Stevia Market Will Reach USD 1016.5 Million By 2028 With A CAGR of 7.8% - Valuates Reports
BANGALORE, India, March 30, 2022 /PRNewswire/ -- Stevia Market is segmented by Type - Reb-A Series, STV Series, Glucosyl Stevia, Reb M, Reb D, Segment by Application - Health Care Products, Food, Beverage, Pharmaceutical Industry, Cosmetics, Others. Global Opportunity Analysis and Industry Forecast 2022 - 2028. It is published in Valuates Reports under the Agriculture & Forestry Category.
The global Stevia market size is estimated to be worth USD 647.7 million in 2022 and is forecast to be a readjusted size of USD 1016.5 million by 2028 with a CAGR of 7.8% during the review period.
Major Factors Driving The Growth Of The Stevia Market
The stevia industry is going to rise rapidly due to the increasing base of health-conscious consumers and preference for natural sugar beverages. Stevia is also used extensively in the pharmaceutical and cosmetics industry due to its antimicrobial, antihypertensive, antioxidant, and skin hydration properties.
Moreover, the continuous product innovations and use as natural sweeteners in dietary food supplements will boost the growth of the global stevia market.
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TRENDS INFLUENCING THE GROWTH OF THE STEVIA MARKET
Stevia acts as an excellent low-calorie natural sweetener. It has widespread applications in the food and beverage sector. The increasing prevalence of chronic diseases such as obesity, diabetes has prompted consumers to shift to healthy lifestyles. Hence manufacturers are using stevia as a natural substitute to artificial sugar in dietary supplements, beverages, pet foods, etc. These factors are expected to propel the growth of the stevia market in the coming years.
Stevia extracts have antimicrobial, antioxidant, antidiabetic, and antihypertensive effects. It can be used for treating depression, gastrointestinal tract issues, ulcers, and yeast infections. According to a study in the journal of medicinal food, stevia can also cure endocrine disorders. Raw stevia is used in contraceptive pills and for cholesterol suppression. This will surge the global stevia market.
The cosmetics industry uses stevia as a natural ingredient for making skin soft, supple, wrinkle-free. It contains an aqueous extract that prevents the growth of bacteria, removes irritation, and prevents acne growth.
Key players are coming out with various product innovations to meet the rising demands of consumers. Coffee brightener, sweetener products are being launched to meet the increasing consumption of stevia-based products. Moreover, covid 19 has surged the sales of dietary supplements which are low on calories, sugar and boost immunity. This in turn is expected to drive the growth of the stevia market during the forecast period.
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STEVIA MARKET SHARE ANALYSIS
Based on application, the beverages segment will provide lucrative opportunities for growth due to increasing awareness levels regarding low sugar and natural sweetener-based beverages. However, the food segment will grow the fastest due to changes in food consumption patterns and a shift towards healthier food choices.
Based on region, North America is expected to dominate due to the increasing prevalence of chronic diseases and demand for low-calorie, sugar-free products. On the other hand, Asia-Pacific will witness the fastest growth due to rapid industrialization, a growing diabetic population, and the increasing popularity of natural food products.
Based on components, the Reb-A segment will dominate in the stevia market share due to ease of use, widespread availability, and low cost. The Reb M segment will grow the fastest due to sweetness, potency, lack of bitterness, and multiple applications in the food and beverages sector.
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Market By Region
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa
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Market By Company
- Purecircle Limited
- Qufu Xiangzhou Stevia
- Layn
- Zhucheng Haotian
- Cargill (Evolva)
- Sunwin Stevia International
- GLG Life Tech
- Tate & Lyle
- Morita Kagakau Kogyo
- Tianjin Jianfeng
- Hunan NutraMax
- HuZhou LiuYin Biological
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SIMILAR REPORTS
- In 2020, the global Stevia Extract market size was USD 483.4 million and it is expected to reach USD 738.1 million by the end of 2027, with a CAGR of 6.2% during 2021-2027.
- The global Stevia Drinks market size is estimated to be worth USD 766.4 million in 2022 and is forecast to a readjusted size of USD 1048.9 million by 2028 with a CAGR of 5.4% during the review period.
- In 2020, the global Natural Sweeteners market size was USD 21630 million and it is expected to reach USD 27940 million by the end of 2027, with a CAGR of 3.7% during 2021-2027.
- The global Sugar Substitutes market size is projected to reach USD 16460 million by 2027, from USD 13380 million in 2020, at a Compound Annual Growth Rate (CAGR) of 2.6% during 2021-2027.
- The global plant extract market is estimated to be worth USD 17790 million in 2022 and is projected to reach USD 31170 million by 2028 with a CAGR of 9.8% during the forecast period.
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