Stevia Market

The global stevia market is poised to observe major growth during the forthcoming years, exhibiting a growth rate of 10.20% between 2023-2030. The global stevia market accounted for a value of USD 796.04 million in 2022 and is likely to touch the value of USD 1,714.27 million by the end of the review period.

Stevia is one of the plant-based sweeteners that have a range of applications in various food products, beverages, dietary, functional foods & beverages, along with nutraceuticals products. Stevia also has a range of applications in the production of health supplements, and sports nutrition products. Stevia is sourced from the Stevia Rebaudiana plant and is also more than 200 times sweeter than regular sugar and is also a zero-calorie sweetener. The surging incidences of obesity across the globe have tended consumers to shift towards stevia-based products.

Liquid extract, powder extract, and stevia leaves are the major segment based on type, among which powder extract accounted for the leading market share in 2022 with a market share of 58.46% and was valued at USD 465.4 Million in 2022. It is further poised to create an absolute dollar opportunity worth USD 613.89 Million by 2030 over 2023. This is primarily owing to surging application in the production of various food products along with beverages. The powder extract segment is followed by the liquid extract segment which was valued at USD 205.3 Million in 2022 and is poised to grow at a CAGR of 9.53% during 2023-2030.

Based on nature, organic and regular are the major segments among which the regular/conventional segment held the major share owing to ease in availability and production technique. Regular stevia is poised to grow at a CAGR of 10.38% during 2022-2030 to reach a market valuation of USD 1,455.6 Million by 2030. It is further poised to create an absolute dollar opportunity worth USD 788.36 Million by 2030 over 2023. The organic segment is anticipated to have the most lucrative prospects for the global stevia market and is poised to grow at a CAGR of 9.20% during 2022-2030 to reach a market valuation of USD 258.6 Million by 2030. It is further poised to create an absolute dollar opportunity worth USD 129.87 Million by 2030 over 2023.

Residential/retail and commercial are the major segments under application, among which the commercial segment emerged as the major segment in 2022 with a share of 79.31% in terms of value. It is poised to grow at a CAGR of 10.56% during 2022-2030 to reach a market valuation of USD 1,393.4 Million by 2030. It is further poised to create an absolute dollar opportunity worth USD 762.08 Million by 2030 over 2023. Commercial application is further bifurcated into dairy and frozen desserts, bakery and confectionery, sweet and savory snacks, tabletop sweeteners, packaged food products, dietary supplements, and others. Among the commercial applications, the beverages segment accounted for 35.51% market share in 2022 and is poised to grow at a CAGR of 9.47% during 2023-2030. It is further poised to create an absolute dollar opportunity worth USD 238.07 Million by 2030 over 2023.

Beverages application is followed by tabletop sweetener application which is poised to grow at 11.81% CAGR to reach USD 321.4 Million by 2030. However, the usage of stevia in packaged food products is poised to grow at a CAGR of 12.52% during 2023-2030, and it is poised to be valued at USD 141.2 Million by 2030. The increasing application of stevia to produce various health supplements and dietary food products owing to increasing demand for sugar-free products is poised to increase the commercial applications in the short to medium-term forecast period.

Based on the distribution channel, the global stevia market is segmented into online, and offline, among which the offline segment held the leading market share of 73.51% in 2021 and is likely to grow with a CAGR of 10.27% during the forthcoming years. The online segment is anticipated to have more growth prospects as the various manufacturers are focusing on digital marketing and e-retailing for their products. These are the factors associated with online distribution channels likely to have a positive growth prospect for the market. It is poised to grow at a CAGR of 9.98% during 2023-2030 and create an absolute dollar opportunity worth USD 237.13 million by 2030 end over 2023.

Among the regions, Asia Pacific accounted for 45.14% market share in 2022 and is likely to grow with a CAGR of 11.99% during the forthcoming years.