Stevia Market to Surpass US$ 1.79 Bn by 2031
Stevia Market, By Extract Type (Liquid Extract (Clear, and Dark), Powder Extract (Stevia Blends, Glycoside (40-50%), and Glycoside (40-50%)), and Leaf), By Application (Dairy Food Products (Ice Cream, Yogurt, and Flavored Milk), Bakery Products (Bread & Rolls, Biscuits, Cakes, and Others), Dietary Supplements, Beverages (Energy Drinks, Soft Drinks, Hot Drinks, Flavored Drinks, and Natural Sweetened Water), Packaged Food Products (Pickles, Jam, Sauce, Chilled, Nutritional Products, and Frozen Food), Confectionery Products, Snacks (Potato Chips, Processed Snacks, and Others), Table Top Sweeteners, and Others), and By Region (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa) is estimated to be valued at US$ 1.00 Bn in 2024 and is expected to exhibit a compound annual growth rate (CAGR) of 10.10% during the forecast period (2024 – 2031), as highlighted in a new report published by Coherent Market Insights.
Global Stevia Market - Impact of Coronavirus (COVID-19) Pandemic
The World Health Organization (WHO) designated the illness caused by the Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2), which first appeared in Wuhan (province of Hubei, China), in the last months of 2019, as "coronavirus disease 2019" or COVID-19. This virus spreads quickly and had a serious negative impact on the economies, social behaviors, and healthcare of every country in the world.
Food is an essential commodity and the demand for food ingredients such as stevia is expected to rise during the pandemic and post pandemic conditions, globally. Moreover, coronavirus (COVID-19) has majorly impacted the food & beverages industry and, in turn, has changed the dynamics of the entire ecosystem including raw material suppliers. Lockdown in various countries such as India, China, and Spain, among others and cease in subsequent trade activities have suspended the supply chain activities. The increasing spread of COVID-19 has forced manufacturers to deploy precautionary measures in their facilities including labor and plant controllers screening and monitoring, and sanitizing the facilities. According to Nestlé S.A., The Coca-Cola Company, PepsiCo Inc., and Cargill Inc. operating in the stevia market, there has been a minimal impact of COVID -19 on the supply of stevia to food & beverage industries.
Global Stevia Market: Recent Developments
- In June 2020, Ingredion Incorporated, a U.S.-based manufacturer of ingredient solutions, acquired PureCircle Limited, a manufacturer of stevia sweeteners & flavor for food & beverage industry. The acquisition will help Ingredion Incorporated to expand its product portfolio.
Browse 24 Market Data Tables and 28 Figures spread through 150 Pages and in-depth TOC on “Global Stevia Market”- Forecast to 2031, Global Stevia Market, By Extract Type (Liquid Extract (Clear, and Dark), Powder Extract (Stevia Blends, Glycoside (40-50%), and Glycoside (40-50%)), and Leaf), By Application (Dairy Food Products (Ice Cream, Yogurt, and Flavored Milk), Bakery Products (Bread & Rolls, Biscuits, Cakes, and Others), Dietary Supplements, Beverages (Energy Drinks, Soft Drinks, Hot Drinks, Flavored Drinks, Natural Sweetened Water), Packaged Food Products (Pickles, Jam, Sauce, Chilled, Nutritional Products, and Frozen Food), Confectionery Products, Snacks (Potato Chips, Processed Snacks, and Others), Table Top Sweeteners, and Others), and By Region (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa)
Link: https://www.coherentmarketinsights.com/market-insight/stevia-market-2082
Key Takeaways of the Global Stevia Market
- Global stevia market was valued at US$ 1.00 Bn in 2024 and is forecast to reach a value of US$ 79 Bn by 2031, exhibiting a CAGR of 10.10% between 2024 and 2031
- Among the extract type segment, the powder extract segment held the largest revenue share of 61% in the global stevia market in 2024. Powder stevia extracts find extensive applications across dairy products, beverages, custards, sauces, and others. Also, stevia powder extract is used in a majority of food supplements across the globe. The increasing application of this stevia extract form in functional food globally is further driving the market growth.
- 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 operating in the stevia market are focusing on various strategies such as mergers & acquisitions in order to strengthen their market presence and expand their product portfolios
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