Stevia Market Dynamics Suggest Jump to US$ 1.387 Bn by 2032 - Persistence Market Research

The stevia market has garnered considerable attention in recent years due to its positioning as a zero-calorie, plant-derived alternative to sugar. By 2025, the global stevia market is forecast to be valued at US$ 773.6 million, with projections indicating it will surge to approximately US$ 1,387.10 million by 2032, growing at a robust CAGR of 8.70%. Stevia's expanding popularity stems from escalating concerns about the health risks associated with sugar, including diabetes and obesity. According to the International Diabetes Federation, over 537 million adults were living with diabetes globally in 2023-a figure expected to rise to 643 million by 2030.

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A parallel trend driving this market is the global shift towards clean-label and natural food ingredients. Approximately 64% of consumers prefer products with transparent, easily recognizable components. Stevia-being a plant-based, non-GMO sweetener-perfectly aligns with this preference. Organic stevia is expected to grow steadily at a CAGR of 3.3% during the forecast period. Regionally, Asia Pacific dominates with a projected 49.4% market share by 2025, propelled by rising disposable incomes, high diabetes incidence, and cultural alignment with natural sweeteners.

Key Highlights from the Report:

➤ Powder form of stevia will command a 43.2% market share in 2025 due to ease of storage and wide usage.
➤ Asia Pacific region to account for 49.4% of global stevia market share by 2025.
➤ Food and beverage sector expected to remain the leading consumer with a 37.4% share.
➤ Organic stevia segment is projected to grow at a CAGR of 3.3% during the forecast period.
➤ Europe is anticipated to grow at a CAGR of 10.1% through 2032 due to policy initiatives reducing sugar use.
➤ Technological advances such as fermentation and taste-masking are enhancing product quality.

Market Segmentation

The market is categorized by nature (organic and conventional), form (powder, liquid, and dried leaves), end-use (food and beverages, bakery, dairy, dietary supplements, household use, and others), and distribution channel (B2B, B2C, online retail, hypermarkets, etc.). Powdered stevia remains the dominant form due to its long shelf life and ease of integration into various recipes and products. Food and beverage applications continue to lead, especially in ready-to-drink beverages, confectionery, and dairy alternatives.

Regional Insights

Asia Pacific holds a significant portion of the market due to the prevalence of diabetes in countries like India and China, as well as a cultural inclination towards herbal and natural remedies. Rising income levels and urbanization are fostering demand for premium, healthy alternatives. Europe follows as a high-growth region, driven by legislative support like the UK's sugar tax and France's Nutrition Program. North America remains steady, while Latin America and the Middle East present emerging opportunities.

Market Drivers

Growing health consciousness and rising awareness about the harmful effects of excessive sugar intake are central to stevia's rise. Diets like low-carb have pushed demand for alternatives that don't spike insulin levels. Stevia's plant-based, non-caloric nature appeals to vegan and health-conscious consumers, while government interventions such as sugar taxes are nudging both consumers and manufacturers toward reduced-sugar products.

Market Restraints

Despite its health advantages, stevia continues to face resistance due to its bitter aftertaste, particularly when used in high concentrations. High production costs, especially for high-purity glycosides like Reb M and Reb D, deter widespread use in cost-sensitive markets. These taste and cost challenges have limited its adoption in certain segments and geographies.

Market Opportunities

Advancements in extraction and fermentation technologies are promising to reduce production costs and improve taste profiles. Collaborations with major food and beverage companies allow stevia producers to gain R&D resources, distribution networks, and wider market exposure. Blending stevia with other natural sweeteners like monk fruit or allulose also enhances flavor while maintaining health benefits, expanding the market's reach.

Frequently Asked Questions (FAQs):

◆ How big is the stevia market and what is its expected value by 2032?
◆ What is the market forecast for stevia over the 2025-2032 period?
◆ Who are the key players in the global stevia market?
◆ Which region is forecasted to dominate the stevia market in coming years?
◆ What CAGR is projected for the stevia market during the forecast period?

Company Insights

• Tate & Lyle
• Ingredion Incorporated
• Cargill, Incorporated
• PureCircle
• Wisdom Natural Brands
• Archer Daniels Midland Company
• SOPURE STEVIA
• Steviva Brands
• GLG LIFE TECH CORP
• The Truvia Company, LLC

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