Stevia Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 0.84 Billion |
| Market Size (2029) | USD 1.36 Billion |
| CAGR (2024 - 2029) | 10.12 % |
| Fastest Growing Market | South America |
| Largest Market | Asia-Pacific |
Major Players.webp){kind=logo}
*Disclaimer: Major Players sorted in no particular order |
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Stevia Market Analysis
The Stevia Market size is estimated at USD 0.84 billion in 2024, and is expected to reach USD 1.36 billion by 2029, growing at a CAGR of 10.12% during the forecast period (2024-2029).
Stevia has gained popularity recently as a natural alternative to artificial sweeteners, especially for those looking to reduce their calorie intake or manage their blood sugar levels. Stevia is a plant-based sweetener that is much sweeter than sugar but has zero calories. In addition to its use as a sweetener in food and beverage products, stevia is used in some personal care products as a natural, low-calorie alternative to sugar-based ingredients. Several medical studies have shown that stevia may have potential health benefits, such as reducing blood pressure and improving insulin sensitivity.
Price competition exists among stevia suppliers due to variations in the form and purity of the product. Stevia prices are majorly dependent on the demand and overall transportation cost. Major stevia-consuming countries fulfill their demand through imports. However, changing trade policies and low production yield in the exporting nations significantly affect the prices of stevia leaves. Stevia producers in the market are limited. Competition among the existing suppliers is high, owing to increased market demand. The market players focus on providing food-grade stevia ingredients ideal for snacks and meal products to the industry. For instance, in 2023, Archer Daniels Midland (ADM) introduced SweetRight Stevia Edge-M, which has been tested in varied applications and shown to allow for more significant sugar reduction while maintaining a clean taste. The performance benefits of Edge-M include reduced bitterness, improved sweetening, excellent solubility, less need for taste modulation, zero calories, zero carbohydrates, and zero glycemic index.
Stevia Market Trends
Surge in Demand for Natural Sweeteners
Rising preference for low-sugar or no-calorie diets due to the growing prevalence of obesity and diabetes drives global demand for natural sweeteners, including stevia. According to the International Diabetes Federation (IDF), Diabetes Atlas 10th edition 2021, approximately 537 million adults aged between 20 and 79 had diabetes. The total number of people living with diabetes is projected to rise to 643 million by 2030 and 783 million by 2045. Diabetes also caused 6.7 million deaths in the same year. Therefore, there has been an increasing interest in sugar alternatives, driven by concerns over the adverse health effects of consuming too much sugar. Artificial sweeteners have been popular for decades, but concerns have been around their safety and potential side effects. As a result, many health-conscious consumers have been turning to natural or plant-based sugar substitutes, such as stevia. These sweeteners are derived from natural sources and are often perceived as healthier alternatives to artificial sweeteners. Other novel sweeteners with intense sweetness or taste-modifying properties are also being developed. These sweeteners are extracted from plants and have been found to have a much sweeter taste than sugar, with little to no caloric content.
Asia-Pacific Dominates the Market
Several factors, including increasing demand from the beverage sector, growing concerns over diabetes and obesity, and regulatory restrictions on certain artificial sweeteners, drive the growth of the stevia market in the Asia-Pacific region.
As mentioned, the beverage sector has been a significant driver for stevia in the region. This is because many consumers are looking for low-calorie alternatives to sugary drinks, which have been linked to rising rates of obesity and diabetes. In response, beverage manufacturers are substituting sugar with stevia as a natural, calorie-free sweetener in various products, including soft drinks, juices, and teas. There has been a growing demand for clean-label ingredients, with consumers becoming more conscious about what they consume and preferring quality over quantity. Growing awareness of the health benefits of natural sugar substitutes and a favorable regulatory outlook have also contributed to the growth of the stevia market in the region. Consumers are increasingly looking for genuine, plant-based alternatives to artificial sweeteners, and regulatory bodies support this trend by approving stevia as a safe and effective food additive. Japan has yet to progress toward achieving the diet-related non-communicable disease (NCD) targets, according to the Global Nutrition Report, 2022. According to estimates, 6.0% of adult men and 4.3% of adult women (aged 18 years and over) in Japan were obese.
Stevia Industry Overview
The stevia market is competitive, with the presence of a few international players. The leading players, including Ingredion Incorporated, Tate & Lyle PLC, Archer Daniels Midland Company, Cargill Incorporated, and Zhucheng Haotian Pharma Co. Ltd, are increasing their investments in research and development (R&D) and marketing and are expanding their distribution channels to maintain their position in the market studied. They are also adopting competitive strategies to develop new-generation technologies to produce stevia products. Economies of scale and high brand loyalty among consumers give these companies an upper edge. Further, product portfolio expansion within all categories may enhance the companies' positions in the market studied.
