Stevia plant growing in a raised bed garden.
The Stevia Global Market Report 2023 by The Business Research Company, provides stevia market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.
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According to The Business Research Company’s Stevia Global Market Report 2023, the market size grew from $0.75 billion in 2022 to $0.82 billion in 2023 at a compound annual growth rate (CAGR) of 9.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The market size of global stevia market is expected to grow to $1.3 billion in 2027 at a CAGR of 12.1%.
The rising prevalence of diabetes and obesity is expected to propel the growth of the stevia market in the forecast period. The main causes leading to obesity are unhealthy lifestyle, physical inactivity, overeating, genetics, increase in stress levels which rises the risk of diabetes, heart disease, and certain cancers.
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The stevia market is segmented:
1) By Product: Powder, Liquid, Leaf
2) By Nature: Organic, Conventional
3) By Application: Bakery, Dairy Food Products, Beverages, Dietery supplements, Confectionery, Other Applications
The development of innovative product variants of stevia is a key trend gaining popularity in the stevia market. Major companies in the market are shifting towards product innovations to strengthen their position in the market and expand their product portfolios. Successful invention fosters additional development, allowing the company to scale and flourish while also ensuring that it meets the needs of its customers. For example, in February 2020, Socati, an Italian company that processes and manufactures pharmaceutical products announced the release of its CBD coffee brightener and CBD coffee sweetener, which uses stevia and monk fruit as sweeteners. The coffee sweetener is a quick-dissolving powder stick pack flavored with Madagascar vanilla and brown sugar.
The stevia market report table of contents includes:
1. Executive Summary
2. Stevia Market Characteristics
3. Stevia Market Trends And Strategies
4. Stevia Market – Macro Economic Scenario
5. Stevia Market Size And Growth
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26. Africa Stevia Market
27. Stevia Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Stevia Market
29. Stevia Market Future Outlook and Potential Analysis
30. Appendix
Top Major Players:
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