The global stevia market is expected to be worth USD 355 million in 2022, rising to USD 708.1 million by 2032, at a 7.2% CAGR from 2022 to 2032. By the end of 2022, the stevia market is estimated to account for 12.7% of the total natural sweetener market.
The demand for calorie-free, all-natural sweeteners is boosting the market for stevia. Given the growing concern about sugar’s potential negative health impacts, stevia’s plant-based origin and zero-calorie characteristics have gained much more appeal. The acceptance of healthier options in the food and beverage industry, which promotes innovation and product variety, is fueling market expansion.
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Stevia powder extract’s long shelf life and convenient shipment impact expansion plans even now. The market share of powder extract, which also includes stevia blends and glycosides, is predicted to be approximately 90% in 2021, thus, companies are focusing their efforts exclusively on this sector.
Although conventional stevia continues to hold a sizable market share, demand for organic varieties will skyrocket in the next years. Growing consumer preference for healthier products and rising health awareness drive the organic stevia market’s expansion.
Dairy products, baked goods, dietary supplements, drinks, packed meals, confections, snacks, tabletop sweeteners, and other goods (including electrolyte powder and pharmaceutical formulations) frequently contain stevia. The extensive use of beverages contributes significantly to the makers’ earnings.
WHO & Government Support for the Use of Stevia in the Food & Beverages Industry Boosting the Market Growth
One of the main factors driving the expansion of the stevia market is assistance from health organizations and governments. The food and beverage business manufacturers must utilise the proper ingredients to win the consumers’ trust because they now determine a product’s safety by checking for certifications and government clearance.
Stevia has received approval from various regulatory bodies to be used as a natural sweetener in several end-use applications, offering significant impetus to the market growth.
Stevia, a natural sweetener, is reshaping the food and beverage industry,” the research manager, referencing their recent market research study. “With increasing consumer demand for healthier alternatives to sugar, Stevia’s market growth is significant and poised for further expansion in various product categories.
Stevia’s Acceptance Rate is Soaring, and FMI has listed Key Opportunities. Find out New Revenue Streams:
Key Companies Profiled:
- Cargill Incorporated
- Ingredion Incorporated
- Koninklijke DSM NV
- Tate and Lyle Plc.
- Sunwin Stevia International, Inc.
- GLG Life Tech Corp
- Evolva Holding SA Nemours & Co
- Archer Daniels Midland Company
- Stevia Nutra Corp.
Manufacturers Emphasize Building Consumer Trust through Transparency in Production
New technologies have provided consumers the accessibility to smart labels, through which they can track the journey of the products. Consumers are asking food companies to increase the transparency of their products, going beyond free-from status, ingredients, and nutritional levels.
Buyers are demanding to understand the background of the products – from where and how the ingredients were sourced to the manufacturing of the end product. Trust and transparency have become major challenges in the food and beverages industry, as governments don’t lay down any strict regulations and guidelines regarding clean labeling.
Companies have started using clean labeling as a catchword for promotional and marketing purposes and have taken advantage of this to sell their products as clean label products. Manufacturers need to adopt cleaner practices to sell their clean-label food products without alienating consumers’ trust.
This study by FMI offers insights into the stevia market for the forecast period of 2022-2032. The stevia market is projected to record a CAGR of ~ 7.2% during the predefined timeframe.
Global Stevia Market by Category:
By Nature, Global Stevia Market is segmented as:
- Organic Stevia
- Conventional Stevia
By Type, Global Stevia Market is segmented as:
- Liquid Extract
- Powder Extract
- Stevia Blends
- Glycoside (40%-79%)
- Glycoside (80% and above)
- Stevia Leaves
By Application, Global Stevia Market is segmented as:
- Dairy Food Products
- Bakery Products
- Packaged Food Products
- Dietary Supplements
- Confectionery Products
- Table Top Sweeteners
- Others (Electrolyte Mixes and Medicinal Formulations)
By Region, Global Stevia Market is segmented as:
- North America
- Latin America
- East Asia
- South Asia
- Middle East & Africa
Nandini Roy Choudhury (Client Partner for Food & Beverages at Future Market Insights, Inc.) has 7+ years of management consulting experience. She advises industry leaders and explores off-the-eye opportunities and challenges. She puts processes and operating models in place to support their business objectives.
She has exceptional analytical skills and often brings thought leadership to the table.
Nandini has vast functional expertise in key niches, including but not limited to food ingredients, nutrition & health solutions, animal nutrition, and marine nutrients. She is also well-versed in the pharmaceuticals, biotechnology, retail, and chemical sectors, where she advises market participants to develop methodologies and strategies that deliver results.
Her core expertise lies in corporate growth strategy, sales and marketing effectiveness, acquisitions and post-merger integration and cost reduction. Nandini has an MBA in Finance from MIT School of Business. She also holds a Bachelor’s Degree in Electrical Engineering from Nagpur University, India.
Nandini has authored several publications, and quoted in journals including Beverage Industry, Bloomberg, and Wine Industry Advisor.
Explore FMI’s related ongoing Coverage on the Food and Beverage Market Domain:
Organic Stevia Market : is expected to grow at a CAGR of 3.6%. The market value projected to increase is from USD 907.4 Million in 2022 to USD 1,292.5 Million by 2032.
Naturally Derived Sweeteners Market : is estimated to reach a valuation of USD 9.6 Bn by 2022 and exceed USD 17 Bn by 2032, growing at a CAGR of 5.9% during the forecast period 2022-2032.
High-Intensity Sweetener Market : is valued at USD 2.0 Billion in 2022 and is projected to grow at a CAGR of 6.1% during the forecast period, to reach a value of USD 3.6 Billion by 2032. Newly released data from Future Market Insights market analysis shows that global High-Intensity Sweetener demand is projected to grow year-on-year (Y-o-Y) growth of 3.3% in 2022.
Sweetener Market : expected to grow at a CAGR of 3.8%. The sweetener market share value is projected to increase from US$ 108.6 Billion in 2022 to US$ 157.7 Billion by 2032.
GCC Functional Food Market : The revenue generated from the sales of functional foods in GCC countries is estimated to be around US$ 30.9 Bn by 2032, and is projected to expand at a CAGR of 11% during the forecast period 2022-2032.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5,000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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The post Stevia Market Surges to US$ 708.1 Million by 2032, Fuelled by Rising Demand for Calorie-Free, All-Natural Sweeteners and Growing Health Concerns Over Sugar appeared first on Future Market Insights.