London, Aug. 18, 2021 (GLOBE NEWSWIRE) -- According to a new market research report titled “Stevia Market by Nature (Organic, Conventional); Type (Leaves, Extract {Powder, Liquid}); Components (Reb A, Reb D, Reb M, Others); Application (Food, Beverages, Tabletop Sweeteners, Pharmaceuticals, Others); and Geography - Global Forecasts to 2028” published by Meticulous Research®, the stevia market is expected to grow at a CAGR of 8.8% from 2021 to 2028 to reach $1.11 billion by 2028.
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Stevia is a low-calorie sweetener that has antioxidant and anti-diabetic properties. Unlike artificial sweeteners and sugar, stevia can suppress plasma glucose levels and significantly increase glucose tolerance. The increasing demand for low-calorie food products is one of the major factors responsible for the growth of the stevia market.
Stevia, being a natural sweetener, is applicable in different applications to replace sugar. It is increasingly preferred by manufacturers producing food & beverage products, functional foods, dietary supplements, pharmaceutical products, pet food, and personal care products. Growing prevalence of diabetes & obesity, surging demand for natural sweeteners, rising demand for stevia application in the beverage industry, and the increasing number of new stevia-based product launches are some of the major factors driving the growth of the market. However, fluctuating stevia leaf prices is expected to restrain the growth of this market to some extent.
The Impact of COVID-19 on the Stevia Market
The COVID-19 disease caused by the novel coronavirus SARS-nCoV-2 has created a severe public health emergency globally, with its quick spread in more than 215 countries. To combat & control the spread of this disease, many countries worldwide declared emergencies and announced complete nationwide, statewide, or citywide lockdown, putting off all the travel, transport, manufacturing, educational institutions, and non-essential trade. This has had a significant impact on many industries globally, hitting hard in terms of reduced manufacturing and distributions across the globe. Stevia is one of such industry where manufacturers are facing disruptions in raw material supply due to the pandemic. Also, imports and exports in many countries have either been restricted or delayed since the outbreak, creating hurdles for stevia suppliers.
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The manufacturers of consumer food & beverage products face challenges, such as significantly reduced consumption and disrupted supply chains. The food & beverage sector has witnessed a minor decline due to the lockdowns imposed across various countries. This scenario has also negatively impacted the confectionery industry since people are purchasing only essential products. In addition, government bodies passed various rules and regulations on the purchase of essential goods. Most consumers are buying only essential products, which has significantly lowered the consumption of confectionery items, cutting down the carbohydrates and calories.
However, the pandemic has led to the adoption of some best-practice models for the food industry as the pandemic has vitalized the importance of hygienic and nutritious foods comprising reduced sugar, calories, and fats. This industry has faced unprecedented demand from the consumer, particularly for low-calorie food products. For instance, in 2020, in Europe, two-third of people preferred lower sugar intake. (Source: New Nutrition Business). Therefore, many companies in the food industry have already started changing their strategies by replacing sugar with natural sweeteners.
The stevia market has witnessed a rapid uptick with the onset of the coronavirus crisis, wherein increasing surge in demand for less sugary and immunity-boosting products, as people are seeking solutions to boost overall health and wellbeing. The COVID-19 pandemic has also prompted most health-conscious customers to turn to low-calorie or sugar-free food. Hence, increasing health consciousness and high demand for sugar-reducing solutions and organic foods among the global population have forced manufacturers and product formulators to opt for stevia.
Further, dietary supplement sales increased during the pandemic as they help prepare the immune system against COVID-19, according to the article published by Nutrition Outlook. During the last week of March 2020, the sales growth for overall dietary supplements skyrocketed to more than 35% in the U.S.
Thus, growing health and wellness concerns, strong demand for dietary supplements, and increasing demand for sugar-free products are expected to propel the growth of the stevia market.
Key Findings in the Stevia Market Study
The stevia market is segmented on the basis of nature (organic, conventional), type (leaves, extract {powder, liquid}), components (Reb A, Reb D, Reb M), application (food, beverages, tabletop sweeteners, pharmaceuticals, others), and geography. The study also evaluates industry competitors and analyzes the market at regional and country levels.
