Stevia Market Size, Share, Growth & Analysis

Stevia Market outlook

According to the report by Expert Market Research (EMR), the global stevia market size reached a value of 843.19 million in 2023. Aided by the increasing demand for natural sweeteners and the growing applications of stevia in various sectors, the market is projected to further grow at a CAGR of 10.7% between 2024 and 2032 to reach a value of USD 2114.51 million by 2032.

Stevia, derived from the leaves of the Stevia rebaudiana plant, is a natural sweetener known for its zero-calorie content and high sweetness intensity. It is widely used as a sugar substitute in food and beverages, pharmaceuticals, and personal care products. The market for stevia is driven by the rising health consciousness among consumers, the increasing prevalence of diabetes and obesity, and the growing demand for low-calorie and natural sweeteners.

The growing awareness of the health risks associated with excessive sugar consumption, including obesity, diabetes, and cardiovascular diseases, is driving the demand for natural and low-calorie sweeteners. Stevia, with its zero-calorie content and natural origin, is increasingly preferred by health-conscious consumers.

The rising incidence of diabetes and obesity globally has led to increased demand for sugar alternatives. Stevia is a suitable sweetener for diabetics and individuals seeking to manage their weight, driving stevia market growth.

Consumers are increasingly seeking natural and plant-based ingredients in their food and beverages. Stevia, being a natural sweetener derived from plant leaves, aligns with this consumer preference, boosting its demand.

The growing food and beverage sector, particularly the expanding market for functional and health-oriented products, is driving the demand for stevia. Stevia is widely used in beverages, dairy products, baked goods, and confectionery, contributing to its stevia market development.

Continuous advancements in stevia extraction and processing technologies have improved the quality, taste, and stability of stevia products. Innovations such as enzymatic conversion and fermentation are enhancing the sweetness profile and reducing the aftertaste of stevia, driving its market acceptance.

Stevia is increasingly used in the pharmaceutical sector as a sweetening agent for syrups, tablets, and chewable vitamins. Its natural origin and zero-calorie content make it a suitable alternative to synthetic sweeteners.

The personal care and cosmetics sector uses stevia as a natural sweetener and humectant in products such as toothpaste, mouthwash, and skincare formulations. The demand for natural and clean-label ingredients in personal care products drives up the stevia market share.

The growing market for nutraceuticals and dietary supplements is driving the demand for stevia. It is used in protein powders, meal replacements, and functional beverages, providing a natural and low-calorie sweetening solution.

North America, including the United States and Canada, is a significant market for stevia due to high consumer awareness, the presence of major food and beverage companies, and the strong emphasis on health and wellness. The region’s robust regulatory framework supports market growth.

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Europe, with its growing health-conscious population and demand for natural ingredients, represents a significant market for stevia. Countries such as Germany, the United Kingdom, and France are key contributors to market growth, driven by high demand for low-calorie and natural sweeteners.

As per the stevia market analysis, the Asia-Pacific region, including countries such as China, India, and Japan, is the fastest-growing market for stevia. The region’s large population, increasing disposable incomes, and growing prevalence of diabetes and obesity drive market growth.

Latin America, including Brazil and Mexico, presents growth opportunities for the market. The region’s abundant stevia cultivation, supportive regulatory frameworks, and increasing consumer interest in natural sweeteners contribute to market development.

Stevia Market Segmentation

The market can be divided based on extract type, end use, and region

Market Breakup by Extract Type

Powder
Liquid
Leaf

Market Breakup by End Use

Beverages
Food Products
Tabletop Sweeteners
Pharmaceuticals
Others

Material Breakup by Region

North America
Europe
Asia Pacific
Latin America
Middle East and Africa

Competitive landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the stevia market. Some of the major players explored in the report by expert market research are as follows: