Stevia Market Size To Reach $1.12 Billion By 2030

Stevia Market Growth & Trends

The global stevia market size is expected to reach USD 1.12 billion in 2030 and is projected to grow at a CAGR of 11.9% from 2024 to 2030. Soaring demand for low-calorie sweeteners is expected to be a major factor propelling market growth. Considering the market is still at a nascent stage, the market is yet to realize its full potential.

Stevia contains rebaudioside-A and stevioside, which are responsible for imparting high degree of sweetness without any side effects on health. This is the major reason for the growing demand for stevia over the past few years.

Stevia acts as a natural sugar substitute. The production process starts with a herbal plant called stevia rebaudiana, which is a member of the Chrysanthemum family and grows naturally in the forests of Brazil and Paraguay. The components of stevia leaves responsible for the plant’s sweetness are glycosides.

Beverages form the largest application segment and in 2015, accounted for 34.7% of the total volume. This can be attributed to increasing market penetration of stevia in various soft drinks, juices, teas, and nectar. Companies such as PepsiCo, Inc. and The Coca-Cola Company have incorporated the product in their diet soft drinks and are marketed as drinks with no side effects on consumer health. Biotechnology companies are marketing the product in various forms such as liquids and powders. It is expected to replace sucrose in various food products including confectionery jellies, traditional cakes, biscuits, and other baked products.

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Stevia Market Report Highlights

• Beverage accounted for the largest market revenue share of 36.8% in 2023, owing to the growing demand for natural sweeteners

• The food segment is expected to grow significantly with a CAGR of 12.2% during the forecast period

• Asia Pacific stevia market dominated the market with a revenue share of 48.8% in 2023

• Regulatory support is also a significant driver of the stevia market, as regulatory initiatives aimed at reducing sugar intake in diets encourage manufacturers to adopt healthier alternatives such as stevia

Stevia Market Segmentation

Grand View Research has segmented the global stevia market report based on application, end use, and region:

Stevia Application Outlook (Revenue, USD Million, 2018 - 2030)

• Beverage

• Food

• Pharmaceutical

• Tabletop Sweeteners

• Others

Stevia Regional Outlook (Revenue, USD Million, 2018 - 2030)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • UK

  • Germany

  • France

  • Italy

  • Spain

• Asia Pacific

  • Japan

  • China

  • India

• Latin America

  • Brazil

  • Argentina

• Middle East and Africa (MEA)

  • South Africa

  • Saudi Arabia

List of Key Players in the Stevia Market

• Ingredion

• Tate & Lyle

• Archer Daniels Midland Company

• Cargill, Incorporated.

• HOWTIAN

• Evolva Holding SA

• GLG Life Tech Corp.

• Stevia First Corporation