Inkwood Research estimates that the global stevia market will record a CAGR of 7.24% during the forecast period, and will reach revenue of $828.02 million by 2028. The base year considered for the study is 2020, and the estimated period is between 2021 and 2028. Stevia is a naturally occurring sweetener with low calories and glycemic index. It is roughly 200 times sweetened than the typical sweeteners. It has various applications in industries such as pharmaceuticals and food & beverage. The rising demand for natural sweeteners above artificial sweeteners is projected to offer massive prospects for market growth during the forecast period.
GLOBAL STEVIA MARKET FORECAST 2021-2028
Global Stevia Market by Form (Powder, Liquid, Leaf, Others) by Application (Bakery, Dairy Food Products, Beverages, Dietary Supplements, Confectionery, Other Applications) and by Geography
Inkwood Research estimates that the global stevia market will record a CAGR of 7.24% during the forecast period, and will reach revenue of $828.02 million by 2028. The base year considered for the study is 2020, and the estimated period is between 2021 and 2028.
Stevia is a naturally occurring sweetener with low calories and glycemic index. It is roughly 200 times sweetened than the typical sweeteners. It has various applications in industries such as pharmaceuticals and food & beverage. The rising demand for natural sweeteners above artificial sweeteners is projected to offer massive prospects for market growth during the forecast period.
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Key factors driving the global stevia market growth are:
- Widening applications of stevia in the food & beverage industry
- Rising demand among diabetic and obese consumers
- Increasing consumer inclination toward clean-label
- The awareness of clean-label food among customers has urged companies to replace high-calorie polyols with natural sweeteners.
- As per the Stevia Institute internal survey, around 60% of Americans favor low-calorie sugar alcohols in their food. Hence, several companies, including Nestle, PepsiCo, Coca-Cola, Groupe Danone, Grupo Bimbo, Kraft Heinz, etc., have publicly committed to eliminating synthetic sweeteners from their products.
- Surge in demand for natural sweeteners
Key market growth restraints:
- Easy availability of substitutes
- Stevia has gained high traction due to the various sectors in the food & beverage industry and pharmaceutical industry. However, there are many substitutes for stevia available in the market.
- Thus, the availability of such natural sweeteners poses a potential threat to the stevia market that is expected to hamper the value sales growth in the future.
- Limited production and price fluctuation of stevia leaf
The report scope of the global stevia market covers the segmentation analysis of form and application.
Market by Application:
- Bakery
- Dairy Food Products
- Dairy food products are the fastest-growing application.
- Stevia is a valuable ingredient in reducing sugars in dairy applications. Its benefits include superb stability and flexibility of usage in a wide category of dairy products, such as ice cream, flavored milk, and yogurt.
- The leading manufacturers of dairy products are gradually adopting stevia for low-sugar formulations, as it can be incorporated alone or in combination with sugar or other high-intensity sweeteners.
- Beverages
- Dietary Supplements
- Confectionery
- Other Applications
Geographically, the global stevia market has been segmented on the basis of four major regions, which includes:
- North America: The United States and Canada
- Europe: The United Kingdom, Germany, France, Italy, Spain, Belgium, Poland, Russia, and Rest of Europe
- The Europe stevia market is estimated to record the highest CAGR.
- The food & drink industry is the largest manufacturing sector in terms of turnover and employment in Europe. It contributes majorly to Europe’s economy. The food and drink industry in the EU is a resilient and robust sector, and has been witnessing stable growth.
- Asia Pacific: China, Japan, India, South Korea, Thailand, Indonesia, Vietnam, Australia & New Zealand, and Rest of Asia Pacific
- Rest of World: Latin America, the Middle East & Africa
The major players in the global stevia market are:
- Evolva Holdings
- Stevia Corp
- PureCircle
- Cargill Inc
- Others
Key strategies adopted by some of these companies:
- In December 2020, Tate & Lyle PLC (Tate & Lyle), announced the acquisition of Sweet Green Fields (SGF), a leading global stevia solutions business.
- In December 2019, Ingredion and SweeGen extended their agreement for three more years to distribute SweeGen’s stevia sweeteners.
Key findings of the global stevia market:
- The growing demand for natural sweeteners is proliferating market growth.
