NEW YORK, Sept. 4, 2023 /PRNewswire/ — The stevia market is estimated to grow at a CAGR of 6.97% between 2022 and 2027. The market size is forecast to increase by USD 245 million, according to Technavio. APAC is estimated to contribute 36% to the growth of the global market during the forecast period. The key factors for growth are expected to come from economic expansion in the region and favorable consumption trends. The beverage sector has emerged as a major application area for sugar substitutes in the region. In addition, countries like India are seeing increasing demand for sugar-free beverages, confectionery, and sugar-free bakery products. Hence, these factors are expected to drive market growth in the region during the forecast period. View the Sample report

Company Landscape

The stevia market is fragmented; the companies are competing with competitors and are trying to get a greater market share. The market is growing, and the chances of new entrants cannot be overlooked. The major companies have well-established economies of scale and market presence and generally rely on positioning technological advances, and the price of the products –The report provides a full list of key companies, their strategies, and the latest developments. Buy Now

Market Dynamics

Key Driver

High demand for natural sweeteners is a key factor driving market growth. Demand for natural sweeteners is on the rise as health-conscious consumers are looking for alternatives to artificial sweeteners that have been linked to side effects such as weight gain and diabetes. In addition, stevia stands out as the leading natural sweetener widely used in products such as baked goods, beverages, and snacks. This shift reflects the market’s growing preference for healthier options. Hence, these factors are expected to drive market growth during the forecast period.

Major Trend – Increased demand for stevia from the nutraceutical industry is a major trend in the market.

Significant Challenge – Taste issues of stevia-based products is a significant challenge restricting market growth. 

Technavio has identified key trends, drivers, and challenges in the market, which will help clients improve their strategies to stay ahead of their competitors. – View Sample Report

Company Profiles

The stevia market report includes information on the product launches, sustainability, and prospects of leading companies including Archer Daniels Midland Co., Cargill Inc., Daepyung Co. Ltd., Fraken Biochem Co. Ltd., Guilin Layn Natural Ingredients Corp., HOWTIAN, Hunan Nutramax Inc., Ingredion Inc., MANUS BIO, Morita Kagaku Kogyo Co. Ltd., Nutraceutical Corp., S and W Seed Co., Sunrise Nutrachem Group Co. Ltd., Sunwin Stevia International Inc., SweeGen Inc., Tate and Lyle Plc, The Real Stevia Co. AB, Van Wankum Ingredients BV, Wisdom Natural Brands, and Zydus Lifesciences Ltd.

 Market Segmentation

The stevia market is segmented by application (beverage sector, food sector, and pharmaceuticals and other), type (powder extract and liquid extract), and geography (APAC, North America, Europe, South America, and Middle East and Africa).

• The market share growth by the beverage sector segment will be significant during the forecast period. Derived from the leaves of the Stevia rebaudiana plant, stevia is a natural sweetener. It is gaining attention as a zero-calorie sugar substitute in beverages. Rising cases of obesity and diabetes are driving demand in the beverage industry. In addition, the preference for natural and organic products is driving interest in the use of stevia in beverages. Hence, these factors are expected to drive segment growth during the forecast period.

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Table of Contents

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Market Segmentation by Application

7 Market Segmentation by Type

8 Customer Landscape

9 Geographic Landscape

10 Drivers, Challenges, and Trends

11 Company Landscape

12 Company Analysis

13 Appendix

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Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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