The stevia market is estimated to be valued at US$ 716.49 Mn in 2023 and is expected to exhibit a CAGR of 8.5% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Stevia is a sweetener and sugar substitute extracted from the leaves of the plant species Stevia rebaudiana. It is about 200-300 times sweeter than sugar. Stevia is commonly used as a tabletop sweetener and in various food products such as beverages, bakery items, confectionery products and others. It is gaining popularity as a sugar substitute due to health benefits associated with its consumption such as weight management and control of blood sugar levels.

Market Dynamics:
The market is driven by rising health concerns among consumers regarding high sugar intake. Stevia provides sweetness without any calories thus making it a popular sugar substitute across the world. According to the Institute for Clinical and Economic Review, a non-profit agency, replacing sugar with sweeteners like stevia can save 25,000 lives and save $224 billion in healthcare costs over 10 years in the US. Additionally, the demand for organic and natural sweeteners is growing rapidly which is expected to propel the growth of the stevia market over the forecast period.

SWOT Analysis
Strength: Stevia is low in calories and glycemic index, making it a healthier substitute for sugar. It is heat stable, maintains sweetness and texture without caramelizing. Stevia cultivation requires less water and pesticides compared to sugarcanes.
Weakness: Stevia has an aftertaste that some find unpleasant. Regulatory acceptance of stevia as a food additive varies globally. Countries like Japan were early adopters while some regions still have restrictions.
Opportunity: Increasing health consciousness and prevalence of diabetes and obesity is driving demand for low calorie sweeteners. Stevia is gaining wider acceptance as a natural sweetener in foods and beverages. New product innovations can increase stevia usage.
Threats: Competition from other low calorie sweeteners like sucralose, aspartame and saccharin. Changes in regulatory approvals can impact stevia ingredient usage. Fluctuations in stevia leaf prices impact profit margins.

Key Takeaways
The global Stevia Market Size is expected to witness high growth, exhibiting CAGR of 8.5% over the forecast period, due to increasing health awareness and prevalence of obesity and diabetes. Demand for low calorie and natural sweeteners is driving stevia consumption.
Regional analysis revealed North America dominates currently due to regulatory acceptance and consumer demand for reduced sugar products. However, Asia Pacific is expected to grow fastest at a CAGR of 9.5% during the forecast period, led by countries like China and India. Japan also has a major share due to early adoption of stevia.
Key players operating in the stevia market are Nestle 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. These manufacturers are investing in stevia extraction technologies and exploring new product formulations and applications to increase usage of this natural sweetener.

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