The stevia is a plant native to South America and renowned for its sweet leaves. Stevia is around 150-300 times sweeter than sugar but has negligible calories. It is widely used as a natural sweetener in food and beverage industry. Rising consumer inclination towards healthy and low-calorie foods have increased the demand for stevia. Stevia based sweeteners aid in weight management and helps control blood sugar levels. Stevia products offer glycemic control and helps manage health conditions like diabetes.
The global Stevia Market is estimated to be valued at US$ 716.49 Mn in 2023 and is expected to exhibit a CAGR of 18% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the global stevia market is the growing demand from the food and beverage industry. Stevia extracts and powder are widely used by food manufacturers as natural sweeteners in beverages, dairy products, bakery items and others. Innovation of new stevia based sugar substitutes and formulations are appealing to health conscious consumers. Another key trend is the adoption of stevia in pharmaceutical industry. Properties of stevia like anti-hypertensive and anti-diabetic make it useful for development of medicines. Rising consumer awareness and acceptance is expected to increase the scope of stevia in pharmaceutical applications during the forecast period.
Threat of new entrants: The threat of new entrants is moderate as there are switching costs associated with consumers moving to alternatives. However, the market is attractive due to high growth rates.
Bargaining power of buyers: The bargaining power of buyers is moderate. However, as buyers become more health conscious, they may exert pressure on suppliers to offer better quality products at lower prices.
Bargaining power of suppliers: The bargaining power of suppliers is moderate given the increasing competition among existing players. However, stevia being a natural sweetener, the availability of raw materials is a key factor influencing suppliers’ bargaining power.
Threat of new substitutes: The threat from substitutes is low as alternatives such as aspartame are not as natural as stevia. However, sucralose poses competition due to its high sweetness potential.
Competitive rivalry: Competition in the market is high due to the presence of numerous players offering varied grades of stevia extracts.
The Global Stevia Market Demand is expected to witness high growth over the forecast period of 2023 to 2030. The global Stevia Market is estimated to be valued at US$ 716.49 Mn in 2023 and is expected to exhibit a CAGR of 18% over the forecast period 2023 to 2030.
North America dominates the stevia market currently owing to high health consciousness and stringent norms regarding sugar reduction in the region. The region is expected to continue dominating during the forecast period. Asia Pacific is expected to witness the fastest growth driven by increasing awareness about the sweetener and improved production techniques in major producing countries such as China.
Key players operating in the Stevia market are Cisco Systems Inc., SAP SE, General Electric, Microsoft Corporation, Intel Corporation, Siemens AG, IBM Corporation, Qualcomm, Verizon Communication Inc., and AT&T Inc. Stevia extract production being a unique process, companies are focusing on capacity expansion through partnerships and mergers. They are also investing in R&D for new stevia varieties and extraction techniques to strengthen their product portfolio.]
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it