Global Stevia Market to Reach US$ 1,438.3 Million by 2032, Propelled by the Increasing Health Consciousness among Consumers

July 25, 2022 | Chemical & Materials

The latest report by IMARC Group, titled “Stevia Market Report by Extract Type (Powder, Liquid, Leaf), End Use (Beverages, Food Products, Table Top Sweeteners, Pharmaceuticals, and Others), and Region 2024-2032”, finds that the global stevia market size reached US$ 763.0 Million in 2023. Stevia refers to a non-nutritive and natural sweetener that is approximately 200 times sweeter than table sugar. It is extracted from the leaves of the plant Stevia Rebaudiana, a member of the chrysanthemum family, typically found in Brazil and Paraguay region. It consists of several glycoside compounds, such as steviolbioside, stevioside, rebaudiosides A-E, and dulcoside. It is a good source of antioxidant compounds, including flavonoids, quercetin, triterpenes, caffeic acid, tannis, and kaempferol. It helps lose weight, maintain blood sugar levels, and lower low-density lipoprotein (LDL) cholesterol. In recent years, stevia has gained traction due to its extensive utilization as a substitute for sugar in sauces, beverages, cereals, salad dressings, pastries, aerated drinks, and yogurts.

Global Stevia Market Trends:

One of the primary factors driving the market is the rising health consciousness among consumers. Due to this, an increasing number of individuals are monitoring their sugar intake and incorporating low-calorie sugar sweeteners in their diets, thus creating a positive market outlook. Other than this, the expanding food and beverage (F&B) industry, which utilize stevia in various confectionery items, baked goods, and smoothies is escalating the product demand. Besides this, key players are constantly investing in the development of innovative product variants to expand their product portfolio. For instance, the Vancouver-based GLG Life Tech Corp launched Organipure, which is an organic line of stevia sweeteners with certifications recognized in both America and Europe. Other growth-inducing factors include product awareness campaigns undertaken by numerous manufacturers, increasing consumer preference for plant-based and natural product variants, growing incidences of lifestyle diseases, and rising geriatric population. Looking forward, IMARC Group expects the market value to reach US$ 1,438.3 Million by 2032, expanding at a CAGR of 7.1% during the forecast period (2024-2032).

Market Summary:

  • Based on the extract type, the market has been divided into powder, liquid, and leaf. Presently, powdered stevia represents the most popular segment.
  • On the basis of the end use, the market has been categorized into beverages, food products, tabletop sweeteners, pharmaceuticals, and others. Among these, beverages exhibit a clear dominance in the market.
  • On the geographical front, the market has been segregated into Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, Argentina, Chile, Peru, Colombia, and others), and Middle East and Africa (Turkey, Saudi Arabia, Iran, the United Arab Emirates, and others). Currently, Asia Pacific holds the leading position in the market.
  • The competitive landscape of the market has also been examined, with some of the key players being Archer-Daniels-Midland Company, Cargill Incorporated, GLG Life Tech Corporation, Guilin Layn Natural Ingredients Corp., Hunan NutraMax Inc., Ingredion Incorporated, Morita Kagaku Kogyo Co. Ltd., Pyure Brands LLC, Sunwin Stevia International Inc, Tate & Lyle PLC, The Real Stevia Company AB, Wisdom Natural Brands, Zhucheng Haotian Pharm Co. Ltd., etc.

Report Coverage:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Million, Metric Tons
Segment Coverage Extract Type, End Use, Region
Region Covered  Asia Pacific, North America, Europe, Middle East and Africa, Latin America
Countries Covered China, Japan, India, South Korea, Australia, Indonesia, United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, Turkey, Saudi Arabia, Iran, United Arab Emirates, Brazil, Mexico, Argentina, Colombia, Chile, Peru
Companies Covered Archer-Daniels-Midland Company, Cargill Incorporated, GLG Life Tech Corporation, Guilin Layn Natural Ingredients Corp., Hunan NutraMax Inc., Ingredion Incorporated, Morita Kagaku Kogyo Co. Ltd., Pyure Brands LLC, Sunwin Stevia International Inc, Tate & Lyle PLC, The Real Stevia Company AB, Wisdom Natural Brands and Zhucheng Haotian Pharm Co. Ltd.
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Global Stevia Market to Reach US$ 1,438.3 Million by 2032, Propelled by the Increasing Health Consciousness among Consumers
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