Stevia Beverages Market Outlook, Top Key Players Analysis, Current Trends, Development Status, CAGR of 8.9% Forecast 2031

The global stevia beverages industry generated $225.1 million in 2021, and is anticipated to generate $523.5 million by 2031, witnessing a CAGR of 8.9% from 2022 to 2031.

Rise in health awareness among consumers, increase in disposable income, changes in consumption pattern, surge in participation of people in different physical exercises & sports, and need for healthy lifestyle drive the growth of the global stevia beverages market. However, the high cost restricts the market growth. Moreover, the growth in popularity of plant-based products, the increasing availability of stevia-sweetened beverages, technological advancements in stevia extraction and formulation present new opportunities in the coming years.

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Companies are developing new flavors of stevia-based beverages to appeal to a wider range of consumers. This can make the products more appealing to a larger customer base. Companies add functional ingredients, such as vitamins, minerals, or herbs, to stevia-based beverages to make them more appealing to health-conscious consumers. This can increase the perceived health benefits of the product and make it more attractive to consumers. Moreover, use of new packaging, such as biodegradable or recyclable materials, to make the products more environmentally friendly.

Numerous health benefits that stevia provides have attracted the attention of manufacturers for the utilization of the product in yogurt, tea, and coffee. As the millennial populace is opting for low-calorie food & drinks, the demand for stevia is likely to increase. Besides being used in the preparation of go-to drinks, stevia is ground & sprinkled on cooked vegetables, salads, cereals, and meat to add a specific flavor to them. There are numerous ways in which stevia can be used. As a result, manufacturers of various food & beverages are experimenting and discovering new ways to reduce the calorific content of the beverages without compromising on its taste which surge the stevia beverages market demand.

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The stevia beverages market analysis on depending on type, application, distribution channel, and region. By type, it is divided into powder, liquid, and other. As per application, it is segregated into soft drinks, RTD tea & coffee, RTD juice, sports drinks, and other beverages. According to distribution channel, it is classified into e-commerce, hypermarkets/supermarkets, convenience stores, independent retailers, and others. Region wise, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (the UK, France, Germany, Russia, Spain, Italy, and rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia, and rest of Asia-Pacific), and LAMEA (Brazil, Argentina, Chile, Saudi Arabia, Africa, and rest of LAMEA).

Based on region, Asia-Pacific held the highest market share in terms of revenue in 2021, accounting for nearly two-fifths of the global stevia beverages market, and is likely to dominate the market during the forecast period. This region is expected to witness the fastest CAGR of 9.5% from 2022 to 2031. Increase in spending capabilities, due to high population and rapid urbanization. The independent retailer distribution channel plays a significant part in delivering stevia beverages in the Asia-Pacific region due to its reach to remote and rural areas. Most of the people in Asia-Pacific reside in rural areas and the supermarkets/hypermarkets are only restricted to urban cities.

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Leading Market Players:

Stevi0cal,
Plus Beverages,
Zevia,
ViStevia,
Merisant Company,
Steaz,
PepsiCo, Inc.,
The Coca-Cola Company,
Group Krisda Stevia of Canada Inc

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