Stevia Market Size Report | Forecast & Analysis by 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
  • Category : Food and Beverages
  • Status : Published
  • No. of Pages : 142
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[Research Report] The stevia market was valued at US$ 539.68 million in 2021  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.

Market Insights and Analyst View:

The growing awareness about healthy diet and increasing health consciousness among people are the major drivers for the stevia market in the globe. Countries such as US, Germany, UK, Canada, China, Japan and South Korea are major contributors for the market growth in the globe. 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 worldwide. The global market for stevia has been rising on account of advancements in the food and beverages industry. The food and beverage industry are the largest manufacturing field in the global countries. The increased consumption of processed foods among consumers owing to busy lifestyle and convenience is driving the stevia market growth.

Growth Drivers and Challenges:

Increasing consumer inclination toward natural sweeteners has been driving the global stevia market growth. 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.

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Stevia Market: Strategic Insights

stevia-market
Market Size Value inUS$ 539.68 million in 2021
Market Size Value byUS$ 965.82 Million by 2028
Growth rateCAGR of 8.7% from 2021-2028
Forecast Period2021-2028
Base Year2021
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Report Segmentation and Scope:

The “Global Stevia Market” is segmented based on type, application, and geography. Based on type, the stevia market is segmented into whole leaf, powder, and liquid. On the basis of application, the stevia market is categorized into dairy & frozen dessert, bakery & confectionery, tabletop sweeteners, beverages, others. The stevia market based on geography is segmented into North America (US, Canada, and Mexico), Europe (Germany, France, Italy, UK, Russia, and Rest of Europe), Asia Pacific (Australia, China, Japan, India, South Korea, and Rest of Asia Pacific), Middle East & Africa (South Africa, Saudi Arabia, UAE, and Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and Rest of South & Central America).

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Segmental Analysis:

Based on type, the stevia market is segmented into whole leaf, powder, and liquid.  The powder segment held the significant share in the stevia market growth and is expected to register the significant growth over the forecast period. A 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.

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Regional Analysis:

Based on geography, the stevia market is divided into five key regions: North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa. The global stevia market was dominated by Asia Pacific and was estimated to be around US$ 200 million in 2021. Europe is a second major contributor holding more than 20% share in the global stevia market. North America is expected to register the considerable growth at a CAGR of over 10% over the forecast period. In Asia Pacific region, consumers, health experts and governments have become more concerned about health and diet. This has leads to the adoption of natural sweeteners, including stevia by the various food and beverage manufacturers. Stevia is a plant based sweetener which works well in various food and beverage applications. With the raising importance of stevia sweetener, its use has also increased in carbonated soft drink, ice creams, baked goods, flavored and sparking waters, ready to drink teas and coffees, flavored milks, tabletop sweeteners and other food and beverage products in the region. The various government policies also contribute for the growth of the stevia market in the region. For instances, Singapore's Ministry of Health (MOH) recommended several policies that could have an impact on the food and beverage industries, including prohibiting the sale of high-sugar pre-packaged drinks and levying a tax on sugar-based beverages.

Industry Developments and Future Opportunities:

Various initiatives taken by the key players operating in the stevia market are listed below:

  1. In 2021, Tate & Lyle PLC launched a new sustainability programto enable stevia growers in China to lower their environmental impact and gain more significant economic benefit from producing this in-demand no-calorie sweetener. Developed with environmental charity Earthwatch Europe (Earthwatch) and being rolled out with support from Nanjing Agricultural University, the outreach program provides farming families in Dongtai, East China, to modernize farming practices and achieve sustainability-related verification for their stevia.
  2. In 2020, PureCircle announced that it is offering its proprietary NSF-02 stevia flavor solution directly to its customers. Protected by PureCircle’s intellectual property, the NSF-02 stevia solution is part of the company’s robust portfolio of stevia leaf ingredients, including sweeteners, flavor modifiers, and functional ingredients. NSF-02 solution is produced from the stevia leaf labeled as a natural flavor while delivering sweetness enrichment and balanced flavor profiles.
  3. In 2020, Ingredion completed the acquisition of PureCircle Limited (“PureCircle”). PureCircle is one of the leading yielders and innovators of plant-based stevia sweeteners for the food and beverage industries worldwide. The company acquired 75% of PureCircle to expand its capabilities in sugar reduction.
  4. In 2020, Tate & Lyle PLC announced the acquisition of Sweet Green Fields, a preeminent global stevia solutions business. The acquisition of Sweet Green Fields is made to bring a broad portfolio of stevia products and a fully integrated stevia supply chain to Tate & Lyle PLC, including leaf sourcing, leaf varietal development, established agricultural programs, and cost-efficient manufacturing. The acquisition also extends Tate & Lyle’s presence in the faster-growing Asia-Pacific region with dedicated stevia production and R&D facilities located in Anji, China.

Covid-19 Impact:

The pandemic has been a reason for major shifts in consumer preferences that led to an increased awareness about having a healthy lifestyle. Consumers due to the pandemic are substituting conventional ingredients with healthier alternatives, which is, in turn, 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 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.

Competitive Landscape and Key Companies:

Some of the prominent players operating in the global stevia market include 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 among others. These stevia manufacturers offer cutting-edge stevia with innovative features to deliver superior experience to the consumers.

Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

Type and Application

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States

Frequently Asked Questions


Can you list some of the major players operating in the global stevia market?

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

Which region held the largest share of the global stevia market?

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.

Based on application, why is the bakery and confectionary segment expected to grow at the highest rate during 2021–2028?

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.

Which region held the fastest CAGR in the global stevia market?

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.

Based on type, which segment is the fasted growing segment in the global stevia market?

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.

Based on type, which segment is leading the global stevia market during the forecast period?

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.

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

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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