- Powder is the fastest-growing form in the global stevia market.
- The increasing adoption of stevia for animal feed is another factor fueling market growth.
Frequently Asked Questions & Answers (FAQs):
- Which form of stevia is anticipated to dominate the overall market?
A: Liquid stevia is anticipated to dominate the overall market.
- Which country offers lucrative growth opportunities for the stevia market?
A: Italy offers lucrative growth opportunities for the stevia market.
- Which are the top companies operating in the Stevia Market?
A: PureCircle, Cargill Inc, Evolva Holdings, etc., are among the top companies operating in the stevia market.
- RESEARCH SCOPE & METHODOLOGY
- STUDY OBJECTIVES
- SCOPE OF STUDY
- METHODOLOGY
- ASSUMPTIONS & LIMITATIONS
- EXECUTIVE SUMMARY
- MARKET SIZE & ESTIMATES
- MARKET OVERVIEW
- MARKET DYNAMICS
- KEY DRIVERS
- WIDENING APPLICATIONS OF STEVIA IN FOOD & BEVERAGE INDUSTRY
- RISING DEMAND AMONG DIABETIC AND OBESE CONSUMERS
- INCREASING CONSUMER INCLINATION TOWARD CLEAN-LABEL
- SURGE IN DEMAND FOR NATURAL SWEETENERS
- KEY RESTRAINTS
- EASY AVAILABILITY OF SUBSTITUTES
- LIMITED PRODUCTION AND PRICE FLUCTUATION OF STEVIA LEAF
- KEY DRIVERS
- KEY ANALYTICS
- IMPACT OF COVID-19 ON STEVIA MARKET
- KEY INVESTMENT INSIGHTS
- PORTER’S FIVE FORCE ANALYSIS
- BUYER POWER
- SUPPLIER POWER
- SUBSTITUTION
- NEW ENTRANTS
- INDUSTRY RIVALRY
- OPPORTUNITY MATRIX
- VENDOR LANDSCAPE
- MARKET BY FORM
- POWDER
- LIQUID
- LEAF
- OTHERS
- MARKET BY APPLICATION
- BAKERY
- DAIRY FOOD PRODUCTS
- BEVERAGES
- DIETARY SUPPLEMENTS
- CONFECTIONERY
- OTHER APPLICATIONS
- GEOGRAPHICAL ANALYSIS
- NORTH AMERICA
- KEY GROWTH ENABLERS
- KEY CHALLENGES
- KEY PLAYERS
- COUNTRY ANALYSIS
- UNITED STATES
- CANADA
- EUROPE
- KEY GROWTH ENABLERS
- KEY CHALLENGES
- KEY PLAYERS
- COUNTRY ANALYSIS
- UNITED KINGDOM
- GERMANY
- FRANCE
- ITALY
- SPAIN
- RUSSIA
- BELGIUM
- POLAND
- REST OF EUROPE
- ASIA PACIFIC
- KEY GROWTH ENABLERS
- KEY CHALLENGES
- KEY PLAYERS
- COUNTRY ANALYSIS
- CHINA
- JAPAN
- INDIA
- SOUTH KOREA
- INDONESIA
- THAILAND
- VIETNAM
- AUSTRALIA & NEW ZEALAND
- REST OF ASIA PACIFIC
- REST OF WORLD
- KEY GROWTH ENABLERS
- KEY CHALLENGES
- KEY PLAYERS
- REGIONAL ANALYSIS
- LATIN AMERICA
- MIDDLE EAST & AFRICA
- NORTH AMERICA
- COMPETITIVE LANDSCAPE
- KEY STRATEGIC DEVELOPMENTS
- MERGER & ACQUISITIONS
- PRODUCT LAUNCH & DEVELOPMENTS
- PARTNERSHIP, CONTRACT/AGREEMENT & COLLABORATION
- BUSINESS EXPANSION
