Stevia Market By Size, Nature, Application & Region for 2020 | Global Analysis and Forecast - 2028

    Stevia Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Whole Leaf, Powder, and Liquid) and Application (Dairy and Frozen Dessert, Bakery and Confectionery, Tabletop Sweeteners, Beverages, and Others)

    Publication Month: Jul 2021 | Report Code: TIPRE00004710 | No. of Pages: 142 | Category: Food and Beverages | Status: Published

    The stevia market was valued at US$ 499.70 million in 2020 and is projected to reach US$ 965.82 million by 2028; it is expected to grow at a CAGR of 8.7% from 2021 to 2028.

    Stevia is a natural sweetener that is used as a substitute for sugar and is derived from the leaves of the plant species Stevia rebaudiana, which are mostly grown in Brazil and Paraguay. The active compounds: steviol glycosides makes stevia 30–150 times sweeter than sugar along with being heat-stable, pH stable, and not fermentable.

    In 2020, Asia Pacific dominated for stevia market. People in Asia Pacific are becoming health and wellness conscious, which is opening new opportunities for the sugar substitute market. The growing awareness about healthy diet and increasing health consciousness among people are the major drivers for the stevia market in the Asia Pacific region. Countries such as China, Japan, and South Korea are the major contributors for the market growth in the region. Consumers are seeking simpler labels and natural ingredients as they become more aware of their own nutrition. Also, the increased awareness of obesity, weight control, and the significance of eating a healthy diet is driving the demand for stevia-based products in the region.

    The ongoing COVID-19 pandemic has been impacting the sugar consumption patterns and its alternatives, as there is a reduced demand for the sweeteners from beverage and other FMCG companies amid the lockdown across multiple countries. Food & beverage industry is the bulk consumer of stevia and is likely to affect the consumption owing to the lockdown in various countries, which has implemented a shut down on various manufacturing units. Food & beverage products, which includes bakery products, confectionery, dairy products, and soft drinks containing food additives such as sweeteners are being pushed back as the supermarkets re-allocated stock priorities toward staples and essential supplies due to COVID-19 outbreak. This was mainly due to the mass lockdown instructions given by several countries’ governments to avoid the spread of the pandemic in their respective countries. Lockdown and quarantine measures along with import and export restrictions imposed by states and governments are impacting the stevia exporters due to the disruption in supply chains. The pandemic has been a reason for major shifts in consumer preferences, which has led to an increased awareness about having a healthy lifestyle. Consumers due to the pandemic are substituting conventional ingredients with healthier alternative, which is increasing the demand for natural sweeteners such as stevia. With an increase in the diet trend of no added sugars and low carbohydrates among consumers during the pandemic has led to an increase in demand for stevia. During the pandemic there has been rapid surge in demand for less sugary and immunity-boosting products, which is due to people seeking solutions to boost overall health and wellbeing. The COVID-19 pandemic has prompted the customers to become health-conscious and turn to low-calorie or sugar-free food. Hence, increasing health consciousness and high demand for sugar-reducing solutions among the global population due to the COVID pandemic has had a positive impact on the stevia market. Thus, COVID-19, had a significant impact on the stevia market across the world.

    Global Stevia Market, By Region 2020

    Global Stevia Market, By Region 2020

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    Market Insights

    Increasing Consumer Inclination Toward Natural Sweeteners

    With the increasing incidence of diabetes and obesity worldwide, consumers are progressively shifting toward natural sweetening products. According to the International Diabetes Foundation, 641 million people will have diabetes by 2040, rising from 415 million in 2015. Obesity is a prevalent disease that leads to diabetes along with other chronic diseases such as hypertension, metabolic syndrome, cardiovascular risk, and retinopathy. The authorities across the world are focusing on a healthier lifestyle, which includes a reduction in the number of calories consumed, especially added sugar. The World Health Organization (WHO) has recommended a decrease in added sugars in the daily lifestyle. To lower the amount of sugar intake, consumers prefer natural sweeteners such as stevia, which helps in weight management by reducing added sugar and calories. Along with this, in Europe, consumers are increasingly consuming products having no added sugar. According to the 2020 New Nutrition Business survey, two-thirds of European consumers are trying to lower their sugar intake due to the increasing rate of obesity and diabetes, which has led to an increased demand for stevia in Europe. Thus, an increase in consumer inclination toward natural sweeteners is driving the growth of the stevia market.

    Type Insights

    Based on type, the stevia market is segmented into whole leaf, powder, and liquid. In 2020, powder segment dominated the stevia market. Stevia white powder is a natural and healthy substitute for sugar. Stevia leaves are dried to form the powder and the powdered form of stevia is loaded with the extracts of stevia leaves and erythritol. In its highly purified form, one gram of stevia powder is equivalent to two teaspoons of sugar in terms of sweetness. Stevia powder has many applications, such as making beverages (e.g., tea and coffee), desserts, baked dish, condiments, as well as sauces. The stevia powder provides a sweet taste with zero calories, which is because of the presence of steviol glycosides.

