Stevia Market is segmented by Nature (Organic, Conventional); Type (Leaves, Extract {Powder, Liquid}); Components (Reb A, Reb D, Reb M, Others); Application (Food, Beverages, Tabletop Sweeteners, Pharmaceuticals, Others); and Geography

Stevia Market is projected to grow at 8.8% CAGR from 2021 to 2028 and to reach market value size of $1.1 billion by 2028.

Stevia a natural sugar substitute that are commonly used in food and beverages to achieve a desired taste of sweetness without the extra calorie and healthier. It is mostly prescribed to replace the usual table sugar especially those people who are suffering from obesity, diabetes, metabolic syndrome and other dietary issues.

The growth of this market is mainly attributed to factors like the increase of diabetes and obesity cases, the rising demand for natural sweeteners, consumer preference of having a healthier alternative over the usual commercial sugar, increasing demand of stevia application in the beverage industry, and countless number of products that are stevia-based.

Impact of COVID-19 on the Stevia Market

Controlling the widespread of the virus is a great challenge to all countries because many sectors will have to compromise and was affected negatively. Many industries will have to adapt and adopt to the changes that will be imposed upon them by their governments. A massive pull back on the growth of the stevia market is the disruption of supply chain since manufacturing and distribution by key players or companies are being limited, if not, controlled by governments by imposing lock downs and halting travels across borders. The challenge lies in the disruption in raw materials supply because it is negatively affecting manufacturers since travel, transport of raw materials, and non-essential trade has been put off in many countries. This in turn affected production, causing fewer volume of product sales. Stevia suppliers have also experienced backlash because imports and exports in almost all countries have been restricted, if not limited.

Positive Impact of the Pandemic

Aside from the negative effects brought about by COVID-19, there are positive outcomes as well. The food industry was compelled to adopt best-practice models in their operations because consumers demand the importance of hygienic and nutritious foods where the amount of sugar is reduced, calories and fats as well for the prevention of diseases. The pandemic has made the consumers health conscious and always looking out on what they eat--as a result, an unprecedented demand for better quality and low-calorie food products are very much expected in the food industry.

The stevia market is continuously growing due to the effects of the pandemic. Consumers’ preference on less sugary food products and products with immunity-boosting are the most sought for. The increase in health consciousness is one of the primary drivers of growth in this market so leading companies in the food industry tend to replace sugar with substitutes such as natural sweeteners as their new business strategy.

Key Findings in the Stevia Market

In terms of nature, the stevia market is further segmented into organic and conventional. The organic segment is projected to register the highest CAGR during the forecast period of 2021-2028;. the fast growth of this segment is mainly because of the consumers’ preference on a clean-label products, awareness on being healthy, rising knowledge on the benefits of organic stevia and the increase of utilizing stevia in the food and beverage industry.

In terms of type, the market is segmented into leaves and extracts. The powder segment is projected to make the largest portion of the revenue in the market in 2021. Key factors on the growth of this market is the ease of use, good solubility, no bitter or unwanted after taste, high potency of sweetness, and high demand in using it in beverage industry. The beverages segment is expected to dominate in 2021 the stevia market.

Regional Market Analysis

North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa are the regional segments. However, North America is expected to have the largest share accounted for in the market in 2021. the growth is mainly attributed by the rising cases of chronic diseases affecting individuals like diabetics and obese, constant trend changes, and a high demand in low to sugar free products. Asia Pacific on the other hand, is projected to have the fastest growth during the forecast period.

Share and Competition of Key Players in the Stevia Market

Based on an extensive assessment, these major key players on the stevia market have a competitive landscape and utilizing key strategic developments to lead the industry over the past years until now. These companies are, Tate & Lyle PLC, (U.K.), Cargill, Incorporated (U.S.), Archer Daniels Midland Company (U.S.), Ingredion Incorporated (U.S.), Südzucker AG (Germany), GLG Life Tech Corp. (Canada), Sunwin Stevia International Inc (China), MORITA KAGAKU KOGYO CO., LTD. (Japan), Zhucheng Haotian Pharm Co., Ltd. (China), Stevialite Holding (Colombia), Guilin Layn Natural Ingredients Corp. (China), S&W Seed Company (U.S.), The Real Stevia Company AB (Sweden), and Van Wankum Ingredients (Netherlands)

Report Highlights
• Historical data available (as per request)
• Estimation/projections/forecast for revenue and unit sales (2021 – 2028)
• Data breakdown for every market segment (2021 – 2028)
• Gross margin and profitability analysis of companies
• Price analysis of each product type
• Business trend and expansion analysis
• Import and export analysis
• Competition analysis/market share
• Supply chain analysis
• Client list and case studies
• Market entry strategy

Industry Segmentation and Revenue Breakdown

Nature Analysis (Revenue, USD Million, 2021 - 2028)

• Organic
• Conventional

Type Analysis (Revenue, USD Million, 2021 - 2028)

• Leaves
• Extract
• Powder
• Liquid

Components Analysis (Revenue, USD Million, 2021 - 2028)

• Reb A
• Reb D
• Reb M
• Others (Reb C, E, F)

Application Analysis (Revenue, USD Million, 2021 - 2028)

• Beverages
• Food
• Tabletop Sweeteners
• Pharmaceuticals
• Others

Region Analysis (Revenue, USD Million, 2020 – 2028)

• United States
• Canada
• Mexico
• France
• Germany
• Italy
• Spain
• United Kingdom
• Russia
• China
• India
• Philippines
• Malaysia
• Australia
• Austria
• South Korea
• UAE
• Qatar
• Saudi Arabia
• Japan
• Africa
• Rest of World

Available Versions:
• United States Stevia Industry Research Report
• Europe Stevia Industry Research Report
• Asia Pacific Stevia Industry Research Report

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