Preference for healthy artificial sweeteners first took off in line with the global sugar reduction fallout. Stevia especially gained from the proliferating trend wave of healthy sweeteners across food and beverages industry. The rate of stevia adoption continues to be on a higher side in beverages. Sustained consumption across the key beverage categories, viz., juices, sodas, and flavoured water drives the growth of stevia market. The latest published report of Fairfield Market Research suggests that global stevia market will jump to the revenue worth US$1,621 Mn by 2029 end, up from US$780 Mn that was recorded in 2021. Sales are likely to remain on an uptrend with ascending growth outlook of nutraceuticals according to the report. During 2022 – 2029, stevia market revenue is expected to see 9.6% growth. However, the report also highlights the fact that the pricing volatility remains a longstanding challenge facing global stevia market in long run.
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Food and Beverages Industry Holds the Maximum Opportunity for Stevia Market Players
Stevia leaf extracts remain the most sought-after sweetening agents and will continue to surge ahead on the back of frequent innovation. Opportunities are likely to arise across some of the high-potential F&B categories as they adopt a shift away from traditional sweeteners. Stevia-based sweeteners have thus been gaining stronger ground for several new launches across the industry. Besides beverages, the report indicates bakery, confectionary, and dairy as the key segments that are notably shifting their preferences toward stevia. Although widespread availability, and economic price point continue to position traditional sweeteners ahead if stevia-based sweeteners, the latter are likely to rapidly capture new markets with desirable texture, sweetness, crystallization, mouthfeel, flavour, and extended shelf-life.
Asia Pacific Houses a Hotbed of Revenue Generation Opportunities for Stevia Market Players
Although there has been a lot of backlash regarding the potential health hazards of excessive consumption of the conventional white sugar worldwide, the conventional sweeteners typically used across processed F&B sector have also been facing the heat. The report thus marks huge penetration potential for stevia across food and beverages industry. As Asia Pacific represents the fastest growing F&B industry, stevia is expected to demonstrate the fastest penetration here. Rapid growth of stevia market in Asia Pacific is clearly attributable to the frequent new launches, and rising awareness about the most common lifestyle conditions like irritable bowel disease (IBD), and obesity. Rapid expansion of the health food sector is another strong factor elevating the scope of growth for Asia Pacific stevia market, led by China, suggests the report.
Key Players in Global Stevia Market
Archer-Daniels-Midland Company, Cargill Inc, and Ingredion Incorporated constitute some of the leading players steering the global stevia market competition. The market for stevia is highly competitive, and diverse, and the competitive analysis section intends to provide the new potential participants with some exclusive valued insights into the strategic developments.
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