NEWARK, Del, Nov. 09, 2023 (GLOBE NEWSWIRE) -- The global stevia industry valuation is US$ 382.5 million in 2023 and it is anticipated to reach US$ 698.2 million by 2033. The global market is likely to grow at a CAGR of 6.2% over the forecast period.
Customized Solutions are Increasing Stevia Industry Trend
Stevia is becoming more popular as the need for reduced sugar labels grows. To attract health-conscious clients and support the growth of the stevia business, manufacturers are producing no-added sugar labelling. These businesses provide customised solutions to develop items based on user preferences and habits. They are inventing flexible product creation to meet the needs of end users.
To improve customer flavour, food and beverage makers provide stevia blends that include fruit extracts. They are garnering consumer demand by providing eco-friendly and non-toxic drinks and snacks that taste like sugar but have health benefits.
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The demand for stevia in energy drinks, protein shakes, and meals is fueling the global market size. Stevia offers sweeteners that contain sweeteners without calories, attracting consumers' demand. The adoption of low-calorie cookies and granola bars is advancing the current market trends. Stevia is the best alternative to sugar and related products that grow consumers' awareness of health with natural sweeteners.
Manufacturers are adopting masking technologies to improve product palatability. They also enhance the sweeteners of alcoholic beverages, such as low-sugar wines are fueling the market trends. Due to its natural and safe image, stevia is widely used for personal use products such as toothpaste and lip balms. These trends significantly boost the global market revenue.
“Growing adoption of stevia in different food products results in leading a healthy life. The increasing demand for organic and natural substitutes for the production of food & beverage sweeteners is booming the stevia market trends. Being a healthy alternative, it's driving the market revenue upward”, -says Nandini Roy Choudhury client Partner for Food and Beverages at Future Market Insights, Inc.
Key Takeaways
- The stevia market is expected to register a CAGR of 6.2% from 2023 to 2033.
- The United States is expected to register a maximum share of 27.6% by dominating the global market by 2033.
- Japan is anticipated to capture a share of 3.9% in the global market by 2033.
- With a share of 5.4%, China is rapidly advancing the global market.
- Conventional stevia is estimated to lead the global market by 2033 based on product type.
- Based on type, powder extract is likely to lead the global market during the forecast period.
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Key Players Capturing Huge Revenue Shares in the Global Market
The global market is highly influenced by the new market players that innovate unique and high-quality products. They are heavily investing in research and development activities to upsurge the global demand. These players are making their efforts to offer sustainable and healthy products to satisfy consumers' expectations.
Key players are adopting various marketing tactics to reduce the global market size. These marketing methodologies are collaborations, mergers, product launches, acquisitions, and partnerships.
Recent Developments in the Stevia Industry
- In 2022, Cargill announced its newly launched stevia products with advanced technology. It enhances sweeteners' flavor with numerous benefits.
- In 2021, Layn built its new manufacturing stevia plant. The company developed this plant due to a surging demand for natural stevia.
Key Players in the Global Stevia Industry
- 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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Key Segments in the Global Stevia Industry
By Nature:
- Organic Stevia
- Conventional Stevia
By Type:
- Liquid Extract
- Clear
- Dark
- Powder Extract
- Stevia Blends
- Glycoside (40%-79%)
- Glycoside (80% and above)
- Stevia Leaves
By Application:
- Dairy Food Products
- Bakery Products
- Beverages
- Packaged Food Products
- Dietary Supplements
- Confectionery Products
- Snacks
- Table Top Sweeteners
- Others (Electrolyte Mixes and Medicinal Formulations)
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East & Africa (MEA)
Author
Nandini Roy Choudhury (Client Partner for Food & Beverages at Future Market Insights, Inc.) has 7+ years of management consulting experience. She advises industry leaders and explores off-the-eye opportunities and challenges. She puts processes and operating models in place to support their business objectives.
She has exceptional analytical skills and often brings thought leadership to the table.
Nandini has vast functional expertise in key niches, including but not limited to food ingredients, nutrition & health solutions, animal nutrition, and marine nutrients. She is also well-versed in the pharmaceuticals, biotechnology, retail, and chemical sectors, where she advises market participants to develop methodologies and strategies that deliver results.
Her core expertise lies in corporate growth strategy, sales and marketing effectiveness, acquisitions and post-merger integration and cost reduction. Nandini has an MBA in Finance from MIT School of Business. She also holds a Bachelor’s Degree in Electrical Engineering from Nagpur University, India.
Nandini has authored several publications, and quoted in journals including Beverage Industry, Bloomberg, and Wine Industry Advisor.
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The sugar-free sweets market growth is expected to be valued at US$ 2.4 billion in 2023, rising to US$ 3.9 billion by 2033. During the forecast period, the market is expected to grow at a CAGR of 4.9%.
The Organic Stevia market trend is estimated to expand at a 3.6% CAGR. The market value is expected to rise from $907.4 million in 2022 to US$1,292.5 million by 2032.
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