The stevia market has been gaining traction over the years due to its versatile usage in food & beverages and pharmaceutical applications. Stevia is a naturally derived zero-calorie sweetener extracted from the leaves of stevia rebaudiana plant. It is about 200-300 times sweeter than sugar but contains no calories. Stevia products such as liquid, powder and leaf extracts are widely used by food manufacturers to sweeten various food products including yogurts, drinks, candies without comprising on the taste. Stevia helps in reducing sugar content in foods and beverages, thereby appealing health-conscious consumers. Furthermore, stevia is beneficial for diabetics as it does not spike insulin levels.

The Global Stevia Market is estimated to be valued at US$1.2 billion in 2024 and is expected to exhibit a CAGR of 10% over the forecast period 2024-2031.

Key Takeaways
Key players operating in the stevia market are Cargill, Incorporated, Tate & Lyle PLC, PureCircle, GLG Life Tech Corporation, Archer Daniels Midland Company, Sunwin Stevia International, Inc., S&W Seed Company and Pyure Brands LLC.

The Stevia Market demand for stevia has been increasing owing to rising health awareness among consumers and growing diabetic population worldwide. Stevia helps provide a sugar-free and low-calorie sweetening solution. Furthermore, stevia extract variants including reb A and reb M are widely accepted for usage in foods and beverages.

Major stevia producing companies are undertaking strategic expansion initiatives to strengthen their global footprint. For instance, PureCircle expanded its stevia leaf farming areas and opened new application innovation centers to cater to the demand from international food and beverage giants.

Market Key Trends
The usage of organic stevia is gaining traction in the market. Consumers are preferring natural and organic alternatives to artificial sweeteners. Many stevia producers are focusing on developing new organic stevia varieties and extracts. Furthermore, innovations in stevia extraction technologies using environment-friendly methods are helping meet the demand for clean-label and organic stevia products.

Porter's Analysis
Threat of new entrants: The threat of new entrants is moderate as the stevia market requires technical know-how and high capital investment for R&D and production facilities. However, the market is growing at a rapid pace attracting new players.

Bargaining power of buyers: The bargaining power of buyers is high. Buyers can choose among domestic and international players offering stevia based products. Buyers also have options to switch to alternative natural sweeteners thereby pressurizing stevia producers on pricing.

Bargaining power of suppliers: The bargaining power of suppliers is moderate as there are numerous suppliers for raw materials used for stevia production. However, quality standards and certification requirements pose entry barriers for new suppliers.

Threat of new substitutes: The threat of new substitutes is high as stevia faces competition from other natural sweeteners such as monk fruit extract, tagatose, xylitol and erythritol. Ongoing R&D may lead to new natural substitutes further strengthening competitive pressures.

Competitive rivalry: The competitive rivalry is high among the top stevia producing companies competing in the global market on the basis of quality, purity levels, product innovation and price.

Geographical Regions
North America accounts for the largest share of the global stevia market, both in terms of production and consumption. This is attributed to rising health consciousness and increasing demand for low-calorie food and beverages.

Asia Pacific region is poised to be the fastest growing market for stevia. Countries like China, Indonesia and India offer huge production capacities and increasing domestic demand for stevia and stevia based products.

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Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)