Stevia is a natural sweetener extracted from the leaves of the Stevia plant. It has zero calories and contains compounds called steviol glycosides that are up to 300 times sweeter than sugar. Stevia has gained popularity as a sugar substitute for diabetics and health-conscious individuals. The global stevia market has witnessed significant growth due to rising consumer focus on natural ingredients and increasing prevalence of diabetes and obesity.
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:
Rising consumer focus on natural sweeteners has propelled the growth of the stevia market. Consumers are increasingly shifting towards natural ingredients due to rising health concerns related to artificial sweeteners. Stevia offers a natural and zero-calorie alternative to sugar and high fructose corn syrup. The health benefits of stevia such as improving insulin sensitivity and supporting weight management have increased its demand in the food and beverage industry. Moreover, stevia-based products help Food and Beverage manufacturers to market their products as natural and healthy.
SWOT Analysis
Strength: Stevia has zero calories and is safe for diabetics and individuals watching their weight as it is a natural, plant-based sweetener. It is also heat stable and does not lose its sweetening properties during cooking like other artificial sweeteners.
Weakness: High dependence on climate conditions for cultivation of stevia plants and fluctuation in production annually. Initial bitter aftertaste reported by some individuals until taste buds adjust to it.
Opportunity: Growing demand for low-calorie and natural sweeteners globally due to increasing health consciousness. Expanding use of stevia in various food and beverage products presents an opportunity for growth.
Threats: Presence of cheaper artificial sweeteners that are widely available as substitutes. Stringent regulations regarding use of stevia extracts in some countries.
Key Takeaways
The Global Stevia Market Demand is expected to witness high growth over the forecast period of 2023 to 2030. The market size for stevia in 2023 is estimated to be US$ 716.49 Mn.
Regional analysis: The Asia Pacific region currently dominates the stevia market owing to large-scale cultivation of stevia plants in countries like China. Countries like Japan, South Korea and India also offer lucrative growth opportunities.
Key players: Key players operating in the stevia market are Cisco Systems Inc., SAP SE, General Electric, Microsoft Corporation, Intel Corporation, Siemens AG, IBM Corporation. These companies are actively investing in innovation and new product launches to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it