According to Stratistics MRC, the Global Stevia market is expected to grow from $447.47 million in 2016 to reach $1045.96 million by 2023 with a CAGR of 12.8%. Rising consumer awareness towards low caloric food across the world, changes in consumer preferences for sugar substitute products, zero calorie beverages, encouraging government initiatives, need to combat health problems like obesity and diabetes and rise in number of innovative product developments for stevia and stevia-based products are the major drivers in the market. The major challenge stevia market is observing is growing competition among various industries to compete with each other in bringing the best product with the best quality.
By extracts segment, the powdered extract is widely used across the world and hence it is the fastest growing in the market. Also by application the beverages segment is expected to witness huge growth due to burgeoning demand for low-calorie beverages such as juices, flavored water, sports drinks, energy drinks, and soft drinks that are unique and healthy. This is leading to a tough competition in the market with vendors competing on the basis of cost, quality, product discrimination, promotion, and distribution. The adoption of stevia as a sweetener by soft-drink market players such as The Coca-Cola Company (U.S.) and PepsiCo Inc. (U.S.) has strengthened its popularity among various global beverage manufacturers.
The Asia-Pacific region holds the largest market share for stevia due to growing population and rising incomes of consumers and rising investments from several multinational manufacturers from China, Japan and India. Stevia sweeteners are expected to find more buyers in this region as stevia is an important element of the sweeteners industry.
Some of the key players in the Stevia market are Archer Daniels Midland Company, Jhanil Healthcare Pvt. Ltd, Purevia, Sunwin Stevia Internaional Inc, Evolva Basel, Jining Aoxing Stevia Products Co. Ltd, Cargill, Purecircle Ltd, S&W Seed Company, Tate & Lyle PLC, Stevia Biotech Pvt. Ltd, Biosweet Ventures, Sweet Green Fields LLC, Zhucheng Haotian Pharmaceutical Co. Ltd, Real Stevia Company, Morita Kagaku Kogyo Co. Ltd, Stevia First Corporation, Van Wankum Ingredients, Pyure Brands LLC and Stevial.
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• Tabletop Sweeteners
• Convenience Foods
• Bakery & Confectionery
• Packaged Food Products
• Dietary Supplements
• Other Applications
• Whole Leaf
- North America
- Rest of Europe
- Asia Pacific
- New Zealand
- South Korea
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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