$1.11 Billion Stevia (Extract [Powder, Liquid], Leaves) Markets - Global Forecasts to 2028 - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--The "Stevia Market by Type (Extract [Powder, Liquid], Leaves); Nature (Conventional, Organic); Components (Reb A, Reb M, Reb D, and Others); Application (Beverages, Food, Pharmaceuticals, and Other Applications); and Geography - Global Forecasts to 2028" report has been added to ResearchAndMarkets.com's offering.
The stevia market is expected to grow at a CAGR of 8.8% from 2021-2028 to reach $1.11 billion by 2028. Moreover, in terms of volume, the stevia market is expected to grow at a CAGR of 6.7% from 2021-2028 to reach 72,670.9 tonnes by 2028.
Succeeding extensive secondary and primary research and an in-depth analysis of the market scenario, the report conducts the impact analysis of the key industry drivers, restraints, opportunities, and challenges. This market is characterized by more diversified operations, which offer healthy products, mainly due to rising health-consciousness and consumer preference for food that contain healthy ingredients.
The high growth of the stevia market is mainly attributed to the factors such as the growing incidences of diabetes & obesity, surging demand for natural sweeteners, rising demand for stevia application in the beverage industry, the increasing number of new stevia-based product launches, and the taxes imposed on sugar-sweetened beverages. However, fluctuating stevia leaf prices are expected to restrain the growth of this market to a certain extent in the near future.
Based on type, the stevia market is segmented into extracts and leaves. The extracts segment is further divided into stevia extract powder and stevia liquid extract. The stevia extract powder segment generated the largest portion of the revenue of the extract stevia market in 2021. Its high solubility, ease of handling, and lower chances of incompatibility compared to the liquid dosage form are the key factors contributing to the dominant position of this segment.
Based on nature, the conventional stevia segment registered the largest share of the stevia market in 2021. The key factors attributed to the major share of this segment are its easy availability, low cost, increasing stevia application in the pharmaceutical industry, and high productivity. However, the organic stevia segment is expected to register the fastest growth during the forecast period of 2021-2028.
Based on component, the Reb A segment generated the largest portion of the revenue in the stevia market in 2021. Key factors contributing to the dominant position of this segment are its easy availability, lower cost compared to other components, multiple functional properties, and ease of application.
Based on application, the beverage segment registered the largest share of the stevia market in 2021. The large market share of this segment is attributed to the growing awareness of health benefits regarding natural sweeteners in beverages, increasing new product development and launches of stevia-based beverages, rising demand for sugar-free beverages, and the growing popularity of flavored soft drinks. Also, the demand for health and sports drinks with enhanced nutritional value is expected to boost the demand for stevia in the near future.
Asia-Pacific is expected to grow with the fastest CAGR during the forecast period. The high growth rate of this regional market is mainly attributed to the growing diabetic and obese population, rapid urbanization, rising awareness about the health benefits of sugar-free products, and increasing demand for diet drinks and beverages.
- Growing Prevalence of Diabetes and Obesity
- Surging Demand for Natural Sweeteners
- Rising Demand in Beverage Industry
- Increasing Number of New Stevia-Based Products
- Taxes Imposed on Sugar-Sweetened Beverages
- Fluctuation In Stevia Leaf Prices
- Clean Label
- Emerging Economies: Asia, Africa, And Latin America
The key operating players in the stevia market are
- Tate & Lyle PLC (U.K.)
- Cargill Incorporated (U.S.)
- Archer Daniels Midland Company (U.S.)
- Ingredion Incorporated (U.S.)
- Sudzucker AG (Germany)
- GLG Life Tech Corp. (Canada)
- Sunwin Stevia International Inc (China)
- MORITA KAGAKU KOGYO CO. Ltd. (Japan)
- Zhucheng Haotian Pharm Co. Ltd. (China)
- Stevialite Holding (Colombia)
- Guilin Layn Natural Ingredients Corp. (China)
- S&W Seed Company (U.S.)
- The Real Stevia Company AB (Sweden)
- Van Wankum Ingredients (Netherlands).
Scope of the Report:
Stevia Market, by Type
- Stevia Extract Powder
- Stevia Liquid Extract
Stevia Market, by Nature
Stevia Market, by Components
- Reb A
- Reb M
- Reb D
- Other Components
Stevia Market, by Application
- Tabletop Sweeteners
- Cereal Based
- Other Applications
Stevia Market by Region
- North America
- Rest of Europe (RoE)
- Asia-Pacific (APAC)
- Rest of Asia-Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
For more information about this report visit https://www.researchandmarkets.com/r/txoany
Laura Wood, Senior Press Manager
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