Stevia Market Analysis, Key Players, Industry Segments & Forecast by 2034

The global stevia market is on a promising growth trajectory, anticipated to surge from US$ 405.6 million in 2024 to US$ 739.4 million by 2034, with a projected CAGR of 6.2%.

Stevia’s market is developing due to rising demand for calorie-free, natural sweeteners. Given the growing concern about sugar’s potential negative health impacts, stevia’s plant-based origin and zero-calorie qualities have gained favour. The acceptance of healthy options in the food and beverage industry, which promotes innovation and product variety, is propelling market expansion.

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Stevia powder extract’s long shelf life and convenient shipment impact expansion plans even now. The market share of powder extract, which also includes stevia blends and glycosides, is predicted to be approximately 90% in 2021, thus, companies are focusing their efforts exclusively on this sector.

Although conventional stevia continues to hold a sizable market share, demand for organic varieties will skyrocket in the next years. Growing consumer preference for healthier products and rising health awareness drive the organic stevia market’s expansion.

Dairy products, baked goods, dietary supplements, drinks, packed meals, confections, snacks, tabletop sweeteners, and other goods (including electrolyte powder and pharmaceutical formulations) frequently contain stevia. The extensive use of beverages contributes significantly to the makers’ earnings.

WHO & Government Support for the Use of Stevia in the Food & Beverages Industry Boosting the Market Growth

One of the main factors driving the expansion of the stevia market is assistance from health organizations and governments. The food and beverage business manufacturers must utilize the proper ingredients to win the consumers’ trust because they now determine a product’s safety by checking for certifications and government clearance.

Stevia has received approval from various regulatory bodies to be used as a natural sweetener in several end-use applications, offering significant impetus to the market growth.

Key Companies Profiled:

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.

Manufacturers Emphasize Building Consumer Trust through Transparency in Production

New technologies have provided consumers the accessibility to smart labels, through which they can track the journey of the products. Consumers are asking food companies to increase the transparency of their products, going beyond free-from status, ingredients, and nutritional levels.

Buyers are demanding to understand the background of the products – from where and how the ingredients were sourced to the manufacturing of the end product. Trust and transparency have become major challenges in the food and beverages industry, as governments don’t lay down any strict regulations and guidelines regarding clean labeling.

Companies have started using clean labeling as a catchword for promotional and marketing purposes and have taken advantage of this to sell their products as clean label products. Manufacturers need to adopt cleaner practices to sell their clean-label food products without alienating consumers’ trust.

This study by FMI offers insights into the stevia market for the forecast period of 2022-2032. The stevia market is projected to record a CAGR of ~ 7.2% during the predefined timeframe.

Global Stevia Market by Category:

By Nature, Global Stevia Market is segmented as: