The latest report by IMARC Group, titled “Stevia Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2022-2027”, finds that the global stevia market size reached US$ 644 Million in 2021. 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.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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$ 1,054.5 Million by 2027, expanding at a CAGR of 8.5% during the forecast period (2022-2027).
- 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 been examined in the report, with detailed profiles of key players operating in the market.
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