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Stevia Global Market Report 2024 Market Size, Growth Demand, Analysis 2024-2033"
Stevia Global Market Report
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According to The Business Research Company's, The stevia market size has grown rapidly in recent years. It will grow from $0.83 billion in 2023 to $0.92 billion in 2024 at a compound annual growth rate (CAGR) of 11.6%. The growth in the historic period can be attributed to health and wellness trends, increasing obesity concerns, preference for natural ingredients, regulatory support, consumer shift from artificial sweeteners.
The stevia market size is expected to see rapid growth in the next few years. It will grow to $1.48 billion in 2028 at a compound annual growth rate (CAGR) of 12.4%. The growth in the forecast period can be attributed to continued health consciousness, rising diabetes awareness, expanding food and beverage industry, preference for clean label products, global dietary shifts. Major trends in the forecast period include development of stevia-infused functional and wellness products, increasing utilization in non-alcoholic and alcoholic beverages, introduction of stevia-based sweet snacks and confectionery, shift towards clear and transparent stevia labeling, collaborations and partnerships in stevia research and development.
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Market Drivers and Trends:
The rising prevalence of diabetes and obesity is expected to propel the growth of the stevia market in the forecast period. The main causes leading to obesity are unhealthy lifestyle, physical inactivity, overeating, genetics, increase in stress levels which rises the risk of diabetes, heart disease, and certain cancers. For instance, in July 2021, according to the International Diabetes Federation (IDF), a Belgium-based diabetes organization, the number of people with diabetes worldwide is predicted to reach 537 million in 2021, 643 million in 2030, and 783 million in 2045. It is expected that in 2021, complications arising from diabetes will result in the passing of approximately 6.7 million individuals aged between 20 and 79. Additionally, according to the World Obesity Atlas 2022, published by the World Obesity Federation, a UK-based non-profit organization, one billion people globally, including 1 in 5 women and 1 in 7 men, will be living with obesity by 2030, and that number will increase to 4 billion people, or 51% of the global population, by 2035. As the prevalence of diabetes and obesity rises, customers are looking for zero-calorie natural sweeteners to help them maintain a healthy lifestyle and keep their blood sugar levels in check. Thus, the demand for stevia is estimated to increase, driving the growth of the market.
Major companies operating in the stevia market are developing innovative products, such as liquid stevia-based sweeteners, to meet larger customer bases, increase sales, and increase revenue. Liquid stevia-based sweeteners are sweetening products derived from the leaves of the stevia plant (Stevia rebaudiana) that have been processed into a liquid form. For instance, in July 2022, Sweegen, Inc., a US-based manufacturer of stevia-based sweeteners, launched Bestevia LQ. Bestevia LQ stands out with its unique features tailored for applications such as carbonated soft drinks, confectionery items, liquid sweeteners, dessert toppings, and concentrated fruit or flavored syrup. Specifically designed to tackle solubility challenges, enhance product stability, and facilitate precise measurement, Bestevia.LQ is formulated for ease of handling in both laboratory and factory environments. Notably, it caters to companies with manufacturing facilities that do not utilize stevia in powder form, offering a convenient alternative.
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• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
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• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
Cargill Inc., Archer Daniels Midland Company, PepsiCo Inc., The Coca-Cola Company, Ingredion Incorporated, WhiteWave Services Inc., Tate & Lyle plc, SunOpta Inc., SweetLeaf Stevia, BENEO GmbH, Stevia Corp, Real Stevia Company, Sweet Green Fields LLC, Guilin Layn Natural Ingredients Corp, S&W Seed Co, GL Stevia Co Ltd., Sunwin Stevia International Inc., PureCircle Ltd., Pyure Brands LLC, Bioplus Life Sciences Pvt Ltd., Evolva Holding S.A., GLG Life Tech Corp, Foodchem International Corporation, Hunan Nutramax Inc., Sunrise Nutrachem Group Co Ltd., Zhucheng Haotian Pharma Co Ltd, Wisdom Natural Brands, Shandong Aojing Biotechnology Co Ltd., Morita Kagaku Kogyo Co Ltd, Ganzhou Julong High-Tech Industrial Co Ltd., Arista Industries Inc., Martin Bauer GmbH Co, Health Plus Inc., Kerry Group plc, Whole Earth Brands Inc., Steviva Ingredients Inc., Layn Corporation, Taos Inc., Biolotus Technology Jiangsu Inc., Sino-Food Machinery Co Ltd., Nutra Food Ingredients LLC
Stevia Market 2024 Key Insights:
• The stevia market size is expected to see rapid growth in the next few years. It will grow to $1.48 billion in 2028 at a compound annual growth rate (CAGR) of 12.4%.
• Stevia Market Growth Fueled By Escalating Diabetes And Obesity Rates
• Innovative Advancements In The Stevia Market
• Asia-Pacific was the largest region in the stevia market share in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info
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Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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