Market Snapshot
| Study Period: | 2016 - 2026 |
| Base Year: | 2020 |
| Fastest Growing Market: | Asia-Pacific |
| Largest Market: | North America |
| CAGR: | 8.43 % |
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Market Overview
The global stevia market is expected to witness a CAGR of 8.43% during the forecast period (2021 - 2026).
Food and beverage products, such as bakery products, confectionery, dairy products, and soft drinks containing food additives, like sweeteners, have been kept back, as supermarkets re-allocated stock priorities toward staples and essential supplies during the COVID-19 outbreak. This was mainly due to the mass lockdown instructions given by several countries’ governments to avoid the spread of the pandemic in their respective countries. However, nutraceuticals and healthy food and beverage products have paced their market growth due to the demand for immunity boosting and healthy products, which increased the application for stevia during the COVID-19 period.
The increasing awareness of the health benefits of low-calorie consumable products is a major catalyst to market growth. As the number of obese and diabetic people rises, stevia is likely to be the best sugar alternative due to its zero-calorie property.
Ground stevia can also be sprinkled lightly overcooked vegetables, meat, cereals, and salads. Besides adding its sweet taste, it significantly enhances the flavor and nutritional value of food, thereby, leading to its increased demand in the market.
Scope of the Report
Stevia is a natural sweetener and sugar substitute derived from the leaves of the plant species Stevia rebaudiana, native to Brazil and Paraguay. The global stevia market is segmented by product form, application, and distribution channel. Based on product form, the market is segmented into powder, liquid, and leaf form. Based on application, the market is segmented into bakery, dairy food products, beverages, confectioneries, dietary supplements, and others. Additionally, the report provides into the stevia market in the major economies across regions, including North America, Europe, Asia-Pacific, South America, and Middle-East and Africa. For each segment, the market sizing and forecasting have been done in value terms of USD million.
| By Product Form | |
| Powder | |
| Liquid | |
| Leaf |
| By Application | |
| Bakery | |
| Dairy Food Products | |
| Beverages | |
| Dietary Supplements | |
| Confectionery | |
| Other Applications |
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Key Market Trends
Growing Demand of Stevia: Non-Dairy Beverage's Manufacturers
The increasing demand for low-calorie sweeteners from food and beverages manufacturers have been increased in the last few years, owing to the rising concern over obesity and diabetes across the world. Many key players in beverages are introducing products with natural low-calorie sweeteners mainly stevia. Increasingly, consumers from developed economies such as the United States, Germany, and the United Kingdom are inclined toward low-sugar fruits and vegetable juices, which is driving the demand for stevia for beverages application. For instance, in 2019, Tampico Beverages (manufacturer of bottled fruit-flavoured drinks, iced tea and gelatin) launched zero sugar juice drink concentrate brand Tampico ZERO in Texas, Arizona, Illinois, and Nevada due to the increasing demand of zero calories juices in the United States.
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North America holds Prominent Share in Stevia Market
The growth of the stevia market in the North American region is majorly driven by ingredient demand from the beverage sector, which has been growing at a remarkable pace due to the rise in the United States diabetic population. As diabetes remains the seventh major cause of death in the United States (according to a report by the American Diabetes Association, 2015), the companies are offering beverages, such as sports drinks with stevia as a sugar substitute. The market in the region is being aided by greater government regulations, like taxation on sugary beverages and raising awareness about the ill effects of sugar consumption. According to a report by WHO, 2016, the tax generated was USD 13 billion from taxation on sugary products, which could be used for promoting the health of the population and to create favourable conditions for the companies to enter the stevia market
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Competitive Landscape
Cargill Incorporated, PureCircle, Tate & Lyle, and Ingredion Incorporated are some of the companies, leading the global stevia market due to their new product launches. The companies are adopting strategies, such as partnerships and new product launches, in different forms, like leaves and liquid, to increase product line and share. In February 2018, GLG Life Tech Corporation, in collaboration with Archer Daniels Midland Company, launched the Reb M stevia product line to expand its product portfolio. The stevia product line facilitates sugar replacement with better-tasting, low-calorie natural sweetening systems, and solutions that provide better taste and experience.
Recent Developments
- In 2019, Tate & Lyle announced its partnership with Sweet Green Fields (SGF) to introduce ZOLESSE, a glucosylated stevia extract labelled as a natural flavor.
- In 2018, Cargill Incorporated and Royal DSM announced a partnership to produce highly sought-after, sweet-tasting molecules, such as steviol glycosides Reb M and Reb D through fermentation, giving food and beverage manufacturers an even more scalable, sustainable, and low cost-in-use solution under one brand name, EverSweet.
- In 2018, Cargill, Incorporated has officially started producing its new EverSweet, a zero-calorie, next-generation sweetener made with two of the best tasting sweet compounds found in the stevia leaf, Reb M and Reb D. This enables food and beverage companies to cater consumers’ desire for healthier food choices with this zero-calorie sweetener without losing taste.
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
4.2 Market Restraints
4.3 Industry Attractiveness - Porter's Five Forces Analysis
4.3.1 Bargaining Power of Buyers/Consumers
4.3.2 Bargaining Power of Suppliers
4.3.3 Threat of New Entrants
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 By Product Form
5.1.1 Powder
5.1.2 Liquid
5.1.3 Leaf
5.2 By Application
5.2.1 Bakery
5.2.2 Dairy Food Products
5.2.3 Beverages
5.2.4 Dietary Supplements
5.2.5 Confectionery
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 Russia
5.3.2.6 Italy
5.3.2.7 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 & Africa
6. COMPETITIVE LANDSCAPE
6.1 Most Active Companies
6.2 Most Adopted Strategies
6.3 Market Share Analysis
6.4 Company Profiles
6.4.1 Cargill Incorporated
6.4.2 Tate & Lyle PLC
6.4.3 The Archer Daniels Midland Company
6.4.4 Glg Life Tech Corp
6.4.5 Hyet Sweet BV
6.4.6 Guilin Layn Natural Ingredients Corp
6.4.7 Ingredion Inc.
6.4.8 Evolva Holding
6.4.9 Stevia Corp.
6.4.10 Sunwin Stevia International Inc.
*List Not Exhaustive7. MARKET OPPORTUNITIES AND FUTURE TRENDS
8. COVID IMPACT ON THE MARKET
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Frequently Asked Questions
What is the study period of this market?
The Stevia Market market is studied from 2016 - 2026.
What is the growth rate of Stevia Market?
The Stevia Market is growing at a CAGR of 8.43% over the next 5 years.
Which region has highest growth rate in Stevia Market?
Asia-Pacific is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Stevia Market?
North America holds highest share in 2020.
Who are the key players in Stevia Market?
Tate & Lyle PLC, Ingredion Incorporated, Archer Daniels Midland Company, Cargill Incorporated, Glg Life Tech Corp are the major companies operating in Stevia Market.
