Stevia Market Size (2024 - 2029)

Stevia Market Analysis

The Stevia Market size is estimated at USD 0.84 billion in 2024, and is expected to reach USD 1.36 billion by 2029, growing at a CAGR of 10.12% during the forecast period (2024-2029).

Stevia has gained popularity recently as a natural alternative to artificial sweeteners, especially for those looking to reduce their calorie intake or manage their blood sugar levels. Stevia is a plant-based sweetener that is much sweeter than sugar but has zero calories. In addition to its use as a sweetener in food and beverage products, stevia is used in some personal care products as a natural, low-calorie alternative to sugar-based ingredients. Several medical studies have shown that stevia may have potential health benefits, such as reducing blood pressure and improving insulin sensitivity.

Price competition exists among stevia suppliers due to variations in the form and purity of the product. Stevia prices are majorly dependent on the demand and overall transportation cost. Major stevia-consuming countries fulfill their demand through imports. However, changing trade policies and low production yield in the exporting nations significantly affect the prices of stevia leaves. Stevia producers in the market are limited. Competition among the existing suppliers is high, owing to increased market demand. The market players focus on providing food-grade stevia ingredients ideal for snacks and meal products to the industry. For instance, in 2023, Archer Daniels Midland (ADM) introduced SweetRight Stevia Edge-M, which has been tested in varied applications and shown to allow for more significant sugar reduction while maintaining a clean taste. The performance benefits of Edge-M include reduced bitterness, improved sweetening, excellent solubility, less need for taste modulation, zero calories, zero carbohydrates, and zero glycemic index.

Stevia Industry Segmentation

Stevia is a natural sweetener and sugar substitute derived from the leaves of the plant species Stevia rebaudiana, which is native to countries such as Brazil and Paraguay. Stevia leaf is the least processed, green, and raw form of stevia. The stevia market is segmented by product type, application, and geography. Based on the format, the market is segmented into powder and liquid. Based on application, the market is segmented into bakery, confectionery, beverages, dairy, tabletop sweeteners, and other applications. The market studied is segmented based on geography into North America, Europe, Asia-Pacific, South America, and the Middle East and Africa. The report offers market size and forecasts in value (USD) for the above segments.