Stevia Market Overview:
The Stevia Market will obtain an estimated valuation of USD 1,714.27 Million and register a CAGR of 10.20% by 2030 in the forecast period.
Today’s generation’s preference to consume natural sweeteners rather than artificial ones has increased the demand for stevia. It is now used in various food products. Hence, the Stevia Market in the application is propelling.
The rising consumer awareness of using health-beneficial food products with low-calorie content is acting as a growth catalyst in the market. A higher number of chronic disease patients, such as obese and diabetic people, consider stevia a better alternative to sugar. Moreover, it is also used to enhance the flavors of dishes. It is sprinkled on overcooked meat, cereals, vegetables, and salads to add taste. It adds a flavorful sweet taste and increases its nutritional value. Due to these factors, the Stevia Market is noticing massive demand.
The industrial players of the market are developing in the food and beverages industry to introduce natural and low-calorie sweeteners, with the predominant focus on stevia. Consumers of developed economies like the United States, United Kingdom, etc., are highly inclined toward low-sugar content fruits and vegetable juices which is rising the market demand.
The industrial players’ activities include new product releases with innovations in the food and beverage sector. The requirement to meet the sugar substitute demand of consumers to maintain a healthy lifestyle is bringing great opportunities for the market. Moreover, with effective techniques development, stevia extracts have become capable of a flavoring agent. These growth factors and opportunities will drive the Stevia Market growth rate and revenue in the upcoming years.
Market Segments:
The Stevia Market is segmented into two major segments – type and application.
Based on the type of segment, the market constitutes of whole leaf, powder, liquid, and others. The application segment is classified into dairy, convenience foods, tabletop sweeteners, bakery confectionery, beverages, and others.
Regional Analysis:
The regional growth analysis of Stevia Market shows its tremendous growth in top regions such as Asia-Pacific, North American region, Europe, and other regions of the world.
The Asia Pacific region is showing dominating growth in terms of share, followed by North America. The rising per capita income of consumers with accelerated the demand for stevia sweeteners is driving the regional market here. The Asia-Pacific market is noticing rapid progress with huge investments from several multinational manufacturers of developing countries such as China, Japan, and India. The other regions are also showing decent growth rates with good market share.
Key Players:
The key Stevia Market Players include Cargill, Incorporated,Ingredion Incorporated,Tate Lyle PLC.,Archer-Daniels-Midland Company,Tereos,GLG Life Tech Corp.,NOW Foods,Fooding Group Limited,HOWRAIN,Sunwin Stevia International Inc.
Industry News:
In July 2021, Layn built a stevia plant to meet the growing global demand for natural sweeteners. The company invested USD 148 million in its new production facility. The facility can process 4,000 tons of stevia leaf extract per year.
In April 2021, Archer-Daniels-Midland Company established a new plant-based innovation lab in Singapore at ADM’s Biopolis research hub. The lab has developed “next-level and ongoing-trend” nutritious products to meet the rising demand for food and beverage demand in Asia-Pacific.
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