Increasing consumer demand for sugar-free diets to boost
healthy lifestyles is propelling the adoption of stevia
products. Plant-based, organic, and natural sweeteners are
increasing the demand for stevia to reduce blood sugar
levels.
NEWARK,
Del., July 15, 2024 /PRNewswire/
-- According to Future Market Insights (FMI), the worldwide
demand for stevia market is expected to increase
from US$ 405.6
million in 2024 to US$
739.4 million in 2034. By 2034, stevia demand is
projected to grow at a CAGR of 6.2%.
The use of stevia in soft and non-alcoholic beverages is growing
quickly due to the expanding beverage industry. The stevia market
is also developing due to customers' increasing inclination toward
organic products while searching for clean-label goods.
To raise taste and quality standards, consumers select
ecologically friendly items over traditional ones. The market
thrives due to the growing competition among companies to supply
standardized products with innovative skills.
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The surge in international trade and export operations in
several countries is driving growth in the stevia industry. The
expanding research institutes aim to enhance consumer requirements
through better taste in the food and beverage industry. Leading
corporations in the market are expected to promote stevia as a
safer and more effective sugar alternative.
The governments of several countries are promoting healthy sugar
replacements to boost stevia sales. Growing supply chains
and distribution networks are fostering global trade &
propelling the expansion of the stevia market. Several enterprises
are expanding their worldwide reach using partnerships and
collaborations with multinational corporations.
Key Market Highlights
- South America is a prominent
producer of stevia due to the increasing cultivation of the
Stevia rebaudiana plant.
- The increasing popularity of dietary supplements such as vegan
diets is driving the stevia market demand.
- Rising concerns about environmental impacts are increasing the
adoption of stevia-based products.
- The growing product innovation among food manufacturers to
improve consumers' taste to reach an international level is fueling
the organic stevia market.
Key Takeaways from the Stevia Market Report:
- The global stevia market is expected to reach a valuation
of US$ 739.4
million by 2034.
- The market is set to rise at a CAGR of 6.2% over the
forecast period.
- The global stevia market is expected to generate an absolute $
opportunity of US$ 333.7
million.
- Based on form, powder extract is expected to dominate the
global stevia market, holding an 89.9% share in
2024.
- By product type, the conventional stevia segment is expected to
grow at a CAGR of 5.8% over the forecast
period.
- North America is expected to
reach US$ 130.9
million in 2024.
"Stevia comes in several forms, including liquid, powder,
and granulated. Demand for powdered stevia is growing due to the
need for environmentally friendly sweeteners in baking and cooking.
The market for powder stevia is set to rise further due to shifting
customer preferences, ease of usage, and the ability to measure
sweetness levels," - Nandini Roy Choudhury, Client
Partner at Future Market Insights
Competitive Landscape
Cargill Incorporated, Ingredion Incorporated, Koninklijke DSM
NV, Tate and Lyle Plc., Sunwin Stevia International, Inc., GLG Life
Tech Corp, and Evolva Holding SA Nemours & Co are key stevia
manufacturers listed in the report.
Key players in the stevia market are continuously getting
involved in mergers and acquisitions activities to maintain their
dominance in the market. In addition to this, several key food
ingredients manufacturing players are in the stevia industry with
acquisition strategies.
For instance,
- In July
2020, Ingredion acquired a 75% stake in Pure Circle
Limited.
The United States Leading the Global Market with Better
Version of Stevia Products.
The United States Stevia Market captures a 4.2% CAGR of the
global market revenue. The United
States is the largest market that significantly drives the
global market. Increasing incidence of diabetes, changing consumer
alternatives, and adoption of healthy options are expanding
the United States market.
The food & beverage companies are focused on sustainability
with the adoption of plant-based food additives. The United States' key companies are offering
a better version of stevia products to enhance consumers'
requirements. On the flip side, the increasing trends of wellness
and high-quality food items with low-sugar options are advancing
the global market.
The United States stevia market
is growing due to surging international trade and export activities
in several countries. The growing research institutions are focused
on improving taste in the food & beverages sector that attract
consumers' needs. The key companies that are offering non-hazardous
and non-toxic stevia as a better substitute than sugar are
advancing the United States
market.
Growing Natural and Organic Trends Upsurge the German
Market
Germany is estimated to secure
a share of 2.8% CAGR of the global market 2024 to 2034. The
increasing demand for healthy sweeteners and low-calorie and
eco-friendly products is driving Germany's stevia market share. The
availability of stevia-based products in supermarkets and retail
shops is significantly fueling the German market. These products
are sugar-free and healthier options that reduce toxicity and
improve health.
The increasing beverage sector is rapidly increasing the
adoption of stevia for soft drinks and non-alcoholic beverages. The
growing trends of organic products among consumers who are looking
for clean-label products are expanding the German market. Consumers
are choosing environmentally friendly products to improve taste and
quality standards. The rising competition among several companies
to offer standardized products with their innovative skills is
flourishing German market.
Increasing Health Benefits Drive Japan Market
Japan holds a share of 6.5%
CAGR of the global market. The increasing demand for natural
sweeteners during cultural and traditional ceremonies is
mushrooming Japan's stevia market.
Consumers are increasing the adoption of sugar alternatives for
healthy habits are increasing the demand for stevia. In
Japan, stevia is an essential
medical property from ancient Japan.
Japanese companies are offering stevia products at international
markets at a considerable price that is collecting huge revenue in
the country. The rising product labeling for marketing products and
rising government support are driving Japan's stevia market share. Key companies are
educating their customers about the benefits of stevia to boost
sales. The presence of key distributors and market players is
making a huge contribution to the upsurge Japan market.
