Stevia Is Estimated To Witness High Growth Owing To Opportunity In Sugar Substitutes

Stevia Market

 

Stevia is a plant native to South America which is widely used as a natural sweetener and sugar substitute. It is extracts from the leaves of the stevia plant contain glycosides, primarily steviol glycosides which are intensely sweet compounds and have zero calories. Stevia is widely used as an alternative to table sugar as it does not elevate blood glucose levels. The global stevia market is driven by the increasing number of health-conscious consumers and growing demand for plant-based and natural ingredients in the food and beverage industry.


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 Opportunity:
The increasing prevalence of obesity and diabetes around the world has created robust demand for low-calorie sugar substitutes. Rising health awareness has encouraged consumers to prefer naturally derived sweeteners over high calorie artificial sweeteners. As stevia is a natural sweetener extracted from plants, it is considered safe for consumption and does not cause any side effects associated with artificial sweeteners. With increased focus on health and wellness, the demand for stevia is expected to considerably grow over the forecast period owing to its efficacy as a sugar substitute for weight management and blood glucose control.

Porter's Analysis
Threat of new entrants: The threat of new entrants is moderate as it requires substantial capital investment to establish manufacturing facilities and distribution channels. However, the rising demand for natural sweeteners provides opportunities.
Bargaining power of buyers: The bargaining power of buyers is high since stevia is used as an alternative to sugar and artificial sweeteners. Buyers can easily switch to substitutes based on price.
Bargaining power of suppliers: The bargaining power of suppliers is moderate. Major suppliers include Parchem, PureCircle, SweeLeaf, and Sunwin Stevia International.
Threat of new substitutes: The threat of new substitutes is high as stevia faces competition from other high-intensity sweeteners and sugar alternatives.
Competitive rivalry: The industry features strong competition among leading players to expand market share.

SWOT Analysis
Strength: Stevia's sweetening properties and perceived health benefits positions it as a healthier sugar alternative. The rising health consciousness drives its popularity.
Weaknesses: Fluctuating raw material prices affect production costs. Limited applications in the food and beverage industry restrict market growth.
Opportunities: Growing demand from the bakery, confectionery and dairy industries presents lucrative opportunities. Increasing acceptance in Europe and Asia Pacific will spur market revenue.
Threats: Stringent regulations on the use of stevia extracts pose challenges. Adverse effects reported in some studies hinder consumer adoption.

Key Takeaways
The Global Stevia Market Demand is expected to reach US$ 1,716.49 Mn by 2030 from US$ 716.49 in 2023, growing at a CAGR of 18%. Rising health concerns over sugar consumption is a key driver as stevia provides a healthier alternative.

Regional analysis: The Asia Pacific region currently dominates the global market, accounting for nearly 38% revenue share in 2023 owing to increasing consumption in China, Japan, and India. Countries like China and South Korea are emerging as major producers and consumers of stevia. The region's stevia market is projected to grow at a CAGR of over 19% during the forecast period.

Key players: Key players operating in the stevia market are Cargill, Incorporated, Tate & Lyle PLC, PureCircle Ltd., Archer Daniels Midland Company, Sunwin Stevia International, Inc., S&W Seed Company, Pyure Brands LLC, Morita Kagaku Kogyo Co., Ltd., and Zhucheng Haotian Pharm Co. Ltd. These players focus on new product launches, partnerships, and expansion strategies to gain a competitive edge.

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