Global Stevia Market Report and Forecast 2024-2032

Global Stevia Market Outlook

The global stevia market size attained a value of approximately USD 843.19 million in 2023. The market is expected to grow further in the forecast period of 2024-2032 at a CAGR of 10.7%, reaching a value of USD 2114.51 million by 2032.

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Stevia can help manage diabetes, promote weight loss, control blood pressure, lower cholesterol, preserve oral health, enhance skincare, and protect against osteoporosis. The prevalence of various health concerns and conditions including obesity and diabetes as well as the rising demand for natural sweeteners are the primary drivers of the stevia market growth.

Consumers have switched to stevia, natural sweeteners, and stevia market products as a result of the increased awareness of the harmful health effects of sugar-sweetened drinks (SSBs), commonly known as sweetened beverages. As per the stevia market report, health risks of high sugar consumption have prompted more consumers to purchase food items with healthier substitutes in order to minimise their intake of sugar, helping prevent obesity, diabetes, and similar conditions.

The availability of stevia extract in various forms, such as powder, liquid, and leaves, as well as the expanding use of these ingredients in products like beverages, baked goods, confections, dairy goods, and cereal-based items, among other things, are expected to increase the stevia market demand in the future. Pharmaceuticals, cosmetics, and other industries also employ stevia extracts. Another factor anticipated to contribute to the global market's continued revenue growth during the forecast period is the expansion of application areas and end products, which would further contribute to the demand for stevia and the stevia ingredient market size.

Stevia Market Segmentation

Stevia, a natural sweetener, is derived from the leaves of Stevia rebaudiana. Steviol glycosides, the active compounds in stevia, are 30 to 150 times sweeter than sugar.

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On the basis of extract type, the market is categorised into:

• Powder

• Liquid

• Leaf

Based on end use, the market is divided into: 

• Beverages

• Food Products

• Tabletop Sweeteners

• Pharmaceuticals

• Others

The report also covers the regional stevia markets like North America, the Asia Pacific, Europe, Latin America, and the Middle East and Africa.

Stevia Market Analysis

The rising health concern and consumer awareness about drinks with high sugar content is increasing the stevia market size as consumers are seeking low-calorie alternatives. The rising demand for dietary food is aiding the high-intensity natural sweetener industry leading to the higher utilisation of steviol glycosides. The trend towards health and wellness has also led to a growth in the demand for natural sweeteners over artificial sweetener, particularly for the natural sweeteners derived from the stevia plant.

The global stevia market share is also increasing due to the increasing number of food and beverage companies seeking to reduce sugar in their products due to the rising consumer demand for healthier products along with schemes by various governments like levies on sugar and sugary products. The growing innovations taking place in the applications sectors of stevia, especially in the sports and energy drinks sector are further aiding the global stevia market growth.

The global stevia market is finding further impetus for its growth in its growing application in the non-food sectors as well. The pharmaceutical sector, especially, is emerging as a fast-growing application sector for stevia. It is also finding growing uses in the health and beauty segments where it is used in toothpaste and health supplements as a sweetener.

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Regional Analysis

According to the stevia market research, the Asia Pacific and Europe are the leading stevia regional markets. The two regions are witnessing increasing use of the natural sweetener with each passing year. While the Asia Pacific accounts for 40% of the global stevia consumption, Europe represents over a fifth of the global stevia market in terms of consumption.

In the Asia Pacific, the market is being driven by the growing alternative sweetener industry. According to the stevia industry outlook, the alternative sweetener market in the region is being driven by the increasing health concern due to the rising number of people suffering from obesity and diabetes. The Asia Pacific region is a leading producer in the market, with China being its largest producer. Japan, on the other hand, is a leading consumer of the natural sweetener in the region. Stevia accounts for nearly 40% of the sweetener industry in Japan.

European producers, meanwhile, import stevia leaves from other overseas markets and process them to extract pure stevia sweetener, thus affecting the stevia market price in the country. The two leading regions in the market, the Asia Pacific and Europe, also contributed to the most food and beverage products launches containing stevia.

Latin America and North America are the other significant stevia markets. These markets are driven by the growing rates of obesity and diabetes in the regions along with government schemes discouraging sugar consumption. The natural sweetener finds its maximum application in soft drinks in Latin America and North America. Sports nutrition and dairy are the other leading application sectors in the areas.

In North America, in countries like the United States, Canada, and Mexico, the stevia industry size is increasing owing to the higher consumption of ready-to-drink beverages, which are projected to be a leading application sector for the natural sweetener in the entire North America in the coming years. In the United States, the market for natural sweeteners is projected to witness a healthy growth. The North America stevia market is finding impetus for its growth in the robust production and export of non-alcoholic beverages. Meanwhile, the stevia market Middle East and Africa is also expected to witness growth in the coming years, fuelled by major players investing in the region and increasing incorporation of stevia into traditional foods.

Competitive Landscape

The report provides a detailed insight into the following key players in the global stevia market, covering their market share, capacity, and latest developments like capacity expansions, mergers, acquisitions, and investments, and plant turnarounds:

• Layn Corp.

• Cargill, Incorporated

• ADM

• Ingredion Incorporated

• Tate & Lyle

• GLG Life Tech Corporation

• Pyure Brands LLC

• Sunwin Stevia International Inc

• Steviva Brands, Inc.

• Zhucheng Haotian Pharm Co., Ltd. (“HOWTIAN”)

• MORITA KAGAKU KOGYO CO., LTD.

• Wisdom Natural Brands

• SweeGen, Inc

• Hunan NutraMax Inc.

• The Real Stevia Company

• Others

The comprehensive report by EMR looks into the manufacturing process and the costs involved. It gives an assessment of the global stevia market based on the Porter’s Five Forces model. A SWOT analysis has also been provided.

Key Highlights of the Report

Stevia Market Report Snapshots

Stevia Market Size

Stevia Market Analysis

Stevia Market Regional Analysis

Stevia Companies