The growth of the stevia market is driven by increase in
demand from the beverage sector, rise in concerns over
diabetes, obesity, regulatory restrictions on artificial
sweeteners, and surge in preference for clean-label, natural sugar
substitutes.
WILMINGTON, Del., Aug. 14, 2024 /PRNewswire/ -- Allied Market
Research published a report, titled, "Stevia Market
by Form (Powder Extracts and Liquid Extracts), Application
(Bakery & Confectionery, Beverages, Sweeteners and Others),
Source (Conventional and Organic), End-Use (Food & Beverages
and Pharmaceuticals): Global Opportunity Analysis and Industry
Forecast, 2024-2033". According to the report, the stevia
market was valued at $534.2 million
in 2023, and is estimated to reach $876.5
million by 2034, growing at a CAGR of 4.8% from 2024 to
2034.
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Brochure: https://www.alliedmarketresearch.com/request-sample/A06042
Prime determinants of growth
The growth of the stevia market is primarily increased owing to
the rising consumer demand for natural, low-calorie sweeteners due
to rising health concerns such as diabetes and obesity is a
significant driver. The beverage industry's adoption of stevia as a
sugar substitute in response to consumer demand for healthier
options contributes to market growth. Regulatory restrictions on
certain artificial sweeteners also play a role, as stevia is
perceived as a safer alternative. Moreover, the growing preference
for clean-label ingredients and the approval of stevia by
regulatory bodies further drive market expansion. These factors
collectively fuel the growth of the stevia market as it continues
to gain traction as a natural and healthier sweetening option
across various industries.
Report coverage & details:
Report
Coverage
|
Details
|
Forecast
Period
|
2024–2034
|
Base
Year
|
2023
|
Market Size in
2023
|
$534.2
million
|
Market Size in
2034
|
$876.5
million
|
CAGR
|
4.8 %
|
No. of Pages in
Report
|
288
|
Segments
Covered
|
Form, Application,
Source, End- Use, And Region.
|
Drivers
|
Demand For Natural
Ingredients
|
Increasing Health
Awareness
|
Rising Diabetic
Population
|
Opportunities
|
Health And Wellness
Trends
|
Product
Diversification
|
Restraints
|
Taste
Perception
|
Segment Highlights
The demand for powder extracts is driven by several factors.
Powder extracts offer convenience and versatility in various
applications, including beverages, confectionery, and baked goods,
making them highly sought-after by manufacturers. The powdered form
allows for easy blending and incorporation into different product
formulations, enhancing its appeal to food and beverage producers.
Moreover, powder extracts typically have a longer shelf life
compared to liquid or granulated forms, offering better storage
stability, and reducing the risk of spoilage. This extended shelf
life makes powder extracts a preferred choice for manufacturers
looking to maintain product quality and integrity over
time.
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Tables, and Figures)
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The demand for bakery & confectionery in stevia market is
influenced by multiple factors. Firstly, there is a growing
consumer demand for healthier alternatives in baked goods and
confectionery products, driven by concerns over obesity and
diabetes. Stevia, as a natural, low-calorie sweetener, aligns
perfectly with this trend, offering manufacturers the opportunity
to create indulgent treats with reduced sugar content.
Moreover, stevia's stability under high temperatures makes it
well-suited for use in baking applications, where maintaining
sweetness and flavor integrity is crucial. Its ability to replace
sugar without compromising taste or texture further enhances its
appeal to bakery and confectionery producers.
The demand for organic products in stevia market is driven by
numerous factors. In addition, there is a growing consumer
preference for organic products due to heightened awareness of
health and environmental concerns. Organic stevia is perceived as a
cleaner and more sustainable option, free from synthetic
pesticides, fertilizers, and GMOs, appealing to health-conscious
and environmentally conscious consumers alike. Moreover, organic
stevia aligns with the clean label trend, where consumers
prioritize transparency and natural ingredients in their food and
beverage choices. The organic certification assures consumers of
the product's authenticity and adherence to stringent organic
farming practices.
The demand for food & beverages in stevia market is driven
by various factors. There is a growing consumer demand for
healthier food and beverage options, driven by increasing concerns
over obesity, diabetes, and overall wellness. Stevia, as a natural,
low-calorie sweetener, perfectly meets this demand by offering a
healthier alternative to traditional sugar. Moreover, the
versatility of stevia makes it suitable for a wide range of food
and beverage applications, including soft drinks, dairy products,
snacks, baked goods, and sauces. Its ability to maintain sweetness
and flavor stability under various processing conditions further
enhances its appeal to manufacturers in the food and beverage
industry.
Regional Outlook
Asia-Pacific has a significant
share and dominance in the stevia market. The region's increasing
beverage sector, fueled by shifting consumer preferences towards
healthier options, drives the demand for stevia as a natural,
low-calorie sweetener. Rising concerns over diabetes and obesity
drive the adoption of stevia as a sugar substitute in various food
and beverage products. Moreover, regulatory restrictions on certain
artificial sweeteners further bolster the market for stevia, given
its perceived safety and natural origin. Furthermore, the growing
demand for clean-label ingredients in the region, driven by
consumers' increasing awareness of dietary choices and preference
for natural alternatives, provides a conducive environment for
stevia's growth. Favorable regulatory outlooks and approvals also
contribute to the region's dominance, as regulatory bodies support
the use of stevia as a safe and effective food additive.
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Players: -
- Ingredion Incorporated
- Tate & Lyle PLC
- Archer Daniels Midland Company
- Cargill Incorporated
- Zhucheng Haotian Pharma Co. Ltd
- Sunwin Stevia International
- Daepyung
- GLG Life Tech
- Evolva and Jhuingda Phytoextract
The report provides a detailed analysis of these key players in
the global stevia market. These players have adopted different
strategies such as new product launches, collaborations, expansion,
joint ventures, agreements, and others to increase their market
share and maintain dominant shares in different regions. The report
is valuable in highlighting business performance, operating
segments, product portfolio, and strategic moves of market players
to showcase the competitive scenario.
Recent Development:
- In October 2022, Ingredion
Incorporated collaborated with HowGood which is a SaaS data
platform with the largest food and personal care product
sustainability database. This partnership will provide data
transparency on Ingredion's top products and new product
innovations, which, combined with Ingredion's aim of sourcing 99%
of its global crop supply sustainably by 2025.
- In March 2022, Cargill announced
its strategy of sweetening stevia products with the commercial
availability of its EverSweet + ClearFlo technology. According to
the company, combining Cargill's stevia sweetener with a natural
flavor, the new sweetener system provides multiple benefits,
including flavor modification, faster dissolution, and improved
solubility and stability in formulations.
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