Stevia is a natural, zero-calorie sweetener extracted from the leaves of the plant species stevia rebaudiana. It is widely used as a sugar substitute in the food and beverage industry. Stevia products provide the taste of sugar without increasing blood sugar levels. They are an ideal option for consumers seeking healthier alternatives to table sugar.
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 key trends:
The rising demand for zero-calorie and natural sugar substitutes among health-conscious consumers has been a major driver boosting the growth of the stevia market over the past few years. The increasing incidence of lifestyle diseases such as obesity and diabetes linked to high sugar consumption is raising awareness regarding the need for low-calorie sweeteners. Stevia products are gaining preference over artificial sweeteners as they are natural with minimal processing. This is expected to augment the popularity of stevia-based sweeteners in the coming years. Innovation of new stevia-derived products including baking mixes, chocolates, chewing gums, and beverages catering to varying consumer needs will further support market expansion over the forecast period.
Market Analysis
The Global Stevia Market Demand is segmented by form into powder, liquid and leaf. The powder form dominates the market as it is highly convenient to use in beverages and various food products. Powder form of stevia is drier and easier to blend as compared to liquid and leaf forms.
Key Takeaways:
Regional analysis: Asia Pacific region holds the dominant share in the stevia market and is expected to witness highest growth over the forecast period 2023–2030. This can be attributed to growing health-conscious population coupled with increasing demand for low-calorie sweeteners in countries like China and India.
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.
The global stevia market is expected to witness high growth over the forecast period 2023–2030. Rapid urbanization, changing consumer preferences towards healthy food and increasing demand for low-calorie sugar substitutes are driving the market growth. The increasing prevalence of diabetes and obesity also contributes to the demand for stevia sweeteners. Growing awareness among consumers regarding adverse effects of artificial sweeteners further promotes the adoption of natural sweeteners like stevia.
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