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What Is the Forecasted Revenue Growth of the Stevia Market Over the Next Decade?
The scale of the stevia market has witnessed a swift enlargement over the last few years. The expected growth is from $0.92 billion in 2024 to an elevated $1.02 billion in 2025, with a compound annual growth rate (CAGR) of 10.7%. Factors contributing to this growth during the historic period include health and wellness trends, rising worries about obesity, a preference for natural components, legislative backing, and a shift in consumer preference from artificial to natural sweeteners.
In the coming years, the size of the stevia market is anticipated to expand rapidly, rising to $1.65 billion in 2029 with a compound annual growth rate (CAGR) of 12.7%. This growth during the forecast period can be ascribed to the sustained health consciousness, growing diabetes awareness, the growth of the food and beverage industry, preference for clean label products, and global shifts in diet. The forecast period will also see significant trends including the production of functional and wellness products infused with stevia, increased usage in non-alcoholic and alcoholic beverages, the launch of stevia-based sweet snacks and confections, a movement towards more transparent stevia labeling, as well as collaborations and partnerships in stevia research and development.
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What Are the Core Drivers Influencing Growth in the Stevia Sector?
The escalating instances of obesity and diabetes are anticipated to thrust the expansion of the stevia market in the coming future. Unhealthy living habits, physical inactivity, overconsumption of food, genetic factors, and heightened stress levels, which augment the probability of diabetes, heart conditions, and specific forms of cancer, are the main contributors to obesity. For example, the Office for Health Improvement and Disparities, a division of the UK’s Department of Health and Social Care, stated in April 2024 that 63.8% of adults 18 years and older were identified as overweight or obese in the year ending November 2022. This shows a growth of 0.5% compared to the prior year.
Consequently, the requirement for stevia is predicted to rise, fueling the market’s expansion.
What Type-Based Segments Dominate the Stevia Industry?
The steviamarket covered in this report is segmented –
1) By Product: Powder, Liquid, Leaf
2) By Nature: Organic, Conventional
3) By Application: Bakery, Dairy Food Products, Beverages, Dietary Supplements, Confectionery, Other Applications
Subsegments:
1) By Powder: Granulated Stevia Powder, Stevia Extract Powder
2) By Liquid: Liquid Stevia Drops, Concentrated Liquid Stevia
3) By Leaf: Dried Stevia Leaves, Fresh Stevia Leaves
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What Disruptive Trends Are Reshaping the Stevia Industry Landscape?
Leading firms in the stevia market are striving to broaden their customer reach, boost sales, and heighten revenue by introducing new products like liquid stevia-based sweeteners. These sweetening products are derived from stevia plant leaves (Stevia rebaudiana) and are processed into a liquid form. For instance, in July 2022, Sweegen, Inc., a notable US-based producer of stevia-based sweeteners, launched a product named Bestevia LQ. This product is distinctive due to its specialized qualities meant for areas like soda drinks, sweets, liquid sweeteners, dessert dressings, and concentrated fruit or flavored syrup. It is formulated specifically to address solubility issues, improve product stability, and aid in accurate measurement, offering easy handling in both lab and factory settings. Bestevia.LQ is particularly made available for firms whose manufacturing units do not use stevia in a powdered form, thereby providing a convenient alternative.
Who Are the Top Innovators in the Global Stevia Industry?
Major companies operating in the stevia market include Cargill Inc., Archer Daniels Midland Company, PepsiCo Inc., The Coca-Cola Company, Ingredion Incorporated, WhiteWave Services Inc., Tate & Lyle plc, SunOpta Inc., SweetLeaf Stevia, BENEO GmbH, Stevia Corp, Real Stevia Company, Sweet Green Fields LLC, Guilin Layn Natural Ingredients Corp, S&W Seed Co, GL Stevia Co Ltd., Sunwin Stevia International Inc., PureCircle Ltd., Pyure Brands LLC, Bioplus Life Sciences Pvt Ltd., Evolva Holding S.A., GLG Life Tech Corp, Foodchem International Corporation, Hunan Nutramax Inc., Sunrise Nutrachem Group Co Ltd., Zhucheng Haotian Pharma Co Ltd, Wisdom Natural Brands, Shandong Aojing Biotechnology Co Ltd., Morita Kagaku Kogyo Co Ltd, Ganzhou Julong High-Tech Industrial Co Ltd., Arista Industries Inc., Martin Bauer GmbH Co, Health Plus Inc., Kerry Group plc, Whole Earth Brands Inc., Layn Corporation, Taos Inc., Biolotus Technology Jiangsu Inc., Sino-Food Machinery Co Ltd., Nutra Food Ingredients LLC
What Are the Top-Performing Regions in the Stevia Market Outlook?
Asia-Pacific was the largest region in the stevia market share in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the stevia market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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