Stevia Market: By Type (Conventional Stevia and Next Gen Stevia), By Extract (Whole leaf, Powdered and Liquid), By Application (Sweeteners, Beverages, Dairy, Bakery and confectionery, Convenience food, Pharmaceuticals, Packaged Food Products, Snacks and Others), By Label (Organic certified and Regular), By Form (Dry form and Liquid form), By Distribution channel (Online and Offline), and Geography

Stevia Market size was valued at USD 548.9 million in 2023 and is poised to grow at a CAGR of 9.7% from 2024-2030. The plant species Stevia rebaudiana is the source of stevia, a naturally occurring sweetener that is sometimes referred to as sweet leaf, sugar leaf, or just stevia. It is endemic to South America, where people have long used the leaves to sweeten food and drink. Stevioside and rebaudioside A are the two mains naturally occurring chemicals known as steviol glycosides that give stevia its sweet taste. These substances have gained since it is much sweeter than table sugar (sucrose), and have very few calories, which makes them a desirable substitute for people watching their calorie intake or blood sugar levels. Over half a billion people globally suffer from diabetes, and by 2050, that figure is predicted to more than double to 1.3 billion, according to WHO Report 2023. The bulk of diabetics reside in low- and middle-income nations. Consumer tastes are shifting in favor of healthier beverage options, which is propelling the stevia tea industry's significant expansion and revolution.

Moreover, other factors contribute to the market growth of stevia worldwide. These factors are optimistic prognosis for stevia as a natural sweetener and a growing number of creative stevia- and stevia-based product creations that are affordable and useful in a variety of food and beverage applications, rising concern for diabetes and obesity among the people, increasing demand for low calories sweeteners, more attention to clean and simple ingredient product. Adding on to the market drivers, the stevia market has expanded as a result of regulatory approvals and health authorities' endorsements, which have given consumers confidence about the product's safety and effectiveness as a sweetener. Consumers are showing interest in sustainably sourced ingredients. Some companies are emphasizing sustainable and ethical practices in stevia cultivation, processing, and sourcing, aligning with consumer preferences. Also, sustainable ingredient sourcing is attracting consumer interest. In line with customer expectations, certain businesses are placing a strong emphasis on ethical and sustainable sourcing, processing, and production methods for stevia which can be an opportunity for the stevia market. Apart from driving factors, some of the factors limiting the market growth include taste profile, high cost, regulatory challenges, competition from other sweeteners, and supply chain issues. Moreover, incorporating stevia into certain food and beverage formulations, particularly those requiring bulk or volume, can pose technical challenges such as texture, stability, and flavour masking.

Stevia Market Key Developments:

• In 2023, Ingredion launched PureCircle Clean Taste Solutions, a range of stevia solutions tailored to specific applications in the preparation of beverages.
• In 2022: A collection of liquid stevia-based sweeteners, Bestevia LQ was introduced by Sweegen.
• In 2022: EverSweet, a stevia sweetener that can be blended with other natural flavors was launched by Cargill.
• In 2021: Layn built a new stevia plant that processes around 4,000 tons of stevia leaf extracts annually.