Stevia Market Projected to Reach US$ 698.2 Million by 2033

The global stevia market is valued at US$ 382.5 million in 2023, with a projected increase to US$ 698.2 million by 2033. During the projection period, the global market will grow at a CAGR of 6.2%.

The market for stevia is expanding due to increased demand for calorie-free, all-natural sweeteners. Given the increased worry about sugar's potential negative health effects, stevia's plant-based origin and zero-calorie properties have grown in popularity. Acceptance of healthier options in the food and beverage business, which encourages innovation and product variety, is driving market growth.

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Even now, the long shelf life and easy shipment of stevia powder extract have an impact on expansion ambitions. Powder extract, which also comprises stevia mixes and glycosides, is expected to account for nearly 90% of the market in 2021, therefore companies are concentrating their efforts solely on this sector.

Although conventional stevia retains a substantial market share, demand for organic variants is expected to surge in the coming years. The organic stevia market is expanding due to increased health awareness and consumer preference for healthier products.

Stevia is commonly found in dairy products, baked goods, dietary supplements, drinks, packed meals, confections, snacks, tabletop sweeteners, and other commodities (including electrolyte powder and pharmaceutical formulations). The widespread use of beverages contributes greatly to the makers' profits.

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

One of the main factors driving the expansion of the stevia market is assistance from health organizations and governments. The food and beverage business manufacturers must utilize the proper ingredients to win the consumers' trust because they now determine a product's safety by checking for certifications and government clearance.

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

Stevia, a natural sweetener, is reshaping the food and beverage industry," the research manager, referencing their recent market research study. "With increasing consumer demand for healthier alternatives to sugar, Stevia's market growth is significant and poised for further expansion in various product categories.

-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 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 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. Trust and transparency have become major challenges in the food and beverages industry, as governments don't lay down any strict regulations and guidelines 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. Manufacturers need to adopt cleaner practices to sell their clean-label food products without alienating consumers' trust.

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.

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-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

Explore FMI's related ongoing Coverage in the Food and Beverage Market Domain:

Organic Stevia Market:https://www.futuremarketinsights.com/reports/organic-stevia-market

Naturally Derived Sweeteners Market:https://www.futuremarketinsights.com/reports/naturally-derived-sweeteners-market

High-Intensity Sweetener Market:https://www.futuremarketinsights.com/reports/high-intensity-sweetener-market

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This release was published on openPR.