Stevia Market is estimated to reach US$ 956.82 Mn with a CAGR of 8.7% from 2021 to 2028

Stevia Market: Key Insights

According to the latest market study on "Stevia Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Type (Whole Leaf, Powder, and Liquid) and Application (Dairy and Frozen Dessert, Bakery and Confectionery, Tabletop Sweeteners, Beverages, and Others)," the market was valued at US$ 539.68 million in 2021 and is projected to reach US$ 965.82 million by 2028; it is expected to grow at a CAGR of 8.7% from 2021 to 2028.

Stevia is a plant that is native to the tropical regions in Western North America to South America, including countries like Brazil and Paraguay. The leaf extract of the stevia plant is used as a natural sweetener having various health benefits such as it helps in lowering blood glucose and blood pressure levels. Stevia in the market is available in the form of powder, liquid, or leaf where the powder is made up of intensely sweet glycosides derived from the leaves of stevia. Stevia finds its application as a natural and non-caloric sweetener.

Stevia is a natural sweetener that is used as a substitute for sugar and is derived from the leaves of the plant species Stevia rebaudiana, which are mostly grown in Brazil and Paraguay. The active compounds: steviol glycosides makes stevia 30-150 times sweeter than sugar along with being heat-stable, pH stable, and not fermentable.

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Increasing Consumer Inclination Toward Natural Sweeteners

With the increasing incidence of diabetes and obesity worldwide, consumers are progressively shifting toward natural sweetening products. According to the International Diabetes Foundation, 641 million people will have diabetes by 2040, rising from 415 million in 2015. Obesity is a prevalent disease that leads to diabetes along with other chronic diseases such as hypertension, metabolic syndrome, cardiovascular risk, and retinopathy. The authorities across the world are focusing on a healthier lifestyle, which includes a reduction in the number of calories consumed, especially added sugar.

The World Health Organization (WHO) has recommended a decrease in added sugars in the daily lifestyle. To lower the amount of sugar intake, consumers prefer natural sweeteners such as stevia, which helps in weight management by reducing added sugar and calories. Along with this, in Europe, consumers are increasingly consuming products having no added sugar. According to the 2020 New Nutrition Business survey, two-thirds of European consumers are trying to lower their sugar intake due to the increasing rate of obesity and diabetes, which has led to an increased demand for stevia in Europe. Thus, an increase in consumer inclination toward natural sweeteners is driving the growth of the stevia market.

Stevia Market: Competitive Landscape

Cargill, Incorporated; Ingredion Incorporated; Tate & Lyle PLC; GLG LIFE TECH CORP; ADM; Sunwin Stevia International, Inc.; S&W Seed Company; Morita Kagaku Kogyo Co., Ltd.; Zhucheng Haotian Pharm Co., Ltd.; and PureCircle are among well-established players in the global stevia market.

Companies in the market are adopting strategies such as product developments, plant expansions, and mergers and acquisitions to expand their footprint worldwide and meet the growing demand from end users. For instance, in 2019, PureCircle developed and is now expanding use of a new stevia leaf variety which offers notable advantages compared to previous generations of stevia plants. Carefully cultivated by PureCircle and successfully field-tested, more significant quantities of its great-tasting next-generation stevia ingredients. With that greater yield, the new stevia variety provides further cost-effectiveness as more significant quantities of ingredients can be sourced from each leaf.

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This release was published on openPR.