Stevia Market Research Report and Outlook by 2028

In 2020, the global stevia market was valued at approximately US$ 499.70 million and is anticipated to grow to around US$ 965.82 million by 2028, reflecting a compound annual growth rate (CAGR) of 8.7% from 2021 to 2028.

Stevia is a natural sweetener derived from the leaves of the Stevia rebaudiana plant, predominantly cultivated in Brazil and Paraguay. The key components, known as steviol glycosides, make stevia 30 to 150 times sweeter than traditional sugar. Additionally, stevia is characterized by its stability under heat and varying pH levels, and it does not undergo fermentation.

The stevia market is categorized by application into several segments, including dairy and frozen desserts, bakery and confectionery, tabletop sweeteners, beverages, and others. In 2020, the beverage segment was the leading category within the stevia market. Stevia serves as a natural sweetening agent for a variety of beverages, including tea, coffee, flavored waters, soft drinks, alcoholic beverages, and juices. Its application in beverages offers a clean, sugar-like taste without the lingering aftertaste. The rising adoption of stevia in the beverage sector can be attributed to its numerous advantages, such as being calorie-free, non-caloric, entirely natural, stable in pH, non-fermenting, highly soluble, heat-stable, light-stable, and shelf-stable. Due to its low pH, stevia is particularly suitable for carbonated soft drinks, making it a vital ingredient in the beverage industry, as it allows consumers to manage their caloric, carbohydrate, and sugar intake effectively.

Regionally, the stevia market is divided into North America, Europe, Asia Pacific (APAC), South America (SAM), and the Middle East & Africa (MEA). In 2020, the Asia Pacific region held the largest share of the global stevia market. The increasing awareness of healthy eating and rising health consciousness among consumers are significant factors driving the growth of the stevia market in this region. Countries like China, Japan, and South Korea are key contributors to this market expansion. As consumers become more informed about their nutritional choices, they are increasingly seeking products with simpler labels and natural ingredients. Furthermore, the growing concerns regarding obesity, weight management, and the importance of a healthy diet are propelling the demand for stevia-based products in Asia Pacific.

The COVID-19 pandemic has notably influenced sugar consumption trends and the demand for sugar alternatives, leading to a decline in the need for sweeteners from beverage and other fast-moving consumer goods (FMCG) sectors during lockdowns in various countries. The food and beverage industry, being the primary consumer of stevia, has experienced disruptions due to lockdowns affecting manufacturing operations. Products such as bakery items, confectionery, dairy goods, and soft drinks that contain sweeteners have faced delays as supermarkets prioritized essential goods in response to the pandemic. This situation arose from government-imposed lockdowns aimed at curbing the spread of COVID-19. The restrictions on imports and exports have also impacted stevia exporters, disrupting supply chains. The pandemic has led to significant shifts in consumer preferences, increasing awareness of the importance of a healthy lifestyle. As a result, consumers are opting for healthier alternatives, which has boosted the demand for natural sweeteners like stevia. The trend towards reduced sugar and low-carbohydrate diets has intensified during the pandemic, further driving the demand for stevia. There has been a notable increase in the demand for products that are lower in sugar and promote immunity, as individuals seek ways to enhance their overall health and wellness. Consequently, the heightened health consciousness and the growing demand for sugar-reducing solutions among the global population due to the pandemic have positively influenced the stevia market. Thus, the COVID-19 pandemic has had a considerable impact on the stevia market worldwide.

Key players in the global stevia market include Cargill, Incorporated; Ingredion Incorporated; Tate & Lyle PLC; GLG LIFE TECH CORP; ADM; Sunwin Stevia International, Inc.; S&W Seed Company; Morita Kagaku Kogyo Co., Ltd.; Zhucheng Haotian Pharm Co., Ltd.; and PureCircle.

The overall size of the global stevia market has been determined through a combination of primary and secondary research methods. The research process began with extensive secondary research utilizing both internal and external sources to gather qualitative and quantitative data related to the market. Additionally, numerous primary interviews were conducted with industry stakeholders to validate the findings and gain deeper analytical insights. Participants in this research included industry experts such as vice presidents, business development managers, market intelligence managers, and national sales managers, as well as external consultants like valuation experts, research analysts, and key opinion leaders specializing in the global stevia market.