Stevia Market Size, Share & Trends Report

Stevia Market Size, Share & Trends Analysis Report By Application (Beverages, Food, Pharmaceutical, Tabletop Sweeteners), By Region (North America, APAC, Europe, MEA, Latin America), And Segment Forecasts, 2018 - 2024

  • Published Date: Jul, 2018
  • Base Year for Estimate: 2015
  • Report ID: GVR-1-68038-118-4
  • Format: Electronic (PDF)
  • Historical Data: 2013 - 2015
  • Number of Pages: 90

Industry Insights

The global stevia market size was estimated at USD 337.7 million in 2015, projected to expand at a CAGR of 6.1% from 2016 to 2024. Rising demand for natural sweeteners, especially in beverages, is expected to increase demand in the near future. Increasing market penetration in the food industry on account of its superior sweetening properties is expected to propel growth.

U.S. stevia market

The overall sweeteners market is already dominated by artificial sweeteners such as aspartame, saccharin, sucralose, and cyclamate. Stevia, on the other hand, is a natural sweetener and is a niche segment within the high intensity sweeteners market. There has been growing tendency over the past few years to focus on naturally derived sweeteners and food additives on account of rising consumer awareness regarding ill effects of artificial additives on human health.

Stevia is obtained from a medicinal and culinary herb and is popular for its superior medicinal and herbal properties. It is also known for its ability to control blood pressure and in weight management, and continuous research and development in the pharmaceutical industry will help in opening new avenues for manufacturers.

The food sector will remain a high potential sector for stevia owing to increasing demand in confectionery, biscuits, chocolates, and other baking products. This will help in expanding the market for manufacturers and enhance its scope over the forecast period. It has a high consumer acceptability in Asia Pacific and Latin America owing to growing availability of the product in these regions and rising awareness regarding its many benefits. Europe and North America are relatively larger markets owing to increased product penetration in the food sector.

Application Insights

The beverage segment dominated the stevia market in 2015. The segment is expected to witness the fastest growth over the forecast period owing to rising use of stevia in various carbonated drinks. Apart from this, the product also finds use in several low- and zero-calorie beverages, catering to soaring demand from health-conscious consumers.

Global stevia market

The bitter aftertaste of stevia has been a major concern for producers and therefore companies have started working on solutions such as aligning stevia with taste modifiers and enhancers to nullify the bitterness. This will improve consumer appeal and enable its use in more food products.

Regional Insights

North America was the second largest regional segment, accounting for 27.2% of the global market volume in 2015. Rising consumer awareness regarding benefits of natural sweeteners will have a positive impact on overall demand.

Asia Pacific is expected to witness promising growth over the forecast period. Booming food and beverage industry in Taiwan, China, South Korea, India, and Japan is likely to be a favorable factor for the market. Increasing investments by leading food and beverage manufacturing companies such as Cargill, The Coca-Cola Company, and PepsiCo is also anticipated to promote demand over the forecast period.

In Japan, stevia accounts for approximately 40.0% of the overall sweeteners market. It is consumed in various dietaryandlow-calorie supplements. China has become the leading exporter of stevia and has witnessed a significant increase in consumption.South Korea has also been a major market for stevia with rising acceptance from consumers over a long period of time. Consumer awareness and strong government support toward use of organic food products has been a key factor driving the regional market.

Stevia Market Share Insights

Key participants in the market include Evolva Holding S.A.; Cargill, Inc.; Stevia Corporation; PureCircle Ltd.; Ingredion Inc.; Tate & Lyle Plc; The Coca-Cola Company; GLG Life Tech Corp.; and PepsiCo Inc.

The market is relatively new and therefore presents a host of opportunities for players. Beverage companies are incorporating the product in the diet variants of their soft drinks, marketing them as beverages for the health-conscious consumer. Biotechnology firms are marketing the product in various forms such as liquids and powders.

Report Scope

Attribute

Details

Base year for estimation

2015

Actual estimates/Historical data

2013 - 2015

Forecast period

2016 - 2024

Market representation

Volume in tons, Revenue in USD Million & CAGR from 2017 to 2025

Regional scope

North America, Europe, Asia Pacific, Latin America, MEA

Country scope

U.S., Germany, China, Japan, South Korea, Brazil

Report coverage

Revenue forecast, company share, competitive landscape, growth factors and trends

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Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of latest industry trends in each of the sub-segments from 2013 to 2024. For the purpose of this study, Grand View Research has segmented the global stevia market report on the basis of application and region:

  • Application Outlook (Volume, Tons; Revenue, USD Million, 2013 - 2024)

    • Beverages

    • Food Products

    • Pharmaceutical

    • Tabletop sweeteners

    • Others

  • Regional Outlook (Volume, Tons; Revenue, USD Million, 2013 - 2024)

    • North America

      • U.S.

    • Europe

      • Germany

    • Asia Pacific

      • China

      • Japan

      • South Korea

    • Latin America

      • Brazil

    • Middle East & Africa (MEA)

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