Stevia Market will grow at highest pace owing to rising health awareness

The stevia market includes various products derived from the leaves of the stevia plant which are used as a natural zero-calorie sweetener. Stevia extract is around 150-300 times sweeter than sugar but contains no calories, making it an attractive option for people managing diabetes or looking to reduce sugar and calorie intake. It is heat stable and does not promote tooth decay like sugar. The widespread acceptance of stevia-based sweeteners by the food and beverage industry is driving growth.

The Global Stevia Market is estimated to be valued at US$ 1.79 Bn in 2024 and is expected to exhibit a CAGR of 8.7% over the forecast period 2024 To 2031.

Key Takeaways
Key players operating in the stevia are Nestlé S.A., The Coca-Cola Company, PepsiCo Inc., Cargill Inc., Evolva Holding S.A., PureCircle Ltd., Stevia Corp., Ingredion Inc., GLG Life Tech Corp., and Tate & Lyle Plc. Growing health consciousness among consumers is driving demand for low-calorie and natural sweeteners like stevia. Technological advancements are enabling extraction of various stevia glycosides leading to development of products with customized taste profiles for different applications in the food and beverage industry.

Market Trends
Increased use in beverages: Stevia Market Growth is increasingly being used in carbonated drinks, fruit juices, dairy products and sports drinks as a sugar substitute. Regulatory approvals are further boosting its adoption.
New extraction technologies: Companies are developing techniques like membrane separation and selective crystallization to extract specific steviol glycosides and customize the sweetness. This is expanding product options.

Market Opportunities
Use in pharmaceuticals: Steviol glycosides have therapeutic applications and stevia extracts show potential to be used as an alternative to synthetic drugs for conditions like hypertension.
Use as table-top sweetener: Consumers are showing preference for natural zero-calorie sweeteners in packaged food. This creates opportunities for stevia-based table-top sweeteners.

Impact of COVID-19 on Stevia Market Growth
The COVID-19 pandemic has impacted the growth of the stevia market both positively and negatively. Initially, when lockdowns were imposed globally, supply chain disruptions and travel restrictions significantly affected the supply of stevia leaf and extracts. This led to shortages of stevia-based products in the market. However, as people were confined to their homes, the demand for packaged food and beverages spiked which aided sales of low-calorie sweeteners like stevia. Many consumers also switched to healthier food options during the pandemic which further boosted the demand for natural sweeteners.

Despite the initial disruptions, stevia producers adapted well by improving logistics and distribution networks. They also focused on digital marketing strategies to drive sales online. Many companies launched affordable multi-pack products and offers to attract consumers. As lockdowns eased in 2021, production and supply were restored. Stevia producers expect continued demand growth in the coming years as consumers prioritize health amid the ongoing threat of COVID-19. However, rising input costs due to inflation could impact profit margins if not passed on carefully to customers. Future strategies involve portfolio expansion, strategic partnerships and investments in new extraction technologies to reduce costs and ensure supply stability.

Geographical Regions with Highest Stevia Market Concentration
North America currently holds the largest share of the global stevia market in terms of value sales. The US accounts for the major portion due to strong demand for low-calorie food and beverages. The growing health consciousness among Americans and the rise of obesity have augmented the consumption of stevia extracts and powders as natural sweetening solutions. Europe is the second largest regional market led by countries like UK, Germany and France where stevia products are widely used across food, drinks and dietary supplement industries.

Asia Pacific is considered the fastest growing region for stevia market globally. Emerging middle-class populations and rising disposable incomes in countries like China, India and Indonesia are driving the sales of premium health products containing stevia. Japan is also a prominent Asian market owing to high sugar awareness and steady adoption of natural sweeteners instead of artificial variants. Other regions including Latin America and the Middle East are projected to witness steady growth in demand for stevia extracts.

Get more insights on Stevia Market