    Stevia Market, by Type – 2020 and 2028

    Stevia Market, by Type – 2020 and 2028

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    Strategic Insights

    A few of the key market players operating in the stevia market are Cargill, Incorporated; Ingredion Incorporated; Tate & Lyle PLC; GLG LIFE TECH CORP; ADM; Sunwin Stevia International, Inc.; S&W Seed Company; Morita Kagaku Kogyo Co., Ltd.; Zhucheng Haotian Pharm Co., Ltd.; and PureCircle. Major players in the market are focusing on strategies such as mergers and acquisitions and product launches to expand the geographic presence and consumer base.

    Report Spotlights

    • Progressive trends in the stevia industry to help players develop effective long-term strategies
    • Business growth strategies adopted by companies to secure growth in developed and developing markets
    • Quantitative analysis of the global stevia market from 2019 to 2028
    • Estimation of the demand for stevia across various industries
    • Porter analysis to illustrate the efficacy of buyers and suppliers operating in the industry to predict market growth
    • Recent developments to understand the competitive market scenario and the demand for stevia
    • Market trends and outlook coupled with factors driving and restraining the growth of the stevia market
    • Understanding regarding the strategies that underpin commercial interest about global stevia market growth, aiding in the decision-making process
    • Stevia market size at various nodes of market
    • Detailed overview and segmentation of the global stevia market as well as its industry dynamics
    • Stevia market size in various regions with promising growth opportunities

    Stevia Market, by Type

    • Whole Leaf
    • Powder
    • Liquid

    Stevia Market, by Application

    • Dairy and Frozen Dessert
    • Bakery and Confectionery
    • Tabletop Sweeteners
    • Beverages
    • Others

    Company Profiles

    • Cargill, Incorporated
    • Ingredion Incorporated
    • Tate & Lyle PLC
    • GLG LIFE TECH CORP
    • ADM
    • Sunwin Stevia International, Inc.
    • S&W Seed Company
    • Morita Kagaku Kogyo Co., Ltd.
    • Zhucheng Haotian Pharm Co., Ltd.
    • PureCircle