Based on nature, the conventional segment is expected to generate the largest revenue of the stevia market in 2021. The larger share of this segment is mainly attributed to its easy availability, low cost, increasing stevia application in the pharmaceutical industry, and high productivity. However, the organic stevia segment is expected to grow at the highest CAGR during the forecast period. Growing consumer preference for clean-label products, rising awareness about the health benefits of organic stevia, and increasing use of organic stevia in the food & beverage industry are some of the major drivers for the growth of the organic stevia segment.
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Based on type, stevia market is segmented into leaves and extracts. Further, the extracts segment is divided into powder and liquid. The powder segment is expected to generate the largest portion of the revenue of the stevia extracts market in 2021. Key factors contributing to the dominant position of this segment are good solubility, no bitter after taste, high potency sweetness, ease of use, and increasing application in beverages.
Based on component, the Reb A segment is expected to generate the largest portion of the revenue of the stevia market in 2021. Key factors contributing to the dominant position of this segment are its easy availability, less expensive compared to other components, multiple functional properties, and is easily applicable in different applications. However, the Reb M component is expected to register the fastest growth during the forecast period. The rapid growth of this market is mainly attributed to its higher sweetness potency, lacks bitterness after taste compared to other components, multiple functional properties, and increasing application in food and beverages.
Based on application, the beverages segment is expected to dominate the overall stevia market in 2021. The dominant position of this segment is mainly attributed to the growing awareness of health benefits related to natural sweeteners in beverages, increasing new product development and launches of stevia-based beverages, and rising demand for sugar-free beverages, and the growing popularity of flavored soft drinks. Also, the demand for health and sports drinks with enhanced nutritional value is expected to boost the demand for stevia in the near future. However, the food segment is expected to register the highest CAGR during the forecast period. The growth of this segment is mainly attributed to the increasing consumer preferences towards healthy foods, changing food consumption patterns, and extensive use of sugar substitutes in different foods, including baked goods and savory snacks.
Geographically, the emerging trend of healthy food & natural food ingredients: rising rate of various chronic diseases; the increasing prevalence of diabetic people, and obesity; changing trends, such as low carb and clean labels; and strong demand for sugar-free products are the key factors that contribute to the to North America’s expected largest share in the stevia market in 2021. However, the Asia-Pacific region is projected to offer lucrative growth opportunities for the key players in the market and achieve the fastest growth during the analysis period. The fast growth of this regional market is mainly attributed to the growing diabetic and obese population, rapid urbanization, rising awareness about the health benefits of sugar-free products, and increasing demand for diet drinks and beverages.
The report includes an extensive assessment of the key strategic developments by leading market participants in the industry over the past four years (2018-2021). The stevia market has witnessed several new product launches, partnerships, agreements, and collaborations in recent years. The key players operating in the stevia market are Tate & Lyle PLC, (U.K.), Cargill, Incorporated (U.S.), Archer Daniels Midland Company (U.S.), Ingredion Incorporated (U.S.), Südzucker AG (Germany), S&W Seed Company (U.S.), GLG Life Tech Corp. (Canada), Sunwin Stevia International Inc (China), MORITA KAGAKU KOGYO CO., LTD. (Japan), Zhucheng Haotian Pharm Co., Ltd. (China), Stevialite Holding (Colombia), Guilin Layn Natural Ingredients Corp. (China), S&W Seed Company (U.S.), The Real Stevia Company AB (Sweden), and Van Wankum Ingredients (Netherlands), among others.
To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/stevia-market-5205
Scope of the Report:
Stevia Market, by Nature
- Organic
- Conventional
Stevia Market, by Type
- Leaves
- Extract
- Powder
- Liquid
Stevia Market, by Components
- Reb A
- Reb D
- Reb M
- Others (Reb C, E, F)
Stevia Market, by Application
- Beverages
- Food
- Tabletop Sweeteners
- Pharmaceuticals
- Others
Stevia Market by Region
- North America
-
- U.S.
- Canada
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Rest of Europe (RoE)
- Asia-Pacific (APAC)
- China
- Japan
- India
- Rest of Asia-Pacific
- Latin America
- Middle East & Africa
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