Increasing Health Consciousness among Consumers of Stevia Market
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.
SWOT Analysis
Strength: Stevia is a natural sweetener extracted from the leaves of the stevia plant. It is hundreds of times sweeter than sugar but has negligible calories. The consumer demand for natural and zero-calorie sweeteners is increasing due to rising health awareness. Stevia fulfills this demand well and is thus gaining popularity among health-conscious consumers.
Weakness: The taste of stevia is not identical to sugar and some consumers complain of a bitter aftertaste. More research is required to address this issue to increase adoption. Some countries have restrictive regulatory frameworks regarding the use of stevia as a sweetener.
Opportunity: The growing diabetic and obese population worldwide is generating increased demand for low-calorie sweeteners. Stevia holds great potential to capture this market. New product development using stevia extract can help expand its applications beyond beverages to bakery, dairy and other food segments.
Threats: Aspartame and sucralose are widely used artificial sweeteners that pose competition to stevia. Their low prices and longer track record make them formidable competitors. Fluctuations in stevia leaf production and prices can impact the commercialization of stevia-based products.
Key Takeaways
The Global Stevia Market Size is expected to witness high growth over the forecast period of 2023 to 2030. The market size is projected to increase from US$ 716.49 Mn in 2023 to cross billion-dollar mark by 2030, growing at a CAGR of 18% during the forecast period.
Regional analysis: Asia Pacific region currently dominates the stevia market owing to large cultivable areas for stevia in China and other countries. It accounted for over 40% share of the global market in 2023. North America is projected to be the fastest growing market during the forecast period supported by increasing demand for natural sweeteners in the U.S. and Canada.
Key players: Key players operating in the stevia market include Cargill, Incorporated, Tate & Lyle PLC, S&W Seed Company, Ingredion Incorporated, and Morita Kagaku Kogyo Co. Ltd. These companies have strong global presence and distribution networks for stevia and related products. They are focusing on new product development and capacity expansions to leverage growth opportunities in the market.
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