    1. Introduction. 17

    1.1 Study Scope. 17

    1.2 The Insight Partners Research Report Guidance. 17

    1.3 Market Segmentation. 18

    2. Key Takeaways. 20

    3. Research Methodology. 23

    3.1 Scope of the Study. 23

    3.2 Research Methodology. 23

    3.2.1 Data Collection. 24

    3.2.2 Primary Interviews. 24

    3.2.3 Hypothesis Formulation. 25

    3.2.4 Macro-economic Factor Analysis. 25

    3.2.5 Developing Base Number. 25

    3.2.6 Data Triangulation. 25

    3.2.7 Country Level Data. 26

    4. Global Stevia Market Landscape. 27

    4.1 Market Overview. 27

    4.2 Porter’s Analysis. 28

    4.2.1 Threat of New Entrants: 29

    4.2.2 Bargaining Power of Buyers: 29

    4.2.3 Bargaining Power of Suppliers: 29

    4.2.4 Competitive Rivalry: 29

    4.2.5 Threat of Substitutes: 30

    4.3 Value Chain Analysis. 30

    4.4 Expert Opinion. 32

    5. Stevia Market – Key Market Dynamics. 33

    5.1 Market Drivers. 33

    5.1.1 Increasing Consumer Inclination Toward Natural Sweeteners. 33

    5.1.2 Growing Applications of Stevia in Beverage Industry. 33

    5.2 Market Restraints. 33

    5.2.1 Fluctuating Prices of Stevia Leaf 33

    5.3 Market Opportunities. 34

    5.3.1 Innovations in Stevia Market 34

    5.4 Future Trend. 34

    5.4.1 Improvement in Taste of Stevia. 34

    5.5 Impact Analysis of Drivers and Restraints. 34

    6. Stevia Agents – Global Market Analysis. 35

    6.1 Stevia Market Overview. 35

    6.2 Stevia Market –Revenue and Forecast To 2028 (USD Million) 36

    6.3 Competitive Positioning – Key Market Players. 37

    7. Stevia Market Analysis – By Type Overview.. 38

    7.1 Stevia Market, By Type (2020 and 2028) 38

    7.2 Whole Leaf 38

    7.2.1 Overview.. 38

    7.2.2 Whole Leaf: Stevia Market – Revenue and Forecast To 2028 (USD Million) 38

    7.3 Powder 40

    7.3.1 Overview.. 40

    7.3.2 Powder: Stevia Market – Revenue and Forecast To 2028 (USD Million) 40

    7.4 Liquid. 41

    7.4.1 Overview.. 41

    7.4.2 Liquid: Stevia Market – Revenue and Forecast to 2028 (USD Million) 41

    8. Stevia Market Analysis – By Application. 42

    8.1 Overview. 42

    8.2 Stevia Market, By Application (2020 and 2028) 42

    8.3 Dairy and Frozen Dessert 42

    8.3.1 Overview.. 42

    8.3.2 Dairy and Frozen Dessert: Stevia Market – Revenue and Forecast To 2028 (USD Million) 42

    8.4 Bakery and Confectionery. 44

    8.4.1 Overview.. 44

    8.4.2 Bakery and Confectionery: Stevia Market – Revenue and Forecast To 2028 (USD Million) 44

    8.5 Tabletop sweeteners. 45

    8.5.1 Overview.. 45

    8.5.2 Tabletop sweeteners: Stevia Market – Revenue and Forecast To 2028 (USD Million) 45

    8.6 Beverages. 46

    8.6.1 Overview.. 46

    8.6.2 Beverages: Stevia Market – Revenue and Forecast To 2028 (USD Million) 46

    8.7 Others. 47

    8.7.1 Overview.. 47

    8.7.2 Others: Stevia Market – Revenue and Forecast To 2028 (USD Million) 47

    9. Stevia Market – Geographic Analysis. 48

    9.1 Overview. 48

    9.2 North America: Stevia Market 48

    9.2.1 North America: Stevia Market –Revenue, and Forecast to 2028 (USD Million) 49

    9.2.2 North America: Stevia Market, by Type. 50

    9.2.3 North America: Stevia Market, by Application. 51

    9.2.4 North America: Stevia Market, by Key Country. 52

    9.2.4.1 US: Stevia Market – Revenue, and Forecast to 2028 (USD Million) 52

    9.2.4.1.1 US: Stevia Market, by Type. 53

    9.2.4.1.2 US: Stevia Market, by Application. 53

    9.2.4.2 Canada: Stevia Market – Revenue, and Forecast to 2028 (USD Million) 54

    9.2.4.2.1 Canada: Stevia Market, by Type. 54

    9.2.4.2.2 Canada: Stevia Market, by Application. 55

    9.2.4.3 Mexico: Stevia Market – Revenue, and Forecast to 2028 (USD Million) 56

    9.2.4.3.1 Mexico: Stevia Market, by Type. 56

    9.2.4.3.2 Mexico: Stevia Market, by Application. 57

    9.3 Europe: Stevia Market 58

    9.3.1 Europe: Stevia Market –Revenue, and Forecast to 2028 (USD Million) 58

    9.3.2 Europe: Stevia Market, by Type. 59

    9.3.3 Europe: Stevia Market, by Application. 60

    9.3.4 Europe: Stevia Market, by Key Country. 61

    9.3.4.1 Germany: Stevia Market – Revenue, and Forecast to 2028 (USD Million) 61

    9.3.4.1.1 Germany: Stevia Market, by Type. 62

    9.3.4.1.2 Germany: Stevia Market, by Application. 62

    9.3.4.2 France: Stevia Market – Revenue, and Forecast to 2028 (USD Million) 63

    9.3.4.2.1 France: Stevia Market, by Type. 63

    9.3.4.2.2 France: Stevia Market, by Application. 64

    9.3.4.3 Italy: Stevia Market – Revenue, and Forecast to 2028 (USD Million) 65

    9.3.4.3.1 Italy: Stevia Market, by Type. 65

