“Global Stevia Market to reach a market value of USD 1.5 Billion by 2031 growing at a CAGR of 7.8%”
The Global Stevia Market size is expected to reach $1.5 billion by 2031, rising at a market growth of 7.8% CAGR during the forecast period. In the year 2023, the market attained a volume of 12,488.77 tonnes, experiencing a growth of 11.5% (2020-2023).
To meet the demands of health-conscious consumers, food and beverage companies are integrating stevia into an extensive array of products, such as baked goods, confectionery, dairy, and beverages. Thus, the food and beverage segment acquired $289.77 million in 2023. Also, the Canada market would consume 271.20 tonnes of stevia in food and beverage segment. Soft drink manufacturers are reformulating their products to reduce sugar content and appeal to health-conscious consumers. Stevia offers an ideal solution for achieving sweetness without the added calories of sugar.
Stevia offers sweetness without the calories. Stevia is virtually devoid of calories, as opposed to sugar, which is abundant in calories and has been linked to adverse health effects, including weight gain. This makes it an attractive option for individuals looking to reduce their calorie intake, manage their weight, or maintain a healthier diet. Thus, these factors can help in the growth of the market.
Additionally, Stevia’s plant-based origin resonates with consumers looking for clean-label options closer to nature. An essential characteristic of stevia is its capacity to impart sweetness to products while preventing the addition of calories. Hence, these aspects will pose lucrative growth prospects for the market.
However, many consumers have grown accustomed to the taste of sugar and may find stevia’s flavor profile to be noticeably different. The perceived aftertaste or bitterness of stevia can be off-putting to individuals accustomed to sugar’s clean sweetness, leading them to prefer traditional sweeteners over Stevia-based alternatives. Therefore, these aspects can restrain the growth of the market.
Based on distribution channel, the market is divided into offline and online. In 2023, the offline segment witnessed a 64% revenue share in the market. In terms of volume, the offline segment would consume 15,120.56 tonnes of stevia by 2031. The growing popularity of stevia as a natural sweetener has led to increased retail presence and shelf space in stores worldwide.
Based on form, the market is segmented into powder, liquid, and leaf. In 2023, the liquid segment garnered a significant 36% revenue share in the market. In terms of volume, the liquid segment would consume 6,691.18 tonnes of stevia by 2031. Liquid stevia products offer convenience and ease of use, allowing consumers to precisely control the sweetness level in beverages, foods, and recipes. The liquid form allows easy mixing and blending, making it suitable for various applications, including beverages, smoothies, baked goods, and desserts. Therefore, owing to these factors, there will be enhanced demand in the segment.
On the basis of end user, the market is divided into food & beverages, pharmaceuticals, retail and others. The food and beverages segment recorded 34.3% revenue share in the market in 2023. In terms of volume, the food and beverages segment would consume 4,319.86 tonnes of stevia by 2031. As governments and public health organizations implement measures to address rising obesity rates and sugar-related health issues, there is growing demand for low-calorie and sugar-free options in the food and beverage industry.
By type, the market is segmented into reb A, reb M, and reb D. In 2023, the reb M segment acquired a considerable 31% revenue share in the market. In terms of volume, the reb M segment would consume 8,258.93 tonnes of stevia by 2031. Consumers are increasingly seeking natural ingredients with minimal processing. Reb M fits this trend perfectly as it is derived from the stevia leaf and is perceived as a more natural alternative to artificial sweeteners.
Free Valuable Insights: Global Stevia Market size to reach USD 1.5 Billion by 2031
By region, the market is segmented into North America, Europe, Asia Pacific, and LAMEA. The Asia Pacific segment procured a 38.4% revenue share in the market in 2023. In terms of volume, the Asia Pacific region would consume 10,580.98 tonnes of stevia by 2031. In recent years, as a result of rising obesity rates and other associated health issues (e.g., cardiovascular disease, diabetes), consumers in Asia Pacific have become more health conscious. As a result, there is a growing preference for healthier dietary choices, including reduced sugar consumption. Hence, the segment will grow rapidly in the coming years.
| Report Attribute | Details |
|---|---|
| Market size value in 2023 | USD 842.6 Million |
| Market size forecast in 2031 | USD 1.5 Billion |
| Base Year | 2023 |
| Historical Period | 2020 to 2022 |
| Forecast Period | 2024 to 2031 |
| Revenue Growth Rate | CAGR of 7.8% from 2024 to 2031 |
| Quantitative Data | Volume in Tonnes, Revenue in USD Billion, and CAGR from 2020 to 2031 |
| Number of Pages | 369 |
| Number of Tables | 870 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Type, Form, Distribution Channel, End User, Region |
| Country scope |
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| Companies Included | Ingredion Incorporated, Tate & Lyle Plc, The Coca Cola Company, PepsiCo, Inc., Archer Daniels Midland Company, Pyure Brands, LLC, Cargill, Incorporated, S&W Seed Company, Morita Kagaku Kogyo Co., Ltd., Evolva Holdings SA |
By Distribution Channel (Volume, Tonnes, USD Billion, 2020-2031)
By Form (Volume, Tonnes, USD Billion, 2020-2031)
By End User (Volume, Tonnes, USD Billion, 2020-2031)
By Type (Volume, Tonnes, USD Billion, 2020-2031)
By Geography (Volume, Tonnes, USD Billion, 2020-2031)
This Market size is expected to reach $1.5 billion by 2031.
Increasing consumer demand for natural sweeteners are driving the Market in coming years, however, Issues about perceived taste and flavor profile restraints the growth of the Market.
Ingredion Incorporated, Tate & Lyle Plc, The Coca Cola Company, PepsiCo, Inc., Archer Daniels Midland Company, Pyure Brands, LLC, Cargill, Incorporated, S&W Seed Company, Morita Kagaku Kogyo Co., Ltd., Evolva Holdings SA
In the year 2023, the market attained a volume of 12,488.77 tonnes, experiencing a growth of 11.5% (2020-2023).
The Reb A segment is generating the highest revenue in the Market by Type in 2023; thereby, achieving a market value of $746.6 million by 2031.
The Asia Pacific region dominated the Market by Region in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $601.9 million by 2031.
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