- COMPANY PROFILES
- ARCHER DANIELS MIDLAND COMPANY (ADM)
- BENEO GMBH
- CARGILL INC
- FOODCHEM INTERNATIONAL CORPORATION
- FRAKEN BIOCHEM CO LTD
- HAIHANG INDUSTRY CO LTD
- INGREDION INC
- PURECIRCLE
- TATE & LYLE PLC
- VAN WANKUM INGREDIENTS
- GLG LIFE TECH CORP
- HYET SWEET BV
- GUILIN LAYN NATURAL INGREDIENTS CORP
- EVOLVA HOLDING
- STEVIA CORP
- SUNWIN STEVIA INTERNATIONAL INC
- KEY STRATEGIC DEVELOPMENTS
LIST OF TABLES
TABLE 1: MARKET SNAPSHOT – STEVIA
TABLE 2: GLOBAL STEVIA MARKET, BY FORM, HISTORICAL YEARS, 2016-2020 (IN $ MILLION)
TABLE 3: GLOBAL STEVIA MARKET, BY FORM, FORECAST YEARS, 2021-2028 (IN $ MILLION)
TABLE 4: GLOBAL POWDER MARKET, BY REGION, HISTORICAL YEARS, 2016-2020 (IN $ MILLION)
TABLE 5: GLOBAL POWDER MARKET, BY REGION, FORECAST YEARS, 2021-2028 (IN $ MILLION)
TABLE 6: GLOBAL LIQUID MARKET, BY REGION, HISTORICAL YEARS, 2016-2020 (IN $ MILLION)
TABLE 7: GLOBAL LIQUID MARKET, BY REGION, FORECAST YEARS, 2021-2028 (IN $ MILLION)
TABLE 8: GLOBAL LEAF MARKET, BY REGION, HISTORICAL YEARS, 2016-2020 (IN $ MILLION)
TABLE 9: GLOBAL LEAF MARKET, BY REGION, FORECAST YEARS, 2021-2028 (IN $ MILLION)
TABLE 10: GLOBAL OTHERS MARKET, BY REGION, HISTORICAL YEARS, 2016-2020 (IN $ MILLION)
TABLE 11: GLOBAL OTHERS MARKET, BY REGION, FORECAST YEARS, 2021-2028 (IN $ MILLION)
TABLE 12: GLOBAL STEVIA MARKET, BY APPLICATION, HISTORICAL YEARS, 2016-2020 (IN $ MILLION)
TABLE 13: GLOBAL STEVIA MARKET, BY APPLICATION, FORECAST YEARS, 2021-2028 (IN $ MILLION)
TABLE 14: GLOBAL BAKERY MARKET, BY REGION, HISTORICAL YEARS, 2016-2020 (IN $ MILLION)
TABLE 15: GLOBAL BAKERY MARKET, BY REGION, FORECAST YEARS, 2021-2028 (IN $ MILLION)
TABLE 16: GLOBAL DAIRY FOOD PRODUCTS MARKET, BY REGION, HISTORICAL YEARS, 2016-2020 (IN $ MILLION)
TABLE 17: GLOBAL DAIRY FOOD PRODUCTS MARKET, BY REGION, FORECAST YEARS, 2021-2028 (IN $ MILLION)
TABLE 18: GLOBAL BEVERAGES MARKET, BY REGION, HISTORICAL YEARS, 2016-2020 (IN $ MILLION)
TABLE 19: GLOBAL BEVERAGES MARKET, BY REGION, FORECAST YEARS, 2021-2028 (IN $ MILLION)
TABLE 20: GLOBAL DIETARY SUPPLEMENTS MARKET, BY REGION, HISTORICAL YEARS, 2016-2020 (IN $ MILLION)
TABLE 21: GLOBAL DIETARY SUPPLEMENTS MARKET, BY REGION, FORECAST YEARS, 2021-2028 (IN $ MILLION)
TABLE 22: GLOBAL CONFECTIONERY MARKET, BY REGION, HISTORICAL YEARS, 2016-2020 (IN $ MILLION)
TABLE 23: GLOBAL CONFECTIONERY MARKET, BY REGION, FORECAST YEARS, 2021-2028 (IN $ MILLION)