    9.3.4.3.2 Italy: Stevia Market, by Application. 66

    9.3.4.4 UK: Stevia Market – Revenue, and Forecast to 2028 (USD Million) 67

    9.3.4.4.1 UK: Stevia Market, by Type. 68

    9.3.4.4.2 UK: Stevia Market, by Application. 68

    9.3.4.5 Russia: Stevia Market – Revenue, and Forecast to 2028 (USD Million) 69

    9.3.4.5.1 Russia: Stevia Market, by Type. 69

    9.3.4.5.2 Russia: Stevia Market, by Application. 70

    9.3.4.6 Rest of Europe: Stevia Market – Revenue, and Forecast to 2028 (USD Million) 71

    9.3.4.6.1 Rest of Europe: Stevia Market, by Type. 71

    9.3.4.6.2 Rest of Europe: Stevia Market, by Application. 72

    9.4 Asia Pacific: Stevia Market 73

    9.4.1 Asia Pacific: Stevia Market –Revenue, and Forecast to 2028 (USD Million) 73

    9.4.2 Asia Pacific: Stevia Market, by Type. 74

    9.4.3 Asia Pacific: Stevia Market, by Application. 75

    9.4.4 Asia Pacific: Stevia Market, by Key Country. 76

    9.4.4.1 Australia: Stevia Market – Revenue, and Forecast to 2028 (USD Million) 76

    9.4.4.1.1 Australia: Stevia Market, by Type. 77

    9.4.4.1.2 Australia: Stevia Market, by Application. 77

    9.4.4.2 China: Stevia Market – Revenue, and Forecast to 2028 (USD Million) 78

    9.4.4.2.1 China: Stevia Market, by Type. 78

    9.4.4.2.2 China: Stevia Market, by Application. 79

    9.4.4.3 India: Stevia Market – Revenue, and Forecast to 2028 (USD Million) 80

    9.4.4.3.1 India: Stevia Market, by Type. 80

    9.4.4.3.2 India: Stevia Market, by Application. 81

    9.4.4.4 Japan: Stevia Market – Revenue, and Forecast to 2028 (USD Million) 82

    9.4.4.4.1 Japan: Stevia Market, by Type. 82

    9.4.4.4.2 Japan: Stevia Market, by Application. 83

    9.4.4.5 South Korea: Stevia Market – Revenue, and Forecast to 2028 (USD Million) 84

    9.4.4.5.1 South Korea: Stevia Market, by Type. 84

    9.4.4.5.2 South Korea: Stevia Market, by Application. 85

    9.4.4.6 Rest of Asia-Pacific: Stevia Market – Revenue, and Forecast to 2028 (USD Million) 86

    9.4.4.6.1 Rest of Asia-Pacific: Stevia Market, by Type. 86

    9.4.4.6.2 Rest of Asia-Pacific: Stevia Market, by Application. 87

    9.5 Middle East and Africa: Stevia Market 87

    9.5.1 Middle East and Africa: Stevia Market –Revenue, and Forecast to 2028 (USD Million) 88

    9.5.2 Middle East and Africa: Stevia Market, by Type. 88

    9.5.3 Middle East and Africa: Stevia Market, by Application. 89

    9.5.4 Middle East and Africa: Stevia Market, by Key Country. 90

    9.5.4.1 South Africa: Stevia Market – Revenue, and Forecast to 2028 (USD Million) 90

    9.5.4.1.1 South Africa: Stevia Market, by Type. 91

    9.5.4.1.2 South Africa: Stevia Market, by Application. 91

    9.5.4.2 Saudi Arabia: Stevia Market – Revenue, and Forecast to 2028 (USD Million) 92

    9.5.4.2.1 Saudi Arabia: Stevia Market, by Type. 92

    9.5.4.2.2 Saudi Arabia: Stevia Market, by Application. 93

    9.5.4.3 UAE: Stevia Market – Revenue, and Forecast to 2028 (USD Million) 94

    9.5.4.3.1 UAE: Stevia Market, by Type. 94

    9.5.4.3.2 UAE: Stevia Market, by Application. 95

    9.5.4.4 Rest of Middle East and Africa: Stevia Market – Revenue, and Forecast to 2028 (USD Million) 96

    9.5.4.4.1 Rest of Middle East and Africa: Stevia Market, by Type. 96

    9.5.4.4.2 Rest of Middle East and Africa: Stevia Market, by Application. 97

    9.6 South & Central America: Stevia Market 98

    9.6.1 South & Central America: Stevia Market –Revenue, and Forecast to 2028 (USD Million) 98

    9.6.2 South & Central America: Stevia Market, by Type. 99

    9.6.3 South & Central America: Stevia Market, by Application. 100

    9.6.4 South & Central America: Stevia Market, by Key Country. 101

    9.6.4.1 Brazil: Stevia Market – Revenue, and Forecast to 2028 (USD Million) 101

    9.6.4.1.1 Brazil: Stevia Market, by Type. 102

    9.6.4.1.2 Brazil: Stevia Market, by Application. 102

    9.6.4.2 Argentina: Stevia Market – Revenue, and Forecast to 2028 (USD Million) 103

    9.6.4.2.1 Argentina: Stevia Market, by Type. 103

    9.6.4.2.2 Argentina: Stevia Market, by Application. 104

    9.6.4.3 Rest of South & Central America: Stevia Market – Revenue, and Forecast to 2028 (USD Million) 105

    9.6.4.3.1 Rest of South and Central America: Stevia Market, by Type. 105

    9.6.4.3.2 Rest of South & Central America: Stevia Market, by Application. 106

    10. Overview- Impact of Coronavirus Outbreak. 107

    10.1 Impact of COVID-19 on Stevia Market 107

    10.2 Impact of COVID-19 on Stevia Market 107

    10.3 North America: Impact Assessment of COVID-19 Pandemic. 108

    10.4 Europe: Impact Assessment of COVID-19 Pandemic. 109

