According to the latest report by IMARC Group, titled “Stevia Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” the global stevia market size reached a value of US$ 590 Million in 2020. Stevia is a natural and non-nutritive sweetener that is almost 200 times sweeter than table sugar. It is extracted from the leaves of the plant Stevia Rebaudiana, which is a member of the chrysanthemum family, native to the Brazil and Paraguay region. It comprises several glycoside compounds, including stevioside, steviolbioside, rebaudiosides A-E, and dulcoside. Apart from this, it is also a good source of antioxidant compounds, such as tannins, flavonoids, triterpenes, quercetin, caffeic acid and kaempferol. Its consumption is widely associated with aiding weight loss, maintaining blood sugar levels and lowering low-density lipoprotein (LDL) cholesterol. Consequently, it is extensively utilized as a substitute for sugar in beverages, sauces, cereals, salad dressings, pastries, yogurts and aerated drinks.
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Global Stevia Market Trends:
The global market is primarily driven by rising health consciousness among consumers. They are now increasingly monitoring their sugar intake and incorporating low-calorie sugar sweeteners in their diets, thus increasing the demand for stevia. In addition to this, significant growth in the food and beverage industry, which extensively utilizes stevia in numerous confectionary items, smoothies and baked goods, is acting as another major growth-inducing factor. Furthermore, various manufacturers are continually investing in the development of innovative product variants, which is projected to provide a stimulus to the market growth. For instance, the Vancouver-based GLG Life Tech Corp launched Organipure, which is an organic line of stevia sweeteners with certifications recognized in both North America and Europe. Other factors, such as product awareness campaigns undertaken by various manufacturers, rising consumer preference for plant-based and natural product variants, increasing prevalence of lifestyle diseases and rising geriatric population, are further contributing to the market growth. Looking forward, IMARC Group expects the global stevia market to exhibit moderate growth during the forecast period (2021-2026).
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Key Market Segmentation:
- Based on the extract type, the market has been divided into powder, liquid and leaf. Currently, powder represents the most popular segment, exhibiting a clear dominance in the market.
- On the basis of the end use, the market has been categorized into beverages, food products, tabletop sweeteners and pharmaceuticals. Among these, beverages exhibit a clear dominance in the market.
- On the geographical front, the market has been segregated into Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico, Argentina, Columbia, Chile, Peru and others), and Middle East and Africa (Turkey, Saudi Arabia, Iran, the United Arab Emirates and others). At present, Asia Pacific holds the leading position in the market.
- The competitive landscape of the market has been examined in the report with detailed profiles of major players operating in the market.
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