The global stevia market was valued at US$ 517.0 million in 2019 and is expected to exhibit a CAGR of 8.5% during the forecast period (2020-2027).

Key Trends and Analysis of the Global Stevia Market:

Governments in developed countries are approving usage of stevia, especially in the food and beverages sector, which is a key factor driving demand for stevia products globally. For instance, European Commission has approved use and sale of steviol glycosides, extracted from leaves of stevia, as a sweetener. In addition, regulatory approvals for stevia in emerging countries is expected to bolster the market growth. For instance, in 2015, The Food Safety and Standards Authority of India, approved use of steviol glycosides as a sweetener for use in 11 food & beverages categories such as soft drinks, dairy based beverages, desserts etc. for the Indian market.

Key Market Takeaways:

The global stevia market is expected to exhibit a CAGR of 8.5% over the forecast period (2020-2027). Rising consumer awareness towards low-calorie food is contributing to adoption of products with high-energy and low-carbohydrate. Growth of the processed food industry is expected to drive demand for stevia over the forecast period. For instance, according to Invest India (a national investment promotion & facilitation agency), the processed food market in India is expected to grow to US$ 543 billion by 2020 from US$ 322 billion in 2016, at a CAGR of 14.6%.

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In order to sustain in the constantly evolving food industry, companies are focusing on re-formulating products across various end-use industries such as bakery, beverages, packaged food, and others. Increasing number of product launches in the beverages industry is expected to drive demand for stevia-based products in the near future. For instance, in 2018, The Coca-Cola Company launched its first patented 100% stevia-sweetened coke product. The product was first launched in New Zealand before launching in other countries.

Competitive Landscape:

Major players operating in the global stevia market include Nestlé S.A., The Coca-Cola Company, PepsiCo Inc., Cargill Inc., Evolva Holding S.A., PureCircle Ltd., Stevia Corp., Ingredion Inc., GLG Life Tech Corp., and Tate & Lyle Plc.

Key players are focusing on strategic mergers and acquisitions to increase their geographical presence and gain a stronger customer base. For instance, in December 2020, Tate & Lyle PLC acquired Sweet Green Fields (SGF), a U.S.-based manufacturer of stevia-based ingredients. The acquisition of SGF will bring a broad product portfolio of stevia products and a fully integrated stevia supply chain to Tate & Lyle plc including leaf sourcing, leaf varietal development, established agricultural programs, and cost-efficient manufacturing.

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Market Segmentation:

  • Global Stevia Market, By Extract Type:
  • Liquid Extract
    • Clear
    • Dark
  • Powder Extract
    • Stevia Blends
    • Glycoside (40–50%)
    • Glycoside (80–95%)
  • Leaf
  • Global Stevia Market, By Application:
  • Dairy Food Products
    • Ice Cream
    • Yogurt
    • Flavored Milk
  • Bakery Products
    • Bread & Rolls
    • Biscuits
    • Cakes
    • Others
  • Dietary Supplements
  • Beverages
    • Energy Drinks
    • Soft Drinks
    • Hot Drinks
    • Flavored Drinks
    • Natural Sweetened Water
  • Packaged Food Products
    • Pickles
    • Jam
    • Sauce
    • Chilled
    • Nutritional Products
    • Frozen Food
  • Confectionery Products
  • Snacks
    • Potato Chips
    • Processed Snacks
    • Other Snacks
  • Table Top Sweeteners
  • Others
  • Global Stevia Market, By Region:
    • North America
      • U.S.
      • Canada
    • Europe
      • U.K.
      • Italy
      • France
      • Germany
      • Spain
      • Russia
      • Rest of Europe
    • Asia Pacific
      • China
      • India
      • Japan
      • ASEAN
      • Australia
      • Rest of Asia Pacific
    • Latin America
      • Brazil
      • Argentina
      • Mexico
      • Rest of Latin America
    • Middle East & Africa
      • Middle East
      • Africa

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