    10.5 Asia Pacific: Impact Assessment of COVID-19 Pandemic. 110

    10.6 Middle East & Africa: Impact Assessment of COVID-19 Pandemic. 111

    10.7 South and Central America: Impact Assessment of COVID-19 Pandemic. 112

    11. Industry Landscape. 113

    11.1 Product Launch. 113

    11.2 Product News. 113

    11.3 Strategy and Business Planning. 114

    11.4 Merger and Acquisition. 114

    12. Company Profiles. 115

    12.1 Cargill, Incorporated. 115

    12.1.1 Key Facts. 115

    12.1.2 Business Description. 115

    12.1.3 Products and Services. 115

    12.1.4 Financial Overview.. 116

    12.1.5 SWOT Analysis. 116

    12.1.6 Key Developments. 116

    12.2 Ingredion Incorporated. 117

    12.2.1 Key Facts. 117

    12.2.2 Business Description. 117

    12.2.3 Products and Services. 117

    12.2.4 Financial Overview.. 118

    12.2.5 SWOT Analysis. 119

    12.2.6 Key Developments. 119

    12.3 Tate & Lyle PLC. 120

    12.3.1 Key Facts. 120

    12.3.2 Business Description. 120

    12.3.3 Products and Services. 120

    12.3.4 Financial Overview.. 121

    12.3.5 SWOT Analysis. 122

    12.3.6 Key Developments. 122

    12.4 GLG LIFE TECH CORP. 124

    12.4.1 Key Facts. 124

    12.4.2 Business Description. 124

    12.4.3 Products and Services. 124

    12.4.4 Financial Overview.. 125

    12.4.5 SWOT Analysis. 125

    12.4.6 Key Developments. 125

    12.5 ADM.. 126

    12.5.1 Key Facts. 126

    12.5.2 Business Description. 126

    12.5.3 Products and Services. 126

    12.5.4 Financial Overview.. 127

    12.5.5 SWOT Analysis. 128

    12.5.6 Key Developments. 128

    12.6 Sunwin Stevia International, Inc. 129

    12.6.1 Key Facts. 129

    12.6.2 Business Description. 129

    12.6.3 Products and Services. 129

    12.6.4 Financial Overview.. 129

    12.6.5 SWOT Analysis. 130

    12.6.6 Key Developments. 130

    12.7 S&W Seed Company. 131

    12.7.1 Key Facts. 131

    12.7.2 Business Description. 131

    12.7.3 Products and Services. 131

    12.7.4 Financial Overview.. 132

    12.7.5 SWOT Analysis. 133

    12.7.6 Key Developments. 133

    12.8 Morita Kagaku Kogyo Co., Ltd. 134

    12.8.1 Key Facts. 134

    12.8.2 Business Description. 134

    12.8.3 Products and Services. 134

    12.8.4 Financial Overview.. 134

    12.8.5 SWOT Analysis. 135

    12.8.6 Key Developments. 135

    12.9 Zhucheng Haotian Pharm Co., Ltd. 136

    12.9.1 Key Facts. 136

    12.9.2 Business Description. 136

    12.9.3 Products and Services. 136

    12.9.4 Financial Overview.. 136

    12.9.5 SWOT Analysis. 137

    12.9.6 Key Developments. 137

    12.10 PureCircle. 138

    12.10.1 Key Facts. 138

    12.10.2 Business Description. 138

    12.10.3 Products and Services. 138

    12.10.4 Financial Overview.. 138

    12.10.5 SWOT Analysis. 139

    12.10.6 Key Developments. 139

    13. Appendix. 141

    13.1 About The Insight Partners. 141

    13.2 Word Index

    LIST OF TABLES

    Table 1. Stevia Market –Revenue and Forecast To 2028 (USD Million) 36

    Table 2. North America Stevia, by Type – Revenue and Forecast to 2028 (USD Million) 50

    Table 3. North America Stevia, by Application – Revenue and Forecast to 2028 (USD Million) 51

    Table 4. US Stevia, by Type – Revenue and Forecast to 2028 (USD Million) 53

    Table 5. US Stevia, by Application – Revenue and Forecast to 2028 (USD Million) 53

    Table 6. Canada Stevia, by Type – Revenue and Forecast to 2028 (USD Million) 54

    Table 7. Canada Stevia, by Application – Revenue and Forecast to 2028 (USD Million) 55

    Table 8. Mexico Stevia, by Type – Revenue and Forecast to 2028 (USD Million) 56

    Table 9. Mexico Stevia, by Application – Revenue and Forecast to 2028 (USD Million) 57

    Table 10. Europe Stevia, by Type – Revenue and Forecast to 2028 (USD Million) 59

    Table 11. Europe Stevia, by Application – Revenue and Forecast to 2028 (USD Million) 60

    Table 12. Germany Stevia, by Type – Revenue and Forecast to 2028 (USD Million) 62

    Table 13. Germany Stevia, by Application – Revenue and Forecast to 2028 (USD Million) 62

    Table 14. France Stevia, by Type – Revenue and Forecast to 2028 (USD Million) 63

    Table 15. France Stevia, by Application – Revenue and Forecast to 2028 (USD Million) 64

    Table 16. Italy Stevia, by Type – Revenue and Forecast to 2028 (USD Million) 65

    Table 17. Italy Stevia, by Application – Revenue and Forecast to 2028 (USD Million) 66

    Table 18. UK Stevia, by Type – Revenue and Forecast to 2028 (USD Million) 68

    Table 19. UK Stevia, by Application – Revenue and Forecast to 2028 (USD Million) 68