TABLE 24: GLOBAL OTHER APPLICATIONS MARKET, BY REGION, HISTORICAL YEARS, 2016-2020 (IN $ MILLION)
TABLE 25: GLOBAL OTHER APPLICATIONS MARKET, BY REGION, FORECAST YEARS, 2021-2028 (IN $ MILLION)
TABLE 26: GLOBAL STEVIA MARKET, BY GEOGRAPHY, HISTORICAL YEARS, 2016-2020 (IN $ MILLION)
TABLE 27: GLOBAL STEVIA MARKET, BY GEOGRAPHY, FORECAST YEARS, 2021-2028 (IN $ MILLION)
TABLE 28: NORTH AMERICA STEVIA MARKET, BY COUNTRY, HISTORICAL YEARS, 2016-2020 (IN $ MILLION)
TABLE 29: NORTH AMERICA STEVIA MARKET, BY COUNTRY, FORECAST YEARS, 2021-2028 (IN $ MILLION)
TABLE 30: LEADING PLAYERS OPERATING IN NORTH AMERICA STEVIA MARKET
TABLE 31: EUROPE STEVIA MARKET, BY COUNTRY, HISTORICAL YEARS, 2016-2020 (IN $ MILLION)
TABLE 32: EUROPE STEVIA MARKET, BY COUNTRY, FORECAST YEARS, 2021-2028 (IN $ MILLION)
TABLE 33: LEADING PLAYERS OPERATING IN EUROPE STEVIA MARKET
TABLE 34: ASIA PACIFIC STEVIA MARKET, BY COUNTRY, HISTORICAL YEARS, 2016-2020 (IN $ MILLION)
TABLE 35: ASIA PACIFIC STEVIA MARKET, BY COUNTRY, FORECAST YEARS, 2021-2028 (IN $ MILLION)
TABLE 36: LEADING PLAYERS OPERATING IN ASIA PACIFIC STEVIA MARKET
TABLE 37: REST OF WORLD STEVIA MARKET, BY REGION, HISTORICAL YEARS, 2016-2020 (IN $ MILLION)
TABLE 38: REST OF WORLD STEVIA MARKET, BY REGION, FORECAST YEARS, 2021-2028 (IN $ MILLION)
TABLE 39: LEADING PLAYERS OPERATING IN REST OF THE WORLD STEVIA MARKET
LIST OF FIGURES
FIGURE 1: KEY INVESTMENT INSIGHTS
FIGURE 2: PORTER’S FIVE FORCE ANALYSIS
FIGURE 3: OPPORTUNITY MATRIX
FIGURE 4: VENDOR LANDSCAPE
FIGURE 5: GLOBAL STEVIA MARKET, GROWTH POTENTIAL, BY FORM, IN 2020
FIGURE 6: GLOBAL STEVIA MARKET, BY POWDER, 2021-2028 (IN $ MILLION)
FIGURE 7: GLOBAL STEVIA MARKET, BY LIQUID, 2021-2028 (IN $ MILLION)
FIGURE 8: GLOBAL STEVIA MARKET, BY LEAF, 2021-2028 (IN $ MILLION)
FIGURE 9: GLOBAL STEVIA MARKET, BY OTHERS, 2021-2028 (IN $ MILLION)
FIGURE 10: GLOBAL STEVIA MARKET, GROWTH POTENTIAL, BY APPLICATION, IN 2020
FIGURE 11: GLOBAL STEVIA MARKET, BY BAKERY, 2021-2028 (IN $ MILLION)
FIGURE 12: GLOBAL STEVIA MARKET, BY DAIRY FOOD PRODUCTS, 2021-2028 (IN $ MILLION)
FIGURE 13: GLOBAL STEVIA MARKET, BY BEVERAGES, 2021-2028 (IN $ MILLION)
FIGURE 14: GLOBAL STEVIA MARKET, BY DIETARY SUPPLEMENTS, 2021-2028 (IN $ MILLION)
FIGURE 15: GLOBAL STEVIA MARKET, BY CONFECTIONERY, 2021-2028 (IN $ MILLION)
FIGURE 16: GLOBAL STEVIA MARKET, BY OTHER APPLICATIONS, 2021-2028 (IN $ MILLION)
FIGURE 17: NORTH AMERICA STEVIA MARKET, REGIONAL OUTLOOK, 2020 & 2028 (IN %)
FIGURE 18: UNITED STATES STEVIA MARKET, 2021-2028 (IN $ MILLION)
