The Global Stevia Market: A Sweet Success Story

The Global Stevia Market:
A Sweet Success Story

By Elizabeth Fourie

INTRODUCTION

Stevia, a natural sweetener derived from the leaves of the Stevia rebaudiana plant, has been making waves in the global food and beverage industry. As consumers become more health-conscious and seek alternatives to sugar and artificial sweeteners, stevia has emerged as a front-runner. Its zero-calorie profile, combined with its natural origins, positions it as a preferred choice for many. Let’s delve deeper into the current trends in the stevia market, its major players, and what the future holds.

MARKET OVERVIEW

The global stevia market experienced growth from $0.75 billion in 2022 to $0.82 billion in 2023, making a compound annual growth rate (CAGR) of 9.9%. Despite global challenges, such as the Russia-Ukraine war, which disrupted global economic recovery and led to inflation across various markets, the stevia market remains resilient. Projections indicate that by 2027, the market value will reach $1.3 billion, growing at a CAGR of 12.1%.

MAJOR PLAYERS

Leading global entities in the stevia market includes, amongst others, Purecircle Limited, Tate & Lyle PLC, Cargill, Sunwin Stevia International, and Zhucheng Haotian. Tate & Lyle PLC, with a legacy spanning over 160 years, is recognised as a world leader in ingredient solutions for healthier foods and beverages. Their involvement in the stevia market highlights the rising significance of stevia worldwide. Conversely, Cargill, a dominant force in diverse industries, such as food, agriculture and nutrition, has established a strong presence in the stevia industry. Through their subsidiary, Evolva, they use advanced fermentation technology to produce high-purity, cost-effective stevia, meeting the growing demands of both consumers and food manufacturers.

REGIONAL INSIGHTS

Asia-Pacific was the largest region in the stevia market in 2022 and is expected to be the fastest-growing region in the coming years. The growth in this region can be attributed to increasing demand from the beverage sector, rising concerns over diabetes and obesity, and regulatory restrictions on certain artificial sweeteners. Western Europe stands as the second-largest market for stevia, with its demand being driven by a shift towards healthier lifestyles, regulatory support for natural sweeteners, and a robust food and beverage industry that’s rapidly adopting stevia.

MARKET DRIVERS

The rising prevalence of diabetes and obesity worldwide significantly drives the growth of the stevia market. With approximately 537 million adults living with diabetes in 2021 and an expected 643 million individuals by 2030, there’s a growing demand for zero-calorie natural sweeteners, such as stevia. Additionally, concerns over the adverse health effects of consuming excessive sugar and the potential side effects of artificial sweeteners have further increased stevia’s appeal. As health awareness grows, the shift towards natural, plant-based sugar substitutes like stevia becomes more pronounced.

INNOVATIONS AND TRENDS

As the stevia market expands, businesses are focusing on product innovations to strengthen their market positions. For instance, Socati introduced its CBD coffee brightener and CBD coffee sweeteners using stevia. Wostevia, rooted in South Africa’s sugarcane heritage, is striving to achieve similar innovative milestones. Beyond its ambition to be a world-class producer of cost-competitive stevia and formulations, Wostevia is also dedicated to enhancing the sustainability of sugarcane farmers. Their motto, “by growers, for growers.” highlights their unwavering commitment to producing sustainable and premium quality stevia products worldwide.

CONCLUSION

The global stevia market is on an upward trajectory, driven by health-conscious consumers, innovative product variants, and the increasing prevalence of lifestyle diseases. As the demand for natural sweeteners continues to rise, stevia, backed by industry giants like Cargill and innovative newcomers like Wostevia, is poised for further growth in the coming years.

^[1]^{GlobeNewswire, ‘Stevia Global Market Report 2023’ (2023), available at: https://www.globenewswire.com/news-release/2023/03/16/2628724/0/en/Stevia-Global-Market-Report-20
23.html}

^{[2] Mondor Intelligence, ‘Stevia Market Size & Share Analysis – Growth Trends & Forecasts’ (2023), available at: https://www.mordorintelligence.com/industry-reports/stevia-market}

^{[3]FoodNavigator, “Stevia-sweetened Green Cola ramps up presence in the U, aiming to lead zero-calorie soda category’ (2022), available at:
https://www.foodnavigator-usa.com/Article/2022/03/15/stevia-sweetened-green-cola-ramps-up-presence-in-the-us-aiming-to-lead-zero-calorie-soda-category}

^{[4]Tate & Lyle, available at: https://www.tateandlyle.com/about-us}

^{[5] Mahesh Patel, ‘Stevia Market Insights, Market Players, and Forecast to 2030’ (2023), available at: https://www.linkedin.com/pulse/stevia-market-insights-players-forecast-2030-mahesh-patel#:~:text=Stevia
%20Market%20Size&text=The%20major%20players%20in%20the,NutraMax%2C%20and%20HuZhou% 20LiuYin%20Biological.}

^{[6] Cargill, available at: https://www.cargill.com/food-beverage/na/fermentation-expertise}

^{[7] International Diabetes Federation, ‘Facts & Figures’ (2023), available at: https://idf.org/about-diabetes/diabetes-facts-figures/}

^{[8] Wostevia, available at: www.wostevia.com}