The Global Stevia Extracts Market Size accounted for USD 458.8 Million in 2022 and is projected to achieve a market size of USD 855.9 Million by 2032 growing at a CAGR of 6.5% from 2023 to 2032.
Stevia Extracts Market Key Highlights
Stevia extract is a natural sweetener derived from the leaves of the stevia plant. It is used as an alternative to sugar and artificial sweeteners, as it has zero calories and is much sweeter than sugar. Stevia extract is available in various forms, including liquid, powder, and granular, and is used in a variety of applications such as beverages, bakery, dairy, and confectionery products, as well as in dietary supplements and personal care products.
The market for stevia extract has seen significant growth in recent years, driven by increasing demand for natural and low-calorie sweeteners. Growing health awareness among consumers, rising cases of obesity and diabetes, and stringent regulations on the use of artificial sweeteners have also contributed to the growth of the market. Additionally, the expanding food and beverage industry, especially in emerging economies, is expected to fuel the demand for stevia extract in the coming years.
Global Stevia Extracts Market Trends
Stevia Extracts Market Report Coverage
|Market||Stevia Extracts Market|
|Stevia Extracts Market Size 2022||USD 458.8 Million|
|Stevia Extracts Market Forecast 2032||USD 855.9 Million|
|Stevia Extracts Market CAGR During 2023 - 2032||6.5%|
|Stevia Extracts Market Analysis Period||2020 - 2032|
|Stevia Extracts Market Base Year||2022|
|Stevia Extracts Market Forecast Data||2023 - 2032|
|Segments Covered||By Extract Type, By Application, And By Geography
|Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Key Companies Profiled||PureCircle, Tate & Lyle, Cargill, GLG Life Tech Corp, Ingredion, Stevia Corp, Sunwin Stevia International Inc., Pyure Brands LLC, Wisdom Natural Brands, Stevia First Corporation, Kiva Health Food, and SweetLeaf Stevia.
||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Covid-19 Analysis, Regulation Analysis|
Stevia is a natural sugar substitute and sweetener which is obtained from the leaves of the stevia rebaudiana plant species. The active ingredients of stevia extracts include steviol glycosides, rebaudioside, and stevioside which possess sweetness more than 150 times that of sugar. Stevia extracts are heat-resistant, non-fermentable as well as pH-stable. The taste of stevia extracts has a relatively slower onset although a longer duration when compared to sugar and some extracts of stevia have a licorice-like or bitter aftertaste, especially at higher concentrations.
Increasing awareness regarding the health advantages of stevia extracts is a major factor driving the overall demand for stevia extracts in the foreseeable years. In addition to this, offering profitable margins to suppliers and distributors is further projected to bolster client partnerships across the industry. The rising visibility of the product in modern retail enterprises in the form of retail shelves coupled with ease of product availability are some other aspects anticipated to cater to the demand for stevia extracts over the forecast period. Moreover, as the formulation of stevia extracts is an intricate process, strengthening the procurement of raw materials is a major concern for key players operating in the global stevia extracts market. Also, demand for stevia extracts as a major sugar substitute, especially in the food & beverages industry, coupled with rising awareness among consumers from digital marketing platforms and the rising strength of supply chain majorly in developing countries such as Brazil, India, Indonesia, and Russia are some of the key focus parts for the players operating in the global stevia extracts industry.
Stevia Extracts Market Segmentation
The global stevia extracts market segmentation is based on extract type, application, and geography.
Stevia Extracts Market By Extract Type
In terms of extract types, the liquid segment has seen significant growth in the stevia extracts market in recent years. Liquid stevia extracts are commonly used as a natural sweetener in various beverages, such as tea, coffee, and juices. They are also used in food applications, such as dressings and marinades, and in personal care products, such as toothpaste and mouthwash. The growing demand for natural and low-calorie sweeteners is one of the major factors driving the growth of the liquid segment. Liquid stevia extracts are a popular alternative to sugar and artificial sweeteners, as they have zero calories and are much sweeter than sugar. They are also perceived as healthier and more natural than artificial sweeteners, which have been associated with various health concerns. The increasing adoption of liquid stevia extracts in the food and beverage industry is also contributing to the growth of the segment.
Stevia Extracts Market By Application
According to the stevia extracts market forecast, the food & beverages segment is expected to witness significant growth in the coming years. Stevia extracts are widely used as a natural sweetener in various food and beverage products, such as soft drinks, juices, dairy products, confectionery, and bakery products. They are also used in other applications, such as dietary supplements and personal care products. The growing demand for natural and low-calorie sweeteners is one of the major factors driving the growth of the food and beverages segment. With the increasing health awareness among consumers, there is a growing demand for healthier and more natural food and beverage products, which is driving the demand for stevia extracts as a natural sweetener. The expanding food and beverage industry, especially in emerging economies, is also contributing to the growth of the food and beverages segment.
Stevia Extracts Market Regional Outlook
The Middle East & Africa
Stevia Extracts Market Regional Analysis
North America is currently dominating the stevia extract market, accounting for the largest share of the global market. One of the primary factors is the increasing demand for natural and low-calorie sweeteners, as consumers in North America are becoming more health-conscious and looking for healthier alternatives to sugar and artificial sweeteners. Stevia extract, with its zero-calorie content and natural origin, has gained significant popularity in North America as a natural sweetener alternative. Furthermore, the stringent regulations on the use of artificial sweeteners in North America have created a growing demand for natural sweeteners, such as stevia extract. The FDA has approved the use of stevia extract as a food additive in the United States, which has further contributed to the growth of the market. This has resulted in an increase in the use of stevia extract in various food and beverage products, including soft drinks, juices, dairy products, and baked goods, among others.
Stevia Extracts Market Player
Some of the top stevia extracts market companies offered in the professional report include PureCircle, Tate & Lyle, Cargill, GLG Life Tech Corp, Ingredion, Stevia Corp, Sunwin Stevia International Inc., Pyure Brands LLC, Wisdom Natural Brands, Stevia First Corporation, Kiva Health Food, and SweetLeaf Stevia.
The market size of stevia extracts was USD 458.8 Million in 2022.
The CAGR of stevia extracts is 6.5% during the analysis period of 2023 to 2032.
The key players operating in the global market are including PureCircle, Tate & Lyle, Cargill, GLG Life Tech Corp, Ingredion, Stevia Corp, Sunwin Stevia International Inc., Pyure Brands LLC, Wisdom Natural Brands, Stevia First Corporation, Kiva Health Food, and SweetLeaf Stevia.
North America held the dominating position in stevia extracts industry during the analysis period of 2023 to 2032.
Asia-Pacific region exhibited fastest growing CAGR for market of stevia extracts during the analysis period of 2023 to 2032.
The current trends and dynamics in the stevia extracts industry include increasing demand for natural and low-calorie sweeteners, and growing health awareness among consumers.
The liquid extract type held the maximum share of the stevia extracts industry.