FIGURE 19: CANADA STEVIA MARKET, 2021-2028 (IN $ MILLION)
FIGURE 20: EUROPE STEVIA MARKET, REGIONAL OUTLOOK, 2020 & 2028 (IN %)
FIGURE 21: UNITED KINGDOM STEVIA MARKET, 2021-2028 (IN $ MILLION)
FIGURE 22: GERMANY STEVIA MARKET, 2021-2028 (IN $ MILLION)
FIGURE 23: FRANCE STEVIA MARKET, 2021-2028 (IN $ MILLION)
FIGURE 24: ITALY STEVIA MARKET, 2021-2028 (IN $ MILLION)
FIGURE 25: SPAIN STEVIA MARKET, 2021-2028 (IN $ MILLION)
FIGURE 26: RUSSIA STEVIA MARKET, 2021-2028 (IN $ MILLION)
FIGURE 27: BELGIUM STEVIA MARKET, 2021-2028 (IN $ MILLION)
FIGURE 28: POLAND STEVIA MARKET, 2021-2028 (IN $ MILLION)
FIGURE 29: REST OF EUROPE STEVIA MARKET, 2021-2028 (IN $ MILLION)
FIGURE 30: ASIA PACIFIC STEVIA MARKET, REGIONAL OUTLOOK, 2020 & 2028 (IN %)
FIGURE 31: CHINA STEVIA MARKET, 2021-2028 (IN $ MILLION)
FIGURE 32: JAPAN STEVIA MARKET, 2021-2028 (IN $ MILLION)
FIGURE 33: INDIA STEVIA MARKET, 2021-2028 (IN $ MILLION)
FIGURE 34: SOUTH KOREA STEVIA MARKET, 2021-2028 (IN $ MILLION)
FIGURE 35: INDONESIA STEVIA MARKET, 2021-2028 (IN $ MILLION)
FIGURE 36: THAILAND STEVIA MARKET, 2021-2028 (IN $ MILLION)
FIGURE 37: VIETNAM STEVIA MARKET, 2021-2028 (IN $ MILLION)
FIGURE 38: AUSTRALIA & NEW ZEALAND STEVIA MARKET, 2021-2028 (IN $ MILLION)
FIGURE 39: REST OF ASIA PACIFIC STEVIA MARKET, 2021-2028 (IN $ MILLION)
FIGURE 40: REST OF WORLD STEVIA MARKET, REGIONAL OUTLOOK, 2020 & 2028 (IN %)
FIGURE 41: LATIN AMERICA STEVIA MARKET, 2021-2028 (IN $ MILLION)
FIGURE 42: MIDDLE EAST & AFRICA STEVIA MARKET, 2021-2028 (IN $ MILLION)
- MARKET BY FORM
- POWDER
- LIQUID
- LEAF
- OTHERS
- MARKET BY APPLICATION
- BAKERY
- DAIRY FOOD PRODUCTS
- BEVERAGES
- DIETARY SUPPLEMENTS
- CONFECTIONERY
- OTHER APPLICATIONS
- GEOGRAPHICAL ANALYSIS
- NORTH AMERICA
- KEY GROWTH ENABLERS
- KEY CHALLENGES
- KEY PLAYERS
- COUNTRY ANALYSIS
- UNITED STATES
- CANADA
- EUROPE
- KEY GROWTH ENABLERS
- KEY CHALLENGES
- KEY PLAYERS
- COUNTRY ANALYSIS
- UNITED KINGDOM
- GERMANY
- FRANCE
- ITALY
- SPAIN
- RUSSIA
- BELGIUM
- POLAND
- REST OF EUROPE
- ASIA PACIFIC
- KEY GROWTH ENABLERS
- KEY CHALLENGES
- KEY PLAYERS
- COUNTRY ANALYSIS
- CHINA
- JAPAN
- INDIA
- SOUTH KOREA
- INDONESIA
- THAILAND
- VIETNAM
- AUSTRALIA & NEW ZEALAND
- REST OF ASIA PACIFIC
- REST OF WORLD
- KEY GROWTH ENABLERS
- KEY CHALLENGES
- KEY PLAYERS
- REGIONAL ANALYSIS
- LATIN AMERICA
- MIDDLE EAST & AFRICA
- NORTH AMERICA
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