Stevia Extract Market Report

In the past few years, there has been a significant rise in obesity and diabetes rates among consumers. According to the World Health Organization 2022 report, obesity, poor dietary preferences, and a lack of physical exercise, among other factors, have contributed to a more than threefold increase in the number of persons living with diabetes in the Americas during the last 30 years. These rising health hazards have encouraged consumers to adopt healthier food products. They are also focusing on reducing the sugar content in their diet and seeking alternatives to sugar. As a result, the stevia extract market is anticipated to witness substantial growth as stevia extract aligns with the customer demand. In addition to this, various governments and health organizations are promoting the adoption of products with less sugar content in order to control the increasing rates of health disorders. This has resulted in initiatives from manufacturers to seek sugar alternatives which is providing traction to the stevia extract market expansion over the forecast period.

The increasing adoption of stevia as a substitute for sugar is a major driving factor for the stevia extract market expansion. As consumers are growing more aware of the effect of their dietary preferences on their health, they are gravitating towards low-calorie diets which is also creating the demand for stevia extract. Stevia extract also finds applications across various industries such as food & beverages, and pharmaceutical industries among others. In addition to the enhancement of taste, stevia also adds to the nutritional content of the product, thus gaining popularity among consumers. As a result, manufacturers are focusing on the production of stevia extracts to necessitate the increasing demand. Moreover, globalisation has resulted in the expansion of food supply chains which has led to the ease of availability of stevia extract in the market. Manufacturers can now easily source and use stevia extract across various industry segments. Furthermore, the rising demand for clean-label products is also contributing to the expansion of the stevia extract market as customers seek food products with natural ingredients.

• Stevia's zero-calorie appeal drives growth in the food and beverage industry.
• Stevia's versatility extends into pharmaceutical and personal care applications.
• Growing preference for clean-label ingredients escalates stevia extract utilization.
• Increasing adoption of stevia extract in ketogenic diets

Several major manufacturers in the stevia extract market are focusing on investing in research and development in order to create novel products that meet customer demand and also enhance their product portfolio. They are also implementing various market strategies such as new product launches, mergers, and acquisitions in order to strengthen their market presence. For example, in July 2023, Tate & Lyle expanded their sweetener portfolio with TASTEVA SOL Stevia Sweetener. This addition expanded Tate & Lyle's capabilities to help customers resolve stevia solubility concerns in food and beverages, as well as assist in addressing consumer demand. In July 2022, Sweegen unveiled Bestevia LQ, a line of liquid stevia-based sweeteners with the intent of minimizing sugar in carbonated soft beverages, confectionary, liquid sweeteners, dessert toppings, and concentrated fruit/flavored syrup.

The high cost of stevia extracts is one of the major limiting factors of the market expansion. This may reduce the demand for stevia extracts among consumers in price-sensitive markets. In addition, consumers may also find the bitter after-taste of stevia extracts unpleasant which can lead to a decline in demand for the stevia extracts. Furthermore, manufacturers have to deal with the challenges of regulatory standards for the adoption of stevia extracts which can be different for different countries. Adhering to these standards can be challenging. Apart from this, the lack of awareness among consumers regarding the health benefits of stevia extracts is also contributing to the impediment of the stevia extract market growth during the forecast period.

Purecircle Limited, Qufu Xiangzhou Stevia, Layn, Zhucheng Haotian, Cargill (Evolva), Sunwin Stevia International, GLG Life Tech, Tate & Lyle, Morita Kagaku Kogyo are some of the prominent market players operating in the global stevia extract market.

Asia Pacific is anticipated to hold a significant share of the stevia extract market owing to the large-scale production of stevia in countries like China, Japan, India etc. In addition, the increasing adoption of stevia in various food products including juices, teas, bakery, and other confectionery products is also driving the overall market growth in the region. On the other hand, North America is expected to witness growth in the stevia extract market during the forecast period. Increasing awareness regarding the health benefits of stevia is considered to be the driving factor of the stevia extract market expansion in the region.

Furthermore, the Latin American stevia extract market is likely to experience growth which is influenced by the rising measures adopted by consumers and governments in order to reduce sugar consumption. There is a surge in demand for products with less sugar content owing to the rising health concerns among consumers. Moreover, the European region is also expected to witness growth owing to the well-established food and beverage industry of the region. Apart from this, the growing demand for food products with no added sugar is also creating demand for stevia extracts in the region.

The report provides a detailed overview of the stevia extract market insights in regions including North America, Latin America, Europe, Asia-Pacific, Oceania, and the Middle East and Africa. The country-specific assessment for the stevia extract market has been offered for all regional market shares, along with forecasts, market scope estimates, price point assessment, and impact analysis of prominent countries and regions. Throughout this market research report, Y-o-Y growth and CAGR estimates are also incorporated for every country and region, to provide a detailed view of the stevia extract market. These Y-o-Y projections on regional and country-level markets brighten the political, economic, and business environment outlook, which are anticipated to have a substantial impact on the growth of the stevia extract market. Some key countries and regions included in the stevia extract market report are as follows:

• Stevia extract market detailed segments and segment-wise market breakdown
• Stevia extract market dynamics (Recent industry trends, drivers, restraints, growth potential, opportunities in stevia extract industry)
• Current, historical, and forthcoming 10 years market valuation in terms of stevia extract market size (US$ Mn), volume, share (%), Y-o-Y growth rate, CAGR (%) analysis
• Stevia extract market demand analysis
• Stevia extracts market pricing analysis over the forecast period (by key segment and by region)
• Stevia extract market regional insights with the region-wise market breakdown
• Competitive analysis – key companies profiling including their market share, product offerings, and competitive strategies.
• Latest developments and innovations in the stevia extract market
• Regulatory landscape by key regions and key countries
• Supply chain and value chain analysis in stevia extract market
• Stevia extract market sales and distribution strategies
• A comprehensive overview of the parent market
• A detailed viewpoint on stevia extract market forecast by countries
• Mergers and acquisitions in the stevia extract market
• Essential information to enhance market position
• Robust research methodology