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Stevia Global Market Report 2023
Major players in the stevia market are GLG Life Tech Corp., Ingredion Incorporated, Tate & Lyle PLC, The Coca-Cola Company, PepsiCo Inc., Cargill Inc., Evolva Holding S.A., Stevia Corp., ADM, PureCircle Ltd.
New York, March 16, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Stevia Global Market Report 2023" - https://www.reportlinker.com/p06284599/?utm_source=GNW
, Sweet Green Fields LLC, Biosweet Ventures, Shandong Aojing Biotechnology Co. Ltd., Sunrise Nutrachem Group Co.Ltd., and Hunan Nutramax Inc.
The global stevia market grew from $0.75 billion in 2022 to $0.82 billion in 2023 at a compound annual growth rate (CAGR) of 9.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The stevia market is expected to grow to $1.3 billion in 2027 at a CAGR of 12.1%.
The stevia market consists of sales of powdered stevia, leaf stevia, and liquid stevia that is used as a natural sweetener for food and beverages.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Stevia is a non-nutritive or zero-calorie sugar substitute made of steviol glycosides from the leaves of the stevia plant. It has no artificial ingredients and can be used as a natural sugar alternative to reduce calorie consumption.
Asia-Pacific was the largest region in the stevia market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the stevia report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The main types of products of stevia are powder, liquid, and leaf.Powdered stevia is used in place of table sugar in food and beverages which is equal to about one teaspoon of table sugar.
Stevia is available in organic and conventional forms and is used in bakeries, dairy food products, beverages, dietary supplements, confectionery, others.
The rising prevalence of diabetes and obesity is expected to propel the growth of the stevia market in the forecast period.The main causes leading to obesity are unhealthy lifestyle, physical inactivity, overeating, genetics, increase in stress levels which rises the risk of diabetes, heart disease, and certain cancers.
According to the International Diabetes Federation (IDF), almost 463 million people worldwide had diabetes in 2020 and it is estimated that nearly 5.3 million individuals will be living with the disease by 2025. According to the World Obesity report, it is expected that 1 in 5 adults worldwide to have obesity by 2025, and the obesity prevalence is predicted to reach 18% in men and surpass 21% in women. As the prevalence of diabetes and obesity rises, customers are looking for zero-calorie natural sweeteners to help them maintain a healthy lifestyle and keep their blood sugar levels in check. Thus, the demand for stevia is estimated to increase, driving the growth of the market.
The development of innovative product variants of stevia is a key trend gaining popularity in the stevia market.Major companies in the market are shifting towards product innovations to strengthen their position in the market and expand their product portfolios.
Successful invention fosters additional development, allowing the company to scale and flourish while also ensuring that it meets the needs of its customers.For example, in February 2020, Socati, an Italian company that processes and manufactures pharmaceutical products announced the release of its CBD coffee brightener and CBD coffee sweetener, which uses stevia and monk fruit as sweeteners.
The coffee sweetener is a quick-dissolving powder stick pack flavored with Madagascar vanilla and brown sugar.
In April 2020, Ingredion, a US-based food company offering stevia acquired Pure circle for an undisclosed amount.Through this acquisition, PureCircle is likely to benefit from Ingredion’s global distribution network, as well as its formulation ability and diverse product portfolio, resulting in growth benefits and considerable cost savings for both firms.
Pure circle is a US-based company that produces stevia sweeteners for the food and beverage industry.
The countries covered in the stevia market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The stevia market research report is one of a series of new reports that provides stevia market statistics, including stevia industry global market size, regional shares, competitors with a stevia market share, detailed stevia market segments, market trends and opportunities, and any further data you may need to thrive in the stevia industry. This stevia market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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