Stevia is a natural low-calorie sweetener obtained from the leaves of the plant species Stevia rebaudiana. It is widely used as a tabletop sweetener and in food & beverage processing as a sugar substitute. Stevia is approximately 300 times sweeter than sugar but contains no calories. The increasing health consciousness among consumers and growing prevalence of obesity and diabetes have propelled the demand for low-calorie sweeteners like stevia.

The Global Stevia Market is estimated to be valued at US$ 825.4 Bn in 2024 and is expected to exhibit a CAGR of 17.% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the Stevia Market Demand are Merck, iCo Therapeutics, AEterna Zentaris, AEterna Zentaris AG, Eurofins Advinus, Pieris Pharmaceuticals, Dafra Pharma. Stevia extracts and powders have emerged as a popular low-calorie alternative to sugar and artificial sweeteners in the food & beverage industry. Key companies are focused on expanding their stevia product portfolio and global footprint through collaborations, mergers, and acquisitions. With its high sweetening potential and negligible calories, stevia offers immense opportunities for use in a variety of food products around the world. Global food manufacturers are increasingly adopting stevia in their formulations to cater to worldwide demand for healthier food options.

Market Drivers and Restraints

Growing health awareness and rising incidence of lifestyle diseases such as obesity, diabetes have fueled the demand for low-calorie sweeteners like stevia. Stevia contains no calories, is several times sweeter than sugar and helps manage blood sugar levels. This makes it an ideal sugar substitute for diabetics and health-conscious people. Extensive research on stevia’s health benefits and commercial-scale cultivation of the plant have ensured steady supply and falling prices, boosting its marketability. However, higher costs compared to other sweeteners remain a key restraint. Delivering taste profiles preferred by local customers also poses a challenge. Consumer skepticism over the sweetener’s natural status and potential side effects could impede rapid market adoption.

Segment Analysis
The stevia market can be segmented based on form as powder, liquid, and leaf. The powder segment dominates the market as it is highly convenient to use in various food and beverage products. It has minimal impact on the texture and taste of the final products. Powder form of stevia is highly soluble and easily blends with other ingredients during processing of food items like bakery goods, chocolates, etc.

The stevia market can also be segmented based on application as beverages, food, pharmaceuticals, and others. The beverage segment holds the largest share as stevia is widely used as a natural low-calorie sweetener in the production of soft drinks, juices, energy drinks, and flavored water. Stevia helps beverage manufacturers develop healthier and diabetic-friendly drink options.

Global Analysis
In terms of region, North America dominates the global stevia market. Increased health awareness and growing diabetic population steer the demand for low-calorie sweeteners in the region. The shift towards natural ingredients in the food industry also drives market growth. Asia Pacific exhibits the fastest growth in the stevia market due to rising food and beverages consumption in developing economies like China and India. Asia Pacific provides immense growth opportunities for stevia manufacturers with its large consumer base looking for healthy sweetening solutions. Emerging nations ramp up stevia production through collaborations with global leaders for ensuring domestic supply and cost competitiveness.

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