Stevia Market Insights
Stevia has no calories, and is 300 times sweeter than sugar in the same concentration. The global stevia market was valued at USD 370 million in 2017 and is expected to reach USD 640 million by 2023, growing at a CAGR of more than 9.4% during the forecast period. Manufacturers are increasingly exploring alternative sweeteners, which will enable a reduction in calorific content without sacrificing the taste. Increasing awareness of the health benefits of low-calorie consumable products is a major catalyst to the market growth. Companies like Cargill, PureCirle, and Archer Daniels Midland Company accounted for a major share of the global stevia market.
Stevia Market Dynamics
As consumers have moved away from sugar and towards natural ingredients, the demand for specialty sweeteners like stevia has increased, establishing it as a healthy alternative to sugar. New product development, improved taste, and versatility, along with high levels of marketing support are likely to increase the demand for stevia-based products and boost the market growth. The growing awareness about the health benefits associated with stevia is leading to the extensive use of these products in the food & beverage sector. As the number of obese and diabetic people is on the rise, stevia is the best sugar alternative due to its zero-calorie property. Stevia has always been in the news due to various regulatory constraints, which is a major threat to the stevia market. Another threat to the market is the availability of other low-calorie sweeteners. The growing sports nutrition and health drink market would further boost this industry’s growth.
Stevia Market Segmentation
The global stevia market is segmented by type into powder, liquid, and leaf. Stevia is widely used in the powdered form across the globe, hence, it holds the largest segment in the market. The market is segmented by application into bakery, dairy food, beverages, dietary supplements, confectionery, and others. Stevia is widely used in a variety of food products such as confectionery, desserts, baked foods, snack foods, and jellies, as it can be easily incorporated and imparts sweetness to the product.
Stevia Market Regional Analysis
The global stevia market has been geographically segmented into North America, Europe, South America, Africa, and Asia-Pacific. As per the regional analysis, Asia-Pacific represents the most lucrative market, followed by North America and South America. The market in North America is expected to record a healthy CAGR of 9.2% during the forecast period. China has a lead over other countries in terms of production capacity and export of stevia. The low cost of production and availability of skilled resource are driving the market growth.
Key Developments in Stevia Market
- February 2018 - GLG Life Tech Corp. launched its Reb M sweetener product line in collaboration with Archer Daniels Midland Co., a global sales and marketing partner. The sweeteners are made from GLG Life Tech’s proprietary high Reb M Dream Sweetener stevia leaf, which has high quantities of Reb M steviol glycosides that have a sugar-like taste.
- March 2017 - Archer Daniels Midland Company (ADM) launched two new sweetener brands, SweetRight stevia and VerySweet monk fruit, in the market.
Stevia Market Major Players:
- Archer Daniels Midland Company.
- In the Raw.
- Tate & Lyle.
Reasons to Purchase Stevia Market Report
- Analyzing outlook of the market with the recent trends and Porter’s five forces analysis
- Market dynamics, which essentially consider the factors that are impelling the present market scenario, along with growth opportunities of the market in the years to come
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and non-economic aspects
- Regional and country-level analysis integrating the demand and supply forces that are influencing the growth of the market
- Competitive landscape involving the market shares of major players, along with the key strategies adopted for development in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
- 3 month analyst support, along with the Market Estimate sheet (in Excel)
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1.1 Key Deliverables of the Study
1.2 Study Assumptions
1.3 Market Definition
2. Research Approach and Methodology
2.2 Research Design
2.3 Study Timeline
2.4 Study Phases
2.4.1 Secondary Research
2.4.2 Discussion Guide
2.4.3 Market Engineering & Econometric Modelling
2.4.4 Expert Validation
3. Key Findings
4. Market Dynamics
4.1 Stevia Market Drivers
4.1.1 Increased Awareness of the Health Benefits of Low-Calorie Consumable Products
4.1.2 Rising Demand for Plant-Based Sweeteners and Natural Ingredients
4.1.3 Growing Number of Obese and Diabetic People
4.2 Stevia Market Restraints
4.2.1 Stringent Regulatory Environment
4.2.2 Availability of Other Low-Calorie Sweeteners
4.3 Stevia Market Opportunities
4.3.1 Stevia Incorporation in Sports Nutrition Products
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
5. Market Segmentation
5.1 Stevia Market By Type
5.2 Stevia Market By Application
5.2.2 Dairy Food Products
5.2.4 Dietary Supplement
5.3 Stevia Market By Geography
5.3.1 North America Stevia Market Size (2018-2023)
188.8.131.52 United States Stevia Market Size (2018-2023)
184.108.40.206 Canada Stevia Market Size (2018-2023)
220.127.116.11 Mexico Stevia Market Size (2018-2023)
18.104.22.168 Rest of North America
5.3.2 Europe Stevia Market Size (2018-2023)
22.214.171.124 Germany Stevia Market Size (2018-2023)
126.96.36.199 UK Stevia Market Size (2018-2023)
188.8.131.52 France Stevia Market Size (2018-2023)
184.108.40.206 Spain Stevia Market Size (2018-2023)
220.127.116.11 Russia Stevia Market Size (2018-2023)
18.104.22.168 Italy Stevia Market Size (2018-2023)
22.214.171.124 Rest of Europe
5.3.3 Asia-Pacific Stevia Market Size (2018-2023)
126.96.36.199 China Stevia Market Size (2018-2023)
188.8.131.52 India Stevia Market Size (2018-2023)
184.108.40.206 Japan Stevia Market Size (2018-2023)
220.127.116.11 Australia Stevia Market Size (2018-2023)
18.104.22.168 Rest of APAC
5.3.4 South America Stevia Market Size (2018-2023)
22.214.171.124 Brazil Stevia Market Size (2018-2023)
126.96.36.199 Argentina Stevia Market Size (2018-2023)
188.8.131.52 Rest of South America
5.3.5 Africa Stevia Market Size (2018-2023)
184.108.40.206 South Africa Stevia Market Size (2018-2023)
220.127.116.11 Rest of Africa
6. Stevia Market Competitive Landscape
6.1 Strategies Adopted by Key Players
6.2 Most Active Companies in the Past Five Years
6.3 Market Share Analysis
7. Stevia Market Companies
7.3 Tate & Lyle
7.5 In the Raw
7.6 Archer Daniels Midland Company
7.7 Evolva Holding S.A
7.8 Stevia Corp.
7.9 GLG Life Tech Corp
7.10 Sunwin Stevia International, Inc.
7.11 Pyure Brands LLC
7.12 HYET Sweet