Stevia Is Estimated To Witness High Growth Owing To Increasing Demand For Natural Sugar Substitutes
Stevia is a natural, plant-based sweetener native to South America and many parts of Asia. It is grown commercially and its leaves contain sweet-tasting glycosides such as steviol glycosides which are hundreds of times sweeter than sugar but have zero calories. Today, stevia is widely used as a table top natural sweetener and is also added to various food and beverage products as a sugar substitute.
The global stevia market is estimated to be valued at US$ 716.49 Mn in 2023 and is expected to exhibit a CAGR of 18% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The increasing demand for natural sugar substitutes from health-conscious consumers is considered as a key driver augmenting the growth of stevia market. Stevia being a zero-calorie natural sweetener is a preferred substitution of sugar for weight management. Also, the rising prevalence of lifestyle diseases like diabetes and obesity is accelerating the demand from food and beverages manufacturers to reduce sugar content of their products by substituting sugar with stevia. However, higher production cost associated with stevia as compared to other artificial sweeteners may hamper the market growth to some extent over the forecast period.
SWOT Analysis
Strength: Stevia is a natural sweetener which is about 200-300 times sweeter than sugar but has no calories. It has gained huge popularity as a sugar substitute for health-conscious consumers in the last few years. Stevia sweeteners are heat stable which makes them suitable for cooking and baking applications. The steviol glycosides present in stevia leaves have demonstrated anti-hyperglycemic, anti-hypertensive, and anti-inflammatory properties according to various studies.
Weakness: The aftertaste caused by stevia extracts has been considered unpleasant by some consumers. The approval process and regulation of stevia extracts has been complex and varying in different countries which creates supply challenges.
Opportunity: The rising global demand for zero and low-calorie sugar substitutes due to increasing health consciousness among consumers presents substantial growth opportunities. Product innovation through formulation of high purity glycosides and modifications addresses taste and flavor issues thereby enhancing acceptability. New application areas in beverages and food industries are also emerging.
Threats: Intense competition from other intense sweeteners such as sucralose and aspartame limits the market potential for stevia. Price fluctuations of stevia leaves affect the cost of production. Vulnerability to climate change impacts affecting stevia cultivation is also a long term threat.
Key Takeaways
The Global Stevia Market Demand is expected to witness high growth over the forecast period driven by rising health awareness trends among consumers globally. The global Stevia Market is estimated to be valued at US$ 716.49 Mn in 2023 and is expected to exhibit a CAGR of 18% over the forecast period 2023 to 2030.
Regional analysis: The Asia Pacific region is currently the largest and fastest growing market for stevia owing to a large consumer base, abundant availability of raw materials, and supportive government policies. China contributes over 70% of the global stevia leaf cultivation area and production. Other countries in Asia like Japan, South Korea, Taiwan has also incorporated stevia extracts into majority of low-calorie food and beverage products over the years.
Key players: Key players operating in the stevia market are: Cisco Systems Inc., SAP SE, General Electric, Microsoft Corporation, Intel Corporation, Siemens AG, IBM Corporation, Qualcomm, Verizon Communication Inc., and AT&T Inc. Global manufacturers are focused on new product developments, geographic and market segment expansions and mergers and acquisitions with regional players to strengthen market presence.
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