The Stevia Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Stevia Global Market Report 2024, The stevia market size has grown rapidly in recent years. It will grow from $0.83 billion in 2023 to $0.92 billion in 2024 at a compound annual growth rate (CAGR) of 11.6%. The growth in the historic period can be attributed to health and wellness trends, increasing obesity concerns, preference for natural ingredients, regulatory support, consumer shift from artificial sweeteners.
The stevia market size is expected to see rapid growth in the next few years. It will grow to $1.48 billion in 2028 at a compound annual growth rate (CAGR) of 12.4%. The growth in the forecast period can be attributed to continued health consciousness, rising diabetes awareness, expanding food and beverage industry, preference for clean label products, global dietary shifts. Major trends in the forecast period include development of stevia-infused functional and wellness products, increasing utilization in non-alcoholic and alcoholic beverages, introduction of stevia-based sweet snacks and confectionery, shift towards clear and transparent stevia labeling, collaborations and partnerships in stevia research and development.
The rising prevalence of diabetes and obesity is expected to propel the growth of the stevia market in the forecast period. The main causes leading to obesity are unhealthy lifestyle, physical inactivity, overeating, genetics, increase in stress levels which rises the risk of diabetes, heart disease, and certain cancers. For instance, in July 2021, according to the International Diabetes Federation (IDF), a Belgium-based diabetes organization, the number of people with diabetes worldwide is predicted to reach 537 million in 2021, 643 million in 2030, and 783 million in 2045. It is expected that in 2021, complications arising from diabetes will result in the passing of approximately 6.7 million individuals aged between 20 and 79. Additionally, according to the World Obesity Atlas 2022, published by the World Obesity Federation, a UK-based non-profit organization, one billion people globally, including 1 in 5 women and 1 in 7 men, will be living with obesity by 2030, and that number will increase to 4 billion people, or 51% of the global population, by 2035. As the prevalence of diabetes and obesity rises, customers are looking for zero-calorie natural sweeteners to help them maintain a healthy lifestyle and keep their blood sugar levels in check. Thus, the demand for stevia is estimated to increase, driving the growth of the market.
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The stevia market covered in this report is segmented –
1) By Product: Powder, Liquid, Leaf
2) By Nature: Organic, Conventional
3) By Application: Bakery, Dairy Food Products, Beverages, Dietary supplements, Confectionery, Other Applications
Top Major Players:
Cargill Inc.
Archer Daniels Midland Company
PepsiCo Inc.
The Coca-Cola Company
Ingredion Incorporated
Asia-Pacific was the largest region in the stevia market share in 2023.
Major companies operating in the stevia market are developing innovative products, such as rebaudioside M (Reb M) stevias, to meet larger customer bases, increase sales, and increase revenue. Rebaudioside M (Reb M) is a natural sweetening compound derived from the leaves of the Stevia rebaudiana plant. For instance, in July 2022, Icon Foods, a US-based manufacturer of stevia-based sweeteners, launched SteviaSweet RM95. SteviaSweet RM95 distinguishes itself as a 95% Rebaudioside M (Reb M) stevia variant, renowned for its clean flavor profile that notably lacks the bitter notes often associated with alternative forms of stevia. This high-intensity, zero-calorie natural sweetener is specifically crafted to offer food and beverage manufacturers a neutral and sweet taste without the necessity for flavor maskers. A key unique feature is its seamless compatibility with other high-intensity sweeteners, functioning effectively as both a sweetness and flavor modulator, providing versatility in product formulation.
The stevia market report table of contents includes:
1. Executive Summary
2. Stevia Market Characteristics
3. Stevia Market Trends And Strategies
4. Stevia Market – Macro Economic Scenario
5. Global Stevia Market Size and Growth
…..
32. Global Stevia Market Competitive Benchmarking
33. Global Stevia Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Stevia Market
35.Stevia Market Future Outlook and Potential Analysis
36. Appendix
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