Stevia Market Leaders
Ingredion Incorporated
Tate & Lyle PLC
Archer Daniels Midland Company
Cargill Incorporated
Zhucheng Haotian Pharma Co. Ltd
*Disclaimer: Major Players sorted in no particular order
Stevia Market News
- October 2022: To meet and exceed customer demands for sustainable ingredients, Ingredion Incorporated collaborated with HowGood, a SaaS data platform with the largest food and personal care product sustainability database. This partnership will provide data transparency on Ingredion's top products and new product innovations, which, combined with Ingredion's aim of sourcing 99% of its global crop supply sustainably by 2025, will provide customers with sustainable solutions that consumers favor.
- July 2022: The US sweetener producer Sweegen introduced a new liquid stevia line, Bestevia LQ, at IFT FIRST, the Institute of Food Technologists meeting and exposition in Chicago. The sweeteners are intended to lower sugar in products, including concentrated fruit/flavored syrup, confectionary, liquid sweeteners, dessert toppings, and carbonated soft beverages.
- March 2022: Cargill announced its strategy of sweetening stevia products with the commercial availability of its EverSweet + ClearFlo technology. According to the company, combining Cargill's stevia sweetener with a natural flavor, the new sweetener system provides multiple benefits, including flavor modification, faster dissolution, and improved solubility and stability in formulations.
Stevia Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.1.1 Augmented demand for Natural Sweeteners
4.1.2 Rising Consumer Inclination Toward Clean Label and Organic Stevia
4.2 Market Restraints
4.2.1 Side Effects and Challenges with Stevia
4.3 Porter's Five Forces Analysis
4.3.1 Bargaining Power of Buyers/Consumers
4.3.2 Threat of New Entrants
4.3.3 Threat of Substitute Products and Services
4.3.4 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 By Format
5.1.1 Powder
5.1.2 Liquid
5.2 By Application
5.2.1 Bakery
5.2.2 Confectionery
5.2.3 Beverages
5.2.4 Dairy
5.2.5 Tabletop Sweeteners
5.2.6 Other Applications
5.3 By Geography
5.3.1 North America
5.3.1.1 United States
5.3.1.2 Canada
5.3.1.3 Mexico
5.3.1.4 Rest of North America
5.3.2 Europe
5.3.2.1 Spain
5.3.2.2 United Kingdom
5.3.2.3 France
5.3.2.4 Germany
5.3.2.5 Italy
5.3.2.6 Rest of Europe
5.3.3 Asia-Pacific
5.3.3.1 China
5.3.3.2 India
5.3.3.3 Japan
5.3.3.4 Australia
5.3.3.5 Rest of Asia-Pacific
5.3.4 South America
5.3.4.1 Brazil
5.3.4.2 Argentina
5.3.4.3 Rest of South America
5.3.5 Middle East and Africa
5.3.5.1 United Arab Emirates
5.3.5.2 South Africa
5.3.5.3 Rest of Middle East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Most Adopted Strategies
6.2 Market Share Analysis
6.3 Company Profiles
6.3.1 Cargill Incorporated
6.3.2 Tate & Lyle PLC
6.3.3 The Archer Daniels Midland Company
6.3.4 Zhucheng Haotian Pharma Co. Ltd
6.3.5 Ingredion Incorporated
6.3.6 Guilin Layn Natural Ingredients Corp.
6.3.7 Sunwin Stevia International Inc.
6.3.8 Morita Kagaku Kogyo Co. Ltd
6.3.9 Ganzhou Julong High-Tech Industrial Co. Ltd
6.3.10 Koninklijke DSM NV
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Stevia Industry Segmentation
Stevia is a natural sweetener and sugar substitute derived from the leaves of the plant species Stevia rebaudiana, which is native to countries such as Brazil and Paraguay. Stevia leaf is the least processed, green, and raw form of stevia. The stevia market is segmented by product type, application, and geography. Based on the format, the market is segmented into powder and liquid. Based on application, the market is segmented into bakery, confectionery, beverages, dairy, tabletop sweeteners, and other applications. The market studied is segmented based on geography into North America, Europe, Asia-Pacific, South America, and the Middle East and Africa. The report offers market size and forecasts in value (USD) for the above segments.
| By Format | |
| Powder | |
| Liquid |
| By Application | |
| Bakery | |
| Confectionery | |
| Beverages | |
| Dairy | |
| Tabletop Sweeteners | |
| Other Applications |
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Stevia Market Research FAQs
How big is the Stevia Market?
The Stevia Market size is expected to reach USD 0.84 billion in 2024 and grow at a CAGR of 10.12% to reach USD 1.36 billion by 2029.
What is the current Stevia Market size?
In 2024, the Stevia Market size is expected to reach USD 0.84 billion.
Who are the key players in Stevia Market?
Ingredion Incorporated, Tate & Lyle PLC, Archer Daniels Midland Company, Cargill Incorporated and Zhucheng Haotian Pharma Co. Ltd are the major companies operating in the Stevia Market.
Which is the fastest growing region in Stevia Market?
South America is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Stevia Market?
In 2024, the Asia-Pacific accounts for the largest market share in Stevia Market.
Stevia Industry Report
Statistics for the 2024 Stevia market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Stevia analysis includes a market forecast outlook to for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
