effects. It can be used for treating depression, gastrointestinal tract issues, ulcers, and yeast infections. According to a study in the journal of medicinal food, stevia can also cure endocrine disorders. Raw stevia is used in contraceptive pills and for cholesterol suppression. This will surge the global stevia market.
The cosmetics industry uses stevia as a natural ingredient for making skin soft, supple, wrinkle-free. It contains an aqueous extract that prevents the growth of bacteria, removes irritation, and prevents acne growth.
Key players are coming out with various product innovations to meet the rising demands of consumers. Coffee brightener, sweetener products are being launched to meet the increasing consumption of stevia-based products. Moreover, covid 19 has surged the sales of dietary supplements which are low on calories, sugar and boost immunity. This in turn is expected to drive the growth of the stevia market during the forecast period.
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STEVIA MARKET SHARE ANALYSIS
Based on application, the beverages segment will provide lucrative opportunities for growth due to increasing awareness levels regarding low sugar and natural sweetener-based beverages. However, the food segment will grow the fastest due to changes in food consumption patterns and a shift towards healthier food choices.
Based on region, North America is expected to dominate due to the increasing prevalence of chronic diseases and demand for low-calorie, sugar-free products. On the other hand, Asia-Pacific will witness the fastest growth due to rapid industrialization, a growing diabetic population, and the increasing popularity of natural food products.
Based on components, the Reb-A segment will dominate in the stevia market share due to ease of use, widespread availability, and low cost. The Reb M segment will grow the fastest due to sweetness, potency, lack of bitterness, and multiple applications in the food and beverages sector.
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Market By Region
North America
Europe
Asia-Pacific
Latin America
Middle East & Africa
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Market By Company
Purecircle Limited
Qufu Xiangzhou Stevia
Layn
Zhucheng Haotian
Cargill (Evolva)
Sunwin Stevia International
GLG Life Tech
Tate & Lyle
Morita Kagakau Kogyo
Tianjin Jianfeng
Hunan NutraMax
HuZhou LiuYin Biological
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SIMILAR REPORTS
Global Plant Extracts Market Insights & Forecast from 2028 - https://reports.valuates.com/market-reports/QYRE-Auto-24F539/global-plant-extracts
Global Stevia Extract Market - https://reports.valuates.com/market-reports/QYRE-Auto-15J4168/global-stevia-extract
Global Sugar Substitutes Market Outlook 2022 - https://reports.valuates.com/market-reports/QYRE-Auto-33C2936/global-sugar-substitutes
Nutritional Analysis Market - https://reports.valuates.com/reports/QYRE-Auto-33I2800/global-nutritional-analysis
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