Stevia Market to Reach $965.82 Million, Globally, by 2028 at 8.7% CAGR with Whole Leaf Segment Driving Growth During 2021–2028 | The Insight Partners

The global stevia market is dominated by powder segment. Asia Pacific held the largest market share in year 2020, and North America is expected to register the considerable growth at a CAGR of over 10% over the forecast period. Key companies in the stevia industry include Tate & Lyle PLC; Cargill, Incorporated; S&W Seed Company; GLG LIFE TECH CORP; Sunwin Stevia International, Inc.; ADM; Zhucheng Haotian Pharm Co., Ltd.; Ingredion Incorporated; Morita Kagaku Kogyo Co., Ltd.; and PureCircle.

Pune, India, Aug. 24, 2023 (GLOBE NEWSWIRE) -- According to our latest study on “Stevia Market Size Report, Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type, Application, and Geography,” the stevia market is expected to grow from $ 539.68 million in 2021 to US$ 965.82 million by 2028; it is estimated to grow at a CAGR of 8.7% from 2021 to 2028.

Stevia Market: Competitive Landscape

Cargill, Incorporated; Ingredion Incorporated; Tate & Lyle PLC; GLG LIFE TECH CORP; ADM; Sunwin Stevia International, Inc.; S&W Seed Company; Morita Kagaku Kogyo Co., Ltd.; Zhucheng Haotian Pharm Co., Ltd.; and PureCircle are among the players operating in the stevia market. These players are focusing on new product launches and geographic expansions to meet the growing consumer demand worldwide. The widespread presence of these companies in the world helps them serve a large range of customers, subsequently allowing them to increase their market share. These market players are highly focused on launching new products and expanding their product range in specialty portfolios, further surging the stevia market growth. These market players are highly focused on developing high quality and innovative products to fulfill the customer’s requirements.

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For example, in 2021, Tate & Lyle and Codexis announced the extension of their partnership to increase the production of two of Tate & Lyle’s newest sweeteners, including DOLCIA PRIMA Allulose and TASTEVA M Stevia Sweetener. Codexis latest novel enzyme products, produced in collaboration with Tate & Lyle’s experts, will enable additional production efficiencies and improve Tate & Lyle’s ability to accelerate sugar and calorie reduction with the best tasting, cost-effective sweeteners. In 2019, PureCircle announced that it had received approval for expanded use and applications of its next-generation stevia leaf sweetener, Reb M, in Singapore. This enables food & beverage companies to use this great-tasting ingredient in zero- and low-calorie products sold in the country. Also, in 2019, PureCircle developed and is now expanding use of a new stevia leaf variety which offers notable advantages compared to previous generations of stevia plants. Carefully cultivated by PureCircle and successfully field-tested, more significant quantities of its great-tasting next-generation stevia ingredients. With that greater yield, the new stevia variety provides further cost-effectiveness as more significant quantities of ingredients can be sourced from each leaf.

Stevia basically acts as a natural sugar substitute. The production process of stevia sweetener starts with a herbal plant named stevia rebaudiana, which belongs to the Chrysanthemum family also grows naturally in the forests of Brazil as well as Paraguay. The components of stevia leaves are responsible for the plant's sweetness, known as glycosides. Stevia further contains rebaudioside-A & stevioside, which are responsible for imparting an immense degree of sweetness without any side effects on health. This is the major reason for the growing demand for stevia over the past few years, further driving the stevia market growth in upcoming years.

Innovations in Stevia Market to Provide Lucrative Growth Opportunities to Stevia Market Players

The manufacturers are developing innovative products to reduce sugar levels and improve the overall consumer experience. Manufacturers such as Cargill have developed EverSweet stevia sweetener through the process of fermentation, which produces Reb M and Reb D at a practical scale and cost. Reb M and Reb D are the best tasting glycosides but comprise less than 1% of stevia leaf. The EverSweet stevia sweetener also has a low impact score on land, ozone depletion, climate change, and ecotoxicity. In 2018, Tate and Lyle introduced two new no-calorie sweeteners—Optimizer Stevia 4.10 and Intesse Stevia 2.0—extracted from stevia leaves. The taste of Optimizer Stevia 4.10 is designed to be similar to RebA 99 – RebA 100, but at a more cost-effective price. Intesse Stevia 2.0 is designed to substantially reduce sugar levels at an affordable price without compromising on taste. Thus, an increase in innovations by the major manufacturers in the stevia market provides various opportunities for the stevia market growth.

Traditional sugar continued to have a preference over stevia due to the latter’s bitter aftertaste, which was generally associated with the standard stevia products. Initially, the use of highly purified Rebaudioside A, which is one of the steviol glycosides present in the stevia extract, provided the bitter aftertaste. The increased utilization of advanced farming techniques, advancement in extraction technologies, and improved methods and optimizing solutions for new food and beverage applications provided better taste in stevia products with no bitter aftertaste. Along with scientific advances, manufacturers are now focusing on using rare variants of steviol glycosides such as Rebaudioside M, C, B, and D, as these have distinguished properties and individual taste profiles. Manufacturers are exploring the bitterness concentration threshold for individual molecules and are developing combinatory formulations to improve the taste of stevia.

Stevia Market: Segmental Overview

Based on type, the stevia market is categorized into whole leaf, powder, and liquid. The powder segment held the largest share of the market in 2021. Stevia white powder is a natural and healthy substitute for sugar. Stevia leaves are dried to form the powder and the powdered form of stevia is loaded with the extracts of stevia leaves and erythritol. In its highly purified form, one gram of stevia powder is equivalent to two teaspoons of sugar in terms of sweetness.

Based on application, the stevia market is categorized into dairy & frozen dessert, bakery & confectionery, tabletop sweeteners, beverages, others. Beverages is the largest segment of stevia market in terms of revenue. Stevia is a natural choice for the sweetening of various beverages such as tea, coffee, flavored water, soft drinks, alcoholic beverages, and juices. Stevia used in beverage applications can provide a clean, superior sugar-like taste along with reduced linger. The increased usage of stevia in the beverage industry is due to its various benefits such as zero calories, non-caloric, 100% naturally originated, stable pH, non-fermenting, highly soluble, heat stable, photo (light) stable, and shelf stable.

Impact of COVID-19 Pandemic on Stevia Market

The COVID-19 pandemic has affected economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. The shutdown of various manufacturing plants in regions such as North America, Europe, Asia Pacific, South America, and the Middle East & Africa has affected the global supply chain and negatively impacted the manufacturing capabilities, delivery schedules, and sales of various goods. The pandemic has directly affected the production and demand, which has led to supply chain and market disruption, and has subsequently impacted the financial status of the firms and the global economy. Food & beverages is one of the major industries suffering serious disruptions such as supply chain breaks and shutdowns of production plants. Consequently, the market for stevia has been negatively affected by the pandemic, owing to significant impact on the supply and disruption in production processes globally.

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Food and beverages are the bulk consumers of stevia. The ongoing COVID-19 pandemic has been impacting the sugar consumption patterns and its alternatives, as there is a reduced demand for sweeteners from beverage and other FMCG companies amid the lockdown across multiple countries. Food and beverage products, which includes bakery products, confectionery items, dairy products, and soft drinks containing food additives, e.g., sweeteners, are being pushed back as the supermarkets have re-allocated stock priorities toward staples and essential supplies due to the outbreak. This was mainly due to the mass lockdown instructions imposed by governments in several countries to avoid the spread of the virus. Lockdown and quarantine measures, along with import and export restrictions imposed by states and governments, are impacting the stevia exporters due to the disruption in supply chains.

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