Stevia Market to Reach $876.5 Million, Globally, by 2034 at 4.8% CAGR: Allied Market Research

The growth of the stevia market is driven by increase in demand from the beverage sector, rise in concerns over diabetes, obesity, regulatory restrictions on artificial sweeteners, and surge in preference for clean-label, natural sugar substitutes. 

WILMINGTON, Del., Aug. 14, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, "Stevia Market by Form (Powder Extracts and Liquid Extracts), Application (Bakery & Confectionery, Beverages, Sweeteners and Others), Source (Conventional and Organic), End-Use (Food & Beverages and Pharmaceuticals): Global Opportunity Analysis and Industry Forecast, 2024-2033". According to the report, the stevia market was valued at $534.2 million in 2023, and is estimated to reach $876.5 million by 2034, growing at a CAGR of 4.8% from 2024 to 2034.

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Prime determinants of growth 

The growth of the stevia market is primarily increased owing to the rising consumer demand for natural, low-calorie sweeteners due to rising health concerns such as diabetes and obesity is a significant driver. The beverage industry's adoption of stevia as a sugar substitute in response to consumer demand for healthier options contributes to market growth. Regulatory restrictions on certain artificial sweeteners also play a role, as stevia is perceived as a safer alternative. Moreover, the growing preference for clean-label ingredients and the approval of stevia by regulatory bodies further drive market expansion. These factors collectively fuel the growth of the stevia market as it continues to gain traction as a natural and healthier sweetening option across various industries.

Report coverage & details: 

Segment Highlights 

The demand for powder extracts is driven by several factors. Powder extracts offer convenience and versatility in various applications, including beverages, confectionery, and baked goods, making them highly sought-after by manufacturers. The powdered form allows for easy blending and incorporation into different product formulations, enhancing its appeal to food and beverage producers. Moreover, powder extracts typically have a longer shelf life compared to liquid or granulated forms, offering better storage stability, and reducing the risk of spoilage. This extended shelf life makes powder extracts a preferred choice for manufacturers looking to maintain product quality and integrity over time. 

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The demand for bakery & confectionery in stevia market is influenced by multiple factors. Firstly, there is a growing consumer demand for healthier alternatives in baked goods and confectionery products, driven by concerns over obesity and diabetes. Stevia, as a natural, low-calorie sweetener, aligns perfectly with this trend, offering manufacturers the opportunity to create indulgent treats with reduced sugar content.  Moreover, stevia's stability under high temperatures makes it well-suited for use in baking applications, where maintaining sweetness and flavor integrity is crucial. Its ability to replace sugar without compromising taste or texture further enhances its appeal to bakery and confectionery producers. 

The demand for organic products in stevia market is driven by numerous factors. In addition, there is a growing consumer preference for organic products due to heightened awareness of health and environmental concerns. Organic stevia is perceived as a cleaner and more sustainable option, free from synthetic pesticides, fertilizers, and GMOs, appealing to health-conscious and environmentally conscious consumers alike. Moreover, organic stevia aligns with the clean label trend, where consumers prioritize transparency and natural ingredients in their food and beverage choices. The organic certification assures consumers of the product's authenticity and adherence to stringent organic farming practices. 

The demand for food & beverages in stevia market is driven by various factors. There is a growing consumer demand for healthier food and beverage options, driven by increasing concerns over obesity, diabetes, and overall wellness. Stevia, as a natural, low-calorie sweetener, perfectly meets this demand by offering a healthier alternative to traditional sugar. Moreover, the versatility of stevia makes it suitable for a wide range of food and beverage applications, including soft drinks, dairy products, snacks, baked goods, and sauces. Its ability to maintain sweetness and flavor stability under various processing conditions further enhances its appeal to manufacturers in the food and beverage industry.

Regional Outlook 

Asia-Pacific has a significant share and dominance in the stevia market. The region's increasing beverage sector, fueled by shifting consumer preferences towards healthier options, drives the demand for stevia as a natural, low-calorie sweetener. Rising concerns over diabetes and obesity drive the adoption of stevia as a sugar substitute in various food and beverage products. Moreover, regulatory restrictions on certain artificial sweeteners further bolster the market for stevia, given its perceived safety and natural origin. Furthermore, the growing demand for clean-label ingredients in the region, driven by consumers' increasing awareness of dietary choices and preference for natural alternatives, provides a conducive environment for stevia's growth. Favorable regulatory outlooks and approvals also contribute to the region's dominance, as regulatory bodies support the use of stevia as a safe and effective food additive. 

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Players: - 

• Ingredion Incorporated 
• Tate & Lyle PLC 
• Archer Daniels Midland Company 
• Cargill Incorporated 
• Zhucheng Haotian Pharma Co. Ltd 
• Sunwin Stevia International 
• Daepyung 
• GLG Life Tech 
• Evolva and Jhuingda Phytoextract 

The report provides a detailed analysis of these key players in the global stevia market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

Recent Development: 

• In October 2022, Ingredion Incorporated collaborated with HowGood which is a SaaS data platform with the largest food and personal care product sustainability database. This partnership will provide data transparency on Ingredion's top products and new product innovations, which, combined with Ingredion's aim of sourcing 99% of its global crop supply sustainably by 2025. 
• In March 2022, Cargill announced its strategy of sweetening stevia products with the commercial availability of its EverSweet + ClearFlo technology. According to the company, combining Cargill's stevia sweetener with a natural flavor, the new sweetener system provides multiple benefits, including flavor modification, faster dissolution, and improved solubility and stability in formulations.

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