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Jul 11, 2023

Sweetening Success: Revealing the USD 708.1 Million Stevia Market with a Projected 7.2% Growth Rate by 2032

Stevia Market to reach USD 708.1 Mn by 2032, at a CAGR of 7.2% from 2022 to

Stevia Market to reach USD 708.1 Mn by 2032, at a CAGR of 7.2% from 2022 to 2032. According to a new study by FMI, global sales of stevia are expected to reach ~ US$ 355 Mn in 2022. The rise in the demand for stevia can be attributed to its low-calorie content along with the growing demand for effective solutions to counteract lifestyle diseases such as diabetes and obesity.

Due to its prolonged shelf life and convenience of delivery, stevia powder extract continues to have an impact on expansion initiatives. Producers are concentrating their efforts in this category, which also includes stevia blends and glycosides, as it will hold 90% of the market in 2021.

While conventional stevia continues to hold a sizable market share, demand for organic varieties is anticipated to grow quickly in the upcoming years. The market for organic stevia is expanding due in part to rising health consciousness and consumer preference for healthy goods.

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Stevia find numerous applications in dairy food products, bakery products, dietary supplements, beverages, packaged food products, confectionery products, snacks, table top sweeteners, and others (electrolyte powder and medicinal formulations). Of these, significant application in beverages is likely to account for major share of manufacturers’ bottom lines.

WHO & Government Support for the Use of Stevia in the Food & Beverages Industry Boosting the Market Growth

The support from health organizations and governments is one of the key reasons for the growth of the stevia market. As today's consumers interpret the safety of the product by looking for certifications and government approval, it becomes necessary for the manufacturers in the food and beverages industry to use appropriate ingredients to gain the trust of the consumers.

Stevia has received approval from various regulatory bodies to be used as a natural sweetener in a number of end-use applications, thereby offering significant impetus to the market growth.

Key Companies Profiled:

• Ingredion Incorporated

• Koninklijke DSM NV

• Tate and Lyle Plc.

• Sunwin Stevia International, Inc.

• GLG Life Tech Corp

• Evolva Holding SA Nemours & Co

• Archer Daniels Midland Company

• Stevia Nutra Corp.

Manufacturers Emphasize on Building Consumer Trust through Transparency in Production

New technologies have provided consumers the accessibility to smart labels, through which, they can track the journey of the products. Consumers are nowadays asking food companies to increase the transparency of their products, going beyond free-from status, ingredients, and nutritional levels.

Buyers are demanding to understand the background of the products – from where and how the ingredients were sourced to the manufacturing of the end product. In the food and beverages industry, trust and transparency have become major challenges, as there aren't any strict regulations and guidelines laid down by governments regarding clean labeling.

Companies have started using clean labeling as a catchword for promotional and marketing purposes, and have taken advantage of this to sell their products as clean label products. It is essential for manufacturers to adopt cleaner practices to sell their clean label food products without alienating the trust of consumers.

This study by FMI offers insights into the stevia market for the forecast period of 2022-2032. The stevia market is projected to record a CAGR of ~ 7.2% during the predefined timeframe.

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Global Stevia Market by Category

By Nature, Global Stevia Market is segmented as:

By Type, Global Stevia Market is segmented as:

By Application, Global Stevia Market is segmented as:

By Region, Global Stevia Market is segmented as:

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