    Table 20. Russia Stevia, by Type – Revenue and Forecast to 2028 (USD Million) 69

    Table 21. Russia Stevia, by Application – Revenue and Forecast to 2028 (USD Million) 70

    Table 22. Rest of Europe Stevia , by Type – Revenue and Forecast to 2028 (USD Million) 71

    Table 23. Rest of Europe Stevia, by Application – Revenue and Forecast to 2028 (USD Million) 72

    Table 24. Asia Pacific Stevia, by Type – Revenue and Forecast to 2028 (USD Million) 74

    Table 25. Asia Pacific Stevia, by Application – Revenue and Forecast to 2028 (USD Million) 75

    Table 26. Australia Stevia, by Type – Revenue and Forecast to 2028 (USD Million) 77

    Table 27. Australia Stevia, by Application – Revenue and Forecast to 2028 (USD Million) 77

    Table 28. China Stevia, by Type – Revenue and Forecast to 2028 (USD Million) 78

    Table 29. China Stevia, by Application – Revenue and Forecast to 2028 (USD Million) 79

    Table 30. India Stevia, by Type – Revenue and Forecast to 2028 (USD Million) 80

    Table 31. India Stevia, by Application – Revenue and Forecast to 2028 (USD Million) 81

    Table 32. Japan Stevia, by Type – Revenue and Forecast to 2028 (USD Million) 82

    Table 33. Japan Stevia, by Application – Revenue and Forecast to 2028 (USD Million) 83

    Table 34. South Korea Stevia, by Type – Revenue and Forecast to 2028 (USD Million) 84

    Table 35. South Korea Stevia, by Application – Revenue and Forecast to 2028 (USD Million) 85

    Table 36. Rest of Asia Pacific Stevia, by Type – Revenue and Forecast to 2028 (USD Million) 86

    Table 37. Rest of Asia Pacific Stevia, by Application – Revenue and Forecast to 2028 (USD Million) 87

    Table 38. Middle East and Africa Stevia, by Type – Revenue and Forecast to 2028 (USD Million) 89

    Table 39. Middle East and Africa Stevia, by Application – Revenue and Forecast to 2028 (USD Million) 89

    Table 40. South Africa Stevia, by Type – Revenue and Forecast to 2028 (USD Million) 91

    Table 41. South Africa Stevia, by Application – Revenue and Forecast to 2028 (USD Million) 91

    Table 42. Saudi Arabia Stevia, by Type – Revenue and Forecast to 2028 (USD Million) 92

    Table 43. Saudi Arabia Stevia, by Application – Revenue and Forecast to 2028 (USD Million) 93

    Table 44. UAE Stevia, by Type – Revenue and Forecast to 2028 (USD Million) 94

    Table 45. UAE Stevia, by Application – Revenue and Forecast to 2028 (USD Million) 95

    Table 46. Rest of Middle East and Africa Stevia, by Type – Revenue and Forecast to 2028 (USD Million) 96

    Table 47. Rest of Middle East and Africa Stevia, by Application – Revenue and Forecast to 2028 (USD Million) 97

    Table 48. South and Central America Stevia, by Type – Revenue and Forecast to 2028 (USD Million) 99

    Table 49. South and Central America Stevia, by Application – Revenue and Forecast to 2028 (USD Million) 100

    Table 50. Brazil Stevia, by Type – Revenue and Forecast to 2028 (USD Million) 102

    Table 51. Brazil Stevia, by Application – Revenue and Forecast to 2028 (USD Million) 102

    Table 52. Argentina Stevia, by Type – Revenue and Forecast to 2028 (USD Million) 103

    Table 53. Argentina Stevia, by Application – Revenue and Forecast to 2028 (USD Million) 104

    Table 54. Rest of South and Central America Stevia, by Type – Revenue and Forecast to 2028 (USD Million) 105

    Table 55. Rest of South and Central America Stevia, by Application – Revenue and Forecast to 2028 (USD Million) 106

    Table 56. List of Abbreviation. 141

    LIST OF FIGURES

    Figure 1. Global Stevia Market Segmentation. 18

    Figure 2. Stevia Market Segmentation – By Geography. 19

    Figure 3. Global Stevia Market Overview.. 20

    Figure 4. Powder Segment Held Largest Share of Global Stevia Market 21

    Figure 5. Asia Pacific Region Held Largest Share of Global Stevia Market 21

    Figure 6. Global Stevia Market, Industry Landscape. 22

    Figure 7. Porter’s Five Forces Analysis. 28

    Figure 8. Value Chain: Stevia Market 30

    Figure 9. Expert Opinion. 32

    Figure 10. Global Stevia Market Impact Analysis of Drivers and Restraints. 34

    Figure 11. Geographic Overview of Stevia Market 35

    Figure 12. Global: Stevia Market – Revenue and Forecast To 2028 (USD Million) 36

    Figure 13. Stevia Market Revenue Share, By Type (2020 and 2028) 38

    Figure 14. Whole Leaf: Stevia Market – Revenue and Forecast To 2028 (USD Million) 39

