DUBAI, United Arab Emirates, Feb. 08, 2022 (GLOBE NEWSWIRE) -- According to a new study by FMI, global sales of stevia is expected to reach ~ US$ 355 Mn in 2022. The rise in the demand for the stevia can be attributed to its low-calorie content along with growing demand for effective solutions to counteract lifestyle diseases such as diabetes and obesity.
Stevia Market to reach USD 708.1 Mn by 2032, at a CAGR of 7.2% from 2022 to 2032
| Attribute | Details | |
| Market Size Value in 2022 | USD 355 Million | |
| Market Forecast Value in 2032 | USD 708.1 Million | |
| Global Growth Rate | 7.2% | |
| Forecast Period | 2022-2032 | |
“Stevia is a natural, zero-calorie sweetener which is derived from the leaves of the plant Stevia rebaudiana. It contains active compounds known as steviol glycosides which is 30-150 times sweeter than the sucrose. The active steviol glycosides are pH stable and heat-stable. The use of stevia as a sweetener is approved by various governments across the world. Stevia is found in more than 1,400 food and beverage products, which include soft drinks, juices, yogurts, confectionery, bakery and many more.”
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Powder extract of stevia continues to influence growth strategies, in the view of longer shelf-life and ease of transportation. As the powder extract accounted for ~90% share in 2021, manufacturers are specifically focused in this category which further include stevia blends and glycosides.
While conventional stevia continues to account for relatively high share in the market, the demand for organic variants is expected to increase at a robust rate in the coming years. An increase in health-awareness and inclination of consumers towards healthy products are some drivers for the growth of the organic stevia market.
Stevia find numerous applications in dairy food products, bakery products, dietary supplements, beverages, packaged food products, confectionery products, snacks, table top sweeteners, and others (electrolyte powder and medicinal formulations). Of these, significant application in beverages is likely to account for major share of manufacturers’ bottom lines.
WHO & Government Support for the Use of Stevia in the Food & Beverages Industry Boosting the Market Growth
The support from health organizations and governments is one of the key reasons for the growth of the stevia market. As today’s consumers interpret the safety of the product by looking for certifications and government approval, it becomes necessary for the manufacturers in the food and beverages industry to use appropriate ingredients to gain the trust of the consumers.
Stevia has received approval from various regulatory bodies to be used as a natural sweetener in a number of end-use applications, thereby offering significant impetus to the market growth.
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Scope of Report
| Attribute | Details | |
| Market Size Value in 2022 | USD 355 Million | |
| Market Forecast Value in 2032 | USD 708.1 Million | |
| Global Growth Rate | 7.2 | % |
| Forecast Period | 2022-2032 | |
| Historical Data Available for | 2017-2021 | |
| Market Analysis | MT for Volume and USD Mn for Value | |
| Key Regions Covered | North America, Latin America, Europe, East Asia, South Asia, Oceania and MEA | |
| Key Countries Covered | United States, Canada, Brazil, Mexico, Germany, UK, France, Italy, Spain, Nordic, Russia, Poland, China, India, Thailand, Indonesia, Australia and New Zealand, Japan, GCC countries, North Africa, South Africa, others. | |
| Key Market Segments Covered | Nature, Type, Application and Region | |
| Key Companies Profiled | • Cargill Incorporated • Ingredion Incorporated • Koninklijke DSM NV • Tate and Lyle Plc. • Sunwin Stevia International, Inc. • GLG Life Tech Corp • Evolva Holding SA Nemours & Co • Archer Daniels Midland Company • Stevia Nutra Corp. | |
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Manufacturers Emphasize on Building Consumer Trust through Transparency in Production
New technologies have provided consumers the accessibility to smart labels, through which, they can track the journey of the products. Consumers are nowadays asking food companies to increase the transparency of their products, going beyond free-from status, ingredients, and nutritional levels.
Buyers are demanding to understand the background of the products – from where and how the ingredients were sourced to the manufacturing of the end product. In the food and beverages industry, trust and transparency have become major challenges, as there aren't any strict regulations and guidelines laid down by governments regarding clean labeling.
Companies have started using clean labeling as a catchword for promotional and marketing purposes, and have taken advantage of this to sell their products as clean label products. It is essential for manufacturers to adopt cleaner practices to sell their clean label food products without alienating the trust of consumers.
This study by FMI offers insights into the stevia market for the forecast period of 2022-2032. The stevia market is projected to record a CAGR of ~ 7.2% during the predefined timeframe.
Explore FMI’s Extensive ongoing Coverage on Food and Beverage Domain
Sugar-Free Sweets Market: Sugar-free sweets are widely produced by food manufacturers owing to high demand from diabetic population.
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Flax Protein Market: Global flax protein market has gained a huge momentum over the historical years on the back increasing demand for functional food source and healthy diets.
Polydextrose Ingredients Market: Due to growing demand in functional foods because of the prebiotic properties is projected to propel the market growth.
Concentrated Whey Market: The rising global [population and change in dietary habits the food industry is experiencing an robust growth this is driving the global concentrated whey market.
Whole Milk Powder Market: Whole milk powder (WMP) is procured through spray drying and evaporation processes, by removal of water from pasteurized, homogenized whole milk.
Anise Extract Market: Anise extract is common throughout the world in baked goods and is also often used to spice herbal liqueurs and liquor.
Vegetable Shortening Market: Rising demand for low calorie food products is expected to create business opportunities for vegetable shortening market players.
Vegan Sauces Market: In recent years, there has been a global shift in eating patterns of consumers of which the millennial generation has an important part to play.
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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