Food and Beverage Stevia Market Size, Share, and Growth Analysis, By Type (Reb-A Series, Reb D, Reb M, STV Series, And Others), By Application (Universal Files Copy, Advertisement Making, Graphic Design, And Others), Regional Insights, and Forecast From 2023 To 2030

Updated On: 20 November 2023

food and beverage stevia market REPORT OVERVIEW

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The global food and beverage stevia market size was USD 449.3 million in 2021 and is expected to reach USD 628.1 million by 2028 exhibiting a CAGR of 5.0%.

Stevia is a naturally occurring sweetener and sugar substitute made from the leaves of the Stevia rebaudiana plant, indigenous to places such as Brazil and Paraguay. The leaf is the most natural, unprocessed, and raw form of stevia.  Stevia, an extract from the leaves of the stevia plant, is essentially a sugar substitute and sweetener. It has many advantages, including a high protein content and a low-calorie count, and as a result, it holds a large place in the sweetener area. As more people become aware of stevia's health advantages, it is widely employed in the food and beverage business. The two most potent and important compounds in stevia, rebaudioside A and stevioside, are chiefly responsible for the plant's sweetness. numerous Latin American countries. Organic stevia is a sweetening agent gaining popularity in recent years. 

Food and beverage stevia, including daisies, chrysanthemums, and sunflowers, belong to the Asteraceae family. It is an extremely strong sweetener agent as it leaves a 30 times sweeter effect than sugar cane. It is found in tropical and subtropical regions in North and South America. 

COVID-19 Impact: Disrupted Supply Chain Affected Market Growth

Manufacturing processes were shut down completely as a result of the COVID-19 outbreak. Government-imposed travel restrictions severely impacted the supply chain or avenues of distribution. Additionally, the pandemic's economic effects have caused changes in consumer behavior, such as lower spending on non-essential things, which may impact the demand for premium goods like stevia beverages and expand the market for those products.

LATEST TRENDS

"Growing Health Awareness Among the Population to Boost Market Growth"

Growing health awareness among consumers coupled with the growing per capita income is estimated to augment market growth. The consumption pattern changed owing to the healthy lifestyle adoption. The increased popularity of people participating in various sports and physical activities also contributes to the increase in demand for stevia-sweetened beverages in the sports drinks market. Additionally, customers are expecting goods with value-added advantages and lower sugar content, which is driving up demand for stevia beverages. The market is also being driven by the rising demand for stevia-sweetened beverages and the attractiveness of plant-based products. Furthermore, the sector for stevia beverages is anticipated to rise as a result of technological developments in stevia extraction and formulation.

food and beverage stevia market Segmentation

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• By Type Analysis

By type, the market is segmented into reb-A series, reb D, reb M, STV series, and others.

• By Application Analysis

Based on application, the market is classified into universal files copy, advertisement making, graphic design, and others.

DRIVING FACTORS

"Expanding Food and Beverage Industry to Surge Product Demand"

The food and beverage industry is rapidly expanding owing to the rising population. Stevia is a great calorie-free natural sweetener. In the food and beverage business, it is commonly utilized. With the frequency of chronic diseases like diabetes and obesity on the rise, consumers are making the switch to better lives. As a result, manufacturers are using stevia instead of artificial sugar in products, including pet food, beverages, and dietary supplements. These factors are projected to fuel the growth of the stevia market in the following years. Stevia contains many compounds, including alkaloids, oligosaccharides, flavonoids, xanthophyll, hydroxyl-cinnamic acids, chlorophylls, free sugars, trace minerals, lipids, and amino acids. It enables the exposition of stevia-based meals that are nutritious, low in calories, and are identified to aid in managing several medical ailments. These factors are likely to bolster food and beverage stevia market growth.

"Growing Cases of Diabetes to Offer Lucrative Opportunities to the Market"

The presence of the geriatric population is expected to be another major factor in expanding the food and beverage stevia market. The presence of the aged population is leading to high demand for sugar-free food and beverages. The demand for natural low-calorie sweeteners is rising due to the growing prevalence of diabetes and obesity. These factors are anticipated to prosper the food and beverage stevia market growth.

RESTRAINING FACTORS

"Lack of Raw Materials and Its High Prices to Hamper the Growth of the Market"

The lack of raw materials in the market is estimated to impede market growth. The growing demand for food and beverages stevia requires more quantity of raw materials, which eventually increases the raw materials price and impedes market growth. 

food and beverage stevia market REGIONAL INSIGHTS

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"Asia Pacific to Dominate the Market Due to the Growing Urbanization"

Asia Pacific is forecasted to hold about 40% of the overall food and beverage stevia market share owing to the growing income of the population. Rapid urbanization is also estimated to augment the demand for the product. 

North America is predicted to hold about 35% of the overall market share, accredited to the growing government initiatives to reduce sugar intake and the cases of diabetes and obesity.

KEY INDUSTRY PLAYERS

"Key Companies to Emphasis On the Development of Advanced Technology"

Key market players are focused on strengthening their presence by adopting advanced technologies. The competitors are adopting strategies to gain mergers and acquisitions in the global market. Major players of the market are emphasizing on gaining collaborations, mergers, and acquisitions is increasing among leading players. The major market players are striving to maintain partnerships with other key players in the same industry. Gaining partnerships with other companies will develop a strong consumer base in the global market. The key competitors are adopting organic and inorganic growth strategies to surge their market share in the global market. 

List of Market Players Profiled

• Haotian Pharm (China)
• PureCircle (Ingredion) (U.S.)
• Shandong Shengxiangyuan (China)
• Sunwin Stevia (China)
• Shangdong Huaxian Stevia (China)
• GLG Life Tech Corp (Canada)
• Cargill (U.S.)
• Jining Aoxing Stevia Products (China)
• Morita Kagaku Kogyo (Japan)
• Tate & Lyle (U.K.)
• ADM (U.S.)
• Chenguang Biotech Group (China)
• Biolotus Technology (China)

REPORT COVERAGE

The market research study offers thorough information on numerous market aspects. The growth drivers, restraints, geographical analysis, competitive environment, and challenges are a few of them. Additionally, it provides an analytical analysis of market trends and projections for various factors to show potential investment areas. From 2021 through 2027, the market is objectively assessed to determine its financial viability. The report's data was compiled using a variety of primary and secondary sources.