    Figure 15. Powder: Stevia Market – Revenue and Forecast To 2028 (USD Million) 40

    Figure 16. Liquid: Stevia Market – Revenue and Forecast To 2028 (USD Million) 41

    Figure 17. Stevia Market Revenue Share, By Application (2020 and 2028) 42

    Figure 18. Dairy and Frozen Dessert: Stevia Market – Revenue and Forecast To 2028 (USD Million) 43

    Figure 19. Bakery and Confectionery: Stevia Market – Revenue and Forecast To 2028 (USD Million) 44

    Figure 20. Tabletop sweeteners: Stevia Market – Revenue and Forecast To 2028 (USD Million) 45

    Figure 21. Beverages: Stevia Market – Revenue and Forecast To 2028 (USD Million) 46

    Figure 22. Others: Stevia Market – Revenue and Forecast To 2028 (USD Million) 47

    Figure 23. Global Stevia Market Revenue Share, by Region (2020 and 2028) 48

    Figure 24. North America: Stevia Market – Revenue and Forecast to 2028 (USD Million) 49

    Figure 25. North America: Stevia Market Revenue Share, by Type (2020 and 2028) 50

    Figure 26. North America: Stevia Market Revenue Share, by Application (2020 and 2028) 51

    Figure 27. North America: Stevia Market Revenue Share, by Key Country (2020 and 2028) 52

    Figure 28. US: Stevia Market – Revenue, and Forecast to 2028 (USD Million) 52

    Figure 29. Canada: Stevia Market – Revenue, and Forecast to 2028 (USD Million) 54

    Figure 30. Mexico: Stevia Market – Revenue, and Forecast to 2028 (USD Million) 56

    Figure 31. Europe: Stevia Market – Revenue and Forecast to 2028 (USD Million) 59

    Figure 32. Europe: Stevia Market Revenue Share, by Type (2020 and 2028) 59

    Figure 33. Europe: Stevia Market Revenue Share, by Application (2020 and 2028) 60

    Figure 34. Europe: Stevia Market Revenue Share, by Key Country (2020 and 2028) 61

    Figure 35. Germany: Stevia Market – Revenue, and Forecast to 2028 (USD Million) 61

    Figure 36. France: Stevia Market – Revenue, and Forecast to 2028 (USD Million) 63

    Figure 37. Italy: Stevia Market – Revenue, and Forecast to 2028 (USD Million) 65

    Figure 38. UK: Stevia Market – Revenue, and Forecast to 2028 (USD Million) 67

    Figure 39. Russia: Stevia Market – Revenue, and Forecast to 2028 (USD Million) 69

    Figure 40. Rest of Europe: Stevia Market – Revenue, and Forecast to 2028 (USD Million) 71

    Figure 41. Asia Pacific: Stevia Market – Revenue and Forecast to 2028 (USD Million) 74

    Figure 42. Asia-Pacific: Stevia Market Revenue Share, by Type (2020 and 2028) 74

    Figure 43. Asia Pacific: Stevia Market Revenue Share, by Application (2020 and 2028) 75

    Figure 44. Asia Pacific: Stevia Market Revenue Share, by Key Country (2020 and 2028) 76

    Figure 45. Australia: Stevia Market – Revenue, and Forecast to 2028 (USD Million) 76

    Figure 46. China: Stevia Market – Revenue, and Forecast to 2028 (USD Million) 78

    Figure 47. India: Stevia Market – Revenue, and Forecast to 2028 (USD Million) 80

    Figure 48. Japan: Stevia Market – Revenue, and Forecast to 2028 (USD Million) 82

    Figure 49. South Korea: Stevia Market – Revenue, and Forecast to 2028 (USD Million) 84

    Figure 50. Rest of Asia-Pacific: Stevia Market – Revenue, and Forecast to 2028 (USD Million) 86

    Figure 51. Middle East and Africa: Stevia Market – Revenue and Forecast to 2028 (USD Million) 88

    Figure 52. Middle East and Africa: Stevia Market Revenue Share, by Type (2020 and 2028) 88

    Figure 53. Middle East and Africa: Stevia Market Revenue Share, by Application (2020 and 2028) 89

    Figure 54. Middle East and Africa: Stevia Market Revenue Share, by Key Country (2020 and 2028) 90

    Figure 55. South Africa: Stevia Market – Revenue, and Forecast to 2028 (USD Million) 90

    Figure 56. Saudi Arabia: Stevia Market – Revenue, and Forecast to 2028 (USD Million) 92

    Figure 57. UAE: Stevia Market – Revenue, and Forecast to 2028 (USD Million) 94

    Figure 58. Rest of Middle East and Africa: Stevia Market – Revenue, and Forecast to 2028 (USD Million) 96

    Figure 59. South & Central America: Stevia Market – Revenue and Forecast to 2028 (USD Million) 98

