The global stevia market was valued at US$ 517.0 million in 2019, according to Stevia Market Report, 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, Asia Pacific, Europe, and Middle East & Africa), published by Coherent Market Insights.
The global stevia market is expected to surpass US$ 998.6 million by 2027, exhibiting a CAGR of 8.5% during the forecast period (2020-2027). The growth of the stevia market is expected to be driven by growth of the food & beverage industry. For instance, according to FoodDrinkEurope (Food industry confederation in the European Union), Europe’s food & beverage market was valued at US$ 1,118.0 billion in 2016 which increased to US$ 1,205 billion in 2017. Demand for stevia-based products is increasing due to health concerns, benefits of natural or plant-based products and awareness about consumption of low-calorie products, particularly in the food and beverages sector. Companies are developing low-calorie food products in order to sustain in a market influenced by changing demographics on a global scale.
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Browse 50 market data tables* and 45 figures* on "Stevia Market” - Global Forecast to 2027.
Key Trends and Analysis of the Stevia Market:
- Among regions, Europe accounted for a significant market share in 2019. Growth of sweeteners market in the region is expected to drive market growth for stevia over the forecast period. For instance, according to CBI Europe (Centre for the Promotion of Imports from developing countries), sweeteners market in Europe was valued at US$ 11.5 billion in 2017 which is expected to exhibit a CAGR of 1.7% to reach US$ 13 billion in 2023. The growth is due to increasing demand for natural sweeteners such as stevia.
Key Takeaways of the Market:
- Among extract type, powdered segment held largest revenue share of 65.1% in the global stevia market in 2019. Powder stevia extract find extensive application across dairy products, beverages, custards, sauces, and others. Also, stevia powder extract is used in a majority of food supplements across the globe. Also, increasing application of this stevia extract form in functional food globally is further driving 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 portfolio. For instance, in June 2020, Ingredion Incorporated (U.S. manufacturer of ingredient solutions) acquired PureCircle Limited (manufacturer of stevia sweeteners & flavor for food & beverage industry). The acquisition will help Ingredion to expand its product portfolio.
Global Stevia Market - Impact of Coronavirus (Covid-19) Pandemic
- 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, worldwide. Moreover, Coronavirus (Covid-19) has majorly impacted the food & beverages industry and in turn has changed the dynamics of entire ecosystem including raw material suppliers. Lockdown in various countries such as India, China, and Spain, among others and cease in the subsequent trade activities has suspended the supply chain activities. The increasing spread of Covid-19 has forced the manufacturers to deploy precautionary measures in their facilities including labors and plant controllers screening and monitoring, and sanitizing the facilities. According to various players operating in the stevia market, there has been a minimal impact of COVID -19 on supply of stevia to food & beverage industries.