The trend of sugar reduction has already taken the sweet-industry by storm, and the presence of so many natural as well as artificial alternatives for sugar in the market have made it easy for more people to hop onto it. Leading in the race of healthy sugar-substitutes is stevia, derived from the different organic compounds found in the leaves of Stevia Rebaudiana.
This plant-based sweetener has an almost negligible calorie count and glycemic index, and is largely preferred by people with Type 2 diabetes, obesity, cardiovascular diseases, as well as other diet-conscious individuals.
Stevia has two broad categorisations based on its form- leaves and extracts. The latter further categorised into dry (powder and tablet) and liquid forms. Powdered pure stevia extract is the most popular variety- it is easily available and can be conveniently used in a variety of recipes because of its soluble nature.
Stevia Market- Interesting Insights
As mentioned before, the growth of the stevia market is majorly driven by the public’s rising health consciousness and the subsequent increase in their demand for low-calorie, organic sugar alternatives. The growing popularity of healthy, sugar-free food and drinks has also given a substantial push to stevia manufacturers.
The global stevia market was valued at USD 638.69 million in 2021, and is expected to reach the mark of USD 771.5 million before the end of the year 2022. In fact, as per industry research and forecast reports for the period between 2021-28, the stevia market is to expand with a whopping CAGR of 8.7-8.9%. By the end of 2028, the value of the stevia market is expected to reach an approximate of USD 1.11 billion.
In recent times, the Asia-Pacific region dominates the stevia market and is expected to do so during the forecast period of 2021-28, primarily because of the growing public awareness about the health risks of excessive sugar intake. North America is in second place at the moment, but is expected to register a higher CAGR than the Asia-Pacific in the forecast period, due to the persistent expansion of their consumer food and beverage industry and the competitiveness of both the old and upcoming stevia manufacturers in their market.
Based on its application and end-use, the stevia market can be divided primarily into dairy, bakery and confectionery, beverages, table-top additives. The beverage segment holds the most dominant market share in the F&B stevia business, expected to have a giant CAGR of 9.8% between 2022-30.
Arboreal is an award-winning Indian plant biotechnology company, supplying premium-quality stevia leaves and pure stevia extract to businesses worldwide. Team Arboreal also consists of expert food technologists, and are more than willing to assist their F&B clients in reformulating their recipes. Contact Arboreal and hop on the sugar reduction trend now.