    Figure 60. South & Central America: Stevia Market Revenue Share, by Type (2020 and 2028) 99

    Figure 61. South & Central America: Stevia Market Revenue Share, by Application (2020 and 2028) 100

    Figure 62. South & Central America: Stevia Market Revenue Share, by Key Country (2020 and 2028) 101

    Figure 63. Brazil: Stevia Market – Revenue, and Forecast to 2028 (USD Million) 101

    Figure 64. Argentina: Stevia Market – Revenue, and Forecast to 2028 (USD Million) 103

    Figure 65. Rest of South & Central America: Stevia Market – Revenue, and Forecast to 2028 (USD Million) 105

    Figure 66. Impact of COVID-19 Pandemic in North America. 108

    Figure 67. Impact of COVID-19 Pandemic in Europe. 109

    Figure 68. Impact of COVID-19 Pandemic in Asia Pacific. 110

    Figure 69. Impact of COVID-19 Pandemic in Middle East & Africa. 111

    Figure 70. Impact of COVID-19 Pandemic in South and Central America. 112

    The List of Companies - Stevia Market

    1. Cargill, Incorporated
    2. Ingredion Incorporated
    3. Tate & Lyle PLC
    4. GLG LIFE TECH CORP
    5. ADM
    6. Sunwin Stevia International, Inc.
    7. S&W Seed Company
    8. Morita Kagaku Kogyo Co., Ltd.
    9. Zhucheng Haotian Pharm Co., Ltd.
    10. PureCircle
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    Frequently Asked Questions

    The major players operating in the stevia market are Cargill, Incorporated; Ingredion Incorporated; Tate & Lyle PLC; GLG LIFE TECH CORP; ADM; Sunwin Stevia International, Inc.; S&W Seed Company; Morita Kagaku Kogyo Co., Ltd.; Zhucheng Haotian Pharm Co., Ltd.; and PureCircle
    In 2020, Asia Pacific was dominating region for stevia market over the forecast period. Asia Pacific region is quickly becoming more health and wellness conscious and opening up new opportunities for the sugar substitute market. The growing awareness about healthy diet and increasing health consciousness among people are the major drivers for the stevia market in Asia Pacific region. Countries such as China, Japan and South Korea are major contributors for the market growth in the region. Consumers are seeking simpler labels and natural ingredients as they become more aware of their own nutrition. Also, the increased awareness of obesity, weight control, and the significance of eating a healthy diet is driving up demand for stevia-based products in the region.
    In the bakery sector, stevia is used to replace some or most of the sugar in various bakery products. The benefits of using stevia in the bakery sector is that it is stable when heated at high temperatures. Stevia can also increase the sweetness when combined with caloric sweeteners such as honey and molasses. Stevia is suitable for making pancakes, oatmeal, puddings as well as frozen homemade desserts. Confectionery items are those products that contain any form of sugar such as dextrose, sucrose, fructose, or lactose. Overconsumption of confectionery products may lead to an excess intake of sugar, which will result in obesity and metabolic diseases. Stevia extracts are being increasingly used in confectionery applications to reduce the sugar content. In confectionery applications, stevia provides benefits such as acid and temperature stability, sweetness stability throughout shelf life, and excellent synergies with other sweeteners. The reduced sugar products made from stevia can be considered as a substitute to full-sugar products in terms of sensory and functional characteristics. Stevia is used in bakeries and confectioneries due to its low cost, easy availability, and ease of use during the production process. Depending on the type of confectionery, stevia helps in providing sweetness, crystallization, texture, form, extended shelf life, flavor, and color to the final product. Thus, usage of stevia in various applications in bakery and confectionary segment has led to a growing demand of stevia in this segment.
    Among the three segments of type, powder segment has led the stevia market in 2020. Stevia white powder is a natural and healthy substitute for sugar. Stevia leaves are dried to form the powder and the powdered form of stevia is loaded with the extracts of stevia leaves and erythritol. In its highly purified form, one gram of stevia powder is equivalent to two teaspoons of sugar in terms of sweetness. Stevia powder has many applications, such as making beverages (e.g., tea and coffee), desserts, baked dish, condiments as well as sauces.
    Whole leaf segment is the fastest growing segment in the global stevia market during the forecasted period. Stevia leaf contains sweet steviol glycosides, with no calories and carbohydrates. Thus, stevia leaf can act as an alternative to traditional sugar for health-conscious individuals and people with diabetes and obesity. In South America, whole leaf stevia has been used for hundreds of years as a sweetener. Whole leaf stevia contains both non-sweet and sweet components, which provide a licorice-like aftertaste.
    Europe is estimated to register the fastest CAGR in the market over the forecast period. The increasing demand for stevia from the European food industry, raising awareness of stevia, consumer demand for healthy products, growing rates of obesity and diabetes in Europe, and regulatory changes in the European Union are the key factors anticipated to drive market growth in the region.

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