Public Health Initiatives Uplift Australia Market
growing production of stevia cultivation and easy availability
of stevia are driving the Australian market. The rising awareness
and initiatives of public health on the increasing incidence of
obesity are surging the adoption of sugar replacement.
Increasing food & beverage companies and rising professional
chefs are growing the demand for organic stevia for cooking. The
new market players are launching their eco-friendly products and
are increasing the sales of stevia in Australia. The innovation of high-quality
packaging and presentation among key companies to attract their
brand is expanding the adoption of stevia products.
Rising health stores and sustainable food retail shops to
promote health habits among consumers are driving the Australian
market. On the flip side, the popularity of stevia herbal tea for
natural sweetening is expanding the market share. The rising
allergen-free products and specific dietary requirements are
fueling Australia's stevia market
share.
Rising Nutritional Labeling of Stevia Products Uplift China
Market
China holds a share of 5.4% of
the global market. The increasing demand for diverse sweetening
needs and the expanding population are fueling China's stevia market growth. Chinese are
increasing the adoption of stevia as a traditional medicine
integration.
The rapidly expanding e-commerce growth and innovation of
high-quality stevia products are enhancing domestic brand value in
China. Manufacturers are offering
zero-calorie stevia products with nutritional labeling at
affordable prices.
The Chinese government is making efforts to promote healthier
substitutes for sugar to increase the sales of stevia. The
increasing supply chain and distribution networks are fostering
international trade and driving China's stevia market growth. Chinese
companies are collaborating and partnering with global companies to
expand their reach globally.
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Get More Valuable Insights
Future Market Insights (FMI), in its new offering, provides an
unbiased analysis of the global stevia market, presenting
historical demand data (2019 to 2023) and forecast statistics for
the period from 2024 to 2034.
The study incorporates compelling insights on the stevia market
based on product type (conventional stevia, next-gen stevia [Reb A,
Reb M, others]), form (liquid extract, powder extract, stevia
leaf), label (organic certified, regular), and end-use application
(dairy food products [ice cream, yogurt, flavored milk], bakery
products [bread & rolls, biscuits & cookies, cakes &
pastries & other bakery product], beverage [energy drink, soft
drink, hot drink, flavored drink, natured sweetened water],
packaged food products [pickles, jam, sauce, chilled food product,
nutritional product, frozen food], dietary supplement,
confectionary product, snacks, tabletop sweetener, others) across
several regions.
Authored by:
Nandini Roy
Choudhury (Client Partner for Food & Beverages at
Future Market Insights, Inc.) has 7+ years of management consulting
experience. She advises industry leaders and explores off-the-eye
opportunities and challenges. She puts processes and operating
models in place to support their business objectives.
She has exceptional analytical skills and often brings thought
leadership to the table.
Nandini has vast functional expertise in key niches, including
but not limited to food ingredients, nutrition & health
solutions, animal nutrition, and marine nutrients. She is also
well-versed in the pharmaceuticals, biotechnology, retail, and
chemical sectors, where she advises market participants to develop
methodologies and strategies that deliver results.
Her core expertise lies in corporate growth strategy, sales and
marketing effectiveness, acquisitions and post-merger integration
and cost reduction. Nandini has an MBA in Finance from MIT School
of Business. She also holds a Bachelor's Degree in Electrical
Engineering from Nagpur University, India.
Nandini has authored several publications, and quoted in
journals including Beverage Industry, Bloomberg, and Wine Industry
Advisor.
Explore FMI's related ongoing Coverage in Food and
Beverage Domain:
The food and beverage additive market size is
anticipated to be valued at US$ 65.20
billion in 2024, registering a CAGR of 5.80% from 2024 to
2034.
The global demand for sweetener market is expected
to be valued at US$ 10.8 billion by
2024. It is projected to expand at a value CAGR of 3.8% through
2034.
The Organic Stevia market sales is expected to grow
at a CAGR of 3.6%. The market value projected to increase is from
USD 907.4 Million in 2022 to
USD 1,292.5 Million by 2032.
The demand for steviacane market is expected to
reach US$ 101.0 million in 2024 and
US$ 239.0 million in 2034. The market
is anticipated to expand at a CAGR of 9.0% over the forecast period
2024 to 2034.
The global collagen supplement industry share is
forecast to reach a value of nearly US$
3,089.7 million by 2034.
The Vegan Vitamins and Supplements market is
anticipated to expand at a CAGR of 6.10% during the forecasted
period.
The Demand for stevia in Japan is estimated to be valued at
US$ 18.6 million in 2023 and is
expected to reach up to US$ 19.1
million by 2033, with a projected CAGR of 8.3% during the
forecast period.
The global yogurt powder industry size is
forecast to reach USD 333.3 million
in 2024 and further expand at a CAGR of 6.8% during the assessment
period. Global sales of yogurt powders are predicted to total
USD 642 million by 2034.
The milk powder market is estimated to stand at
US$ 35.26 billion in 2024. The market
is forecasted to exceed a valuation of US$
51.89 billion by 2034.
The demand for pet food preservative market is
moving towards growth with US$ 650.5
million in 2024 and is poised to expand to US$ 850.5 million in 2034, covering a CAGR of
2.70% through 2034.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the
Stevie Award, and a member of the Greater
New York Chamber of Commerce) offers profound insights into
the driving factors that are boosting demand in the market. FMI
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