Stevia Market to Witness Robust Growth, Surpassing US$ 0.9 Bn by 2031, PMR Analysis

The stevia market is witnessing significant growth due to rising consumer preference for natural sweeteners and increasing awareness about the health benefits associated with stevia. With an expanding application base in food and beverage, pharmaceuticals, and personal care industries, the market is set to grow steadily over the forecast period.

𝐆𝐞𝐭 𝐚 𝐠𝐥𝐚𝐧𝐜𝐞 𝐚𝐭 𝐭𝐡𝐞 𝐒𝐚𝐦𝐩𝐥𝐞 𝐫𝐞𝐩𝐨𝐫𝐭 𝐚𝐭 -https://www.persistencemarketresearch.com/samples/3834

The global stevia market is expected to reach approximately US$ 0.5 billion by 2024 and is projected to grow at a CAGR of 8.1%, reaching an estimated US$ 0.9 billion by 2031. Factors such as increased demand for low-calorie and sugar-free products, coupled with regulatory approvals and innovations in stevia-based formulations, are expected to drive market expansion.

Market Overview

Stevia, a natural sweetener derived from the leaves of the Stevia rebaudiana plant, is widely used as a sugar substitute. Its zero-calorie content and high-intensity sweetness make it a popular choice in various industries. The market for stevia has been driven by the growing health-conscious population and increasing cases of obesity, diabetes, and other lifestyle diseases.

Key Growth Determinants

Rising Health Consciousness: Increasing demand for natural, low-calorie sweeteners is propelling the market forward.

Expanding Applications: Utilization in food and beverage, pharmaceuticals, and personal care sectors is widening the market scope.

Regulatory Support: Favorable government policies and approvals are fostering market expansion.

Innovation in Product Development: Manufacturers are focusing on improving taste profiles and solubility, enhancing consumer acceptance.

Major Growth Barriers

Taste Limitations: Bitter aftertaste and flavor-masking challenges can hinder adoption.

High Production Costs: Processing and refinement of stevia can be cost-intensive.

Competition from Artificial Sweeteners: Market penetration faces challenges from established synthetic alternatives.

Key Trends and Opportunities to Look At

Increased Use in Beverages: Stevia is becoming a preferred sweetener in soft drinks, flavored water, and alcoholic beverages.

Rising Demand for Organic Stevia: Growing inclination towards organic products is creating new opportunities.

Expansion in Emerging Markets: Rising disposable incomes and increasing awareness in Asia-Pacific and Latin America are boosting demand.

Technological Advancements: Improved extraction techniques and novel formulations are enhancing product appeal.

Regional Frontrunners

North America: Leading due to high demand for sugar alternatives and presence of key industry players.

Europe: Growing market due to stringent sugar consumption regulations and increasing health consciousness.

Asia-Pacific: Rapid expansion driven by rising diabetic population and increasing stevia cultivation in countries like China and India.

Latin America: Steady growth due to increasing applications in food and beverage industries.

Key Market Players

PureCircle Ltd.
Cargill Inc.
Tate & Lyle PLC
Ingredion Incorporated
GLG Life Tech Corporation
Stevia Corp.
Sunwin Stevia International, Inc.
Morita Kagaku Kogyo Co., Ltd.
Zhucheng Haotian Pharm Co., Ltd.
Archer Daniels Midland Company

Market Segmentation

By Nature

Organic
Conventional

By Form

Powder
Liquid
Dried leaves

By End Use

Food and Beverage
Dietary Supplements
Household/Retail
Others

By Distribution Channel

Business to Business
Business to Consumer

By Region

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

Conclusion

The stevia market is poised for remarkable growth, driven by increasing health consciousness and demand for natural sweeteners. Continuous innovations in formulation and regulatory support are expected to boost market expansion. While challenges such as taste limitations and production costs exist, the growing applications and regional expansion present significant opportunities for industry players to capitalize on the rising demand.

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This release was published on openPR.