What is Global Stevia Extract Market?
The Global Stevia Extract Market is a vast and dynamic sector that has been gaining significant attention in recent years. Stevia extract is a natural sweetener derived from the leaves of the Stevia rebaudiana plant, which is native to South America. The global market for this extract is driven by the increasing demand for natural and low-calorie sweeteners as a healthier alternative to sugar. In 2023, the market was valued at a substantial US$ 514.5 million, and it is projected to grow at a steady pace, reaching an estimated value of US$ 787.8 million by 2030. This growth is primarily attributed to the rising awareness about the health benefits of stevia extract, including its ability to control blood sugar levels and its low-calorie content. The market is also fueled by the growing food and beverage industry, which extensively uses stevia extract as a sweetening agent.
Reb A, Reb M, Reb D, Others in the Global Stevia Extract Market:
The Global Stevia Extract Market is segmented based on the type of extract, which includes Reb A, Reb M, Reb D, and others. Reb A, or Rebaudioside A, is the most common type of stevia extract and accounted for 95.24% of the global sales volume. It is the sweetest and least bitter extract, making it the most preferred choice for food and beverage manufacturers. Reb M and Reb D are other types of stevia extracts that are less common but are gaining popularity due to their superior taste profiles. These extracts are produced through different extraction and purification processes, which impact their sweetness and flavor. The 'others' segment includes various other types of stevia extracts that are less commonly used.
Foods & Beverage, Pharmaceutical, Cosmetics, Others in the Global Stevia Extract Market:
The Global Stevia Extract Market finds its application in various sectors, including food & beverage, pharmaceutical, cosmetics, and others. In the food and beverage industry, stevia extract is used as a sweetener in a wide range of products, from baked goods and confectionery to beverages and dairy products. The pharmaceutical industry uses stevia extract in certain medications due to its medicinal properties, such as controlling blood sugar levels. In the cosmetics industry, stevia extract is used in various skincare and haircare products due to its anti-inflammatory and antioxidant properties. The 'others' segment includes various other applications of stevia extract, such as in animal feed and agriculture.
Global Stevia Extract Market Outlook:
Looking at the market outlook for the Global Stevia Extract Market, it's clear that the sector is on a growth trajectory. In 2023, the market was valued at a significant US$ 514.5 million. Fast forward to 2030, and it's projected to reach an impressive US$ 787.8 million. This represents a compound annual growth rate (CAGR) of 6.2% during the forecast period from 2024 to 2030. The primary driver of this growth is Reb A, the main type of Stevia Extract, which accounted for a whopping 95.24% of the global sales volume. This data underscores the popularity and demand for this natural sweetener in various industries worldwide.
| Report Metric | Details |
| Report Name | Stevia Extract Market |
| Accounted market size in 2023 | US$ 514.5 million |
| Forecasted market size in 2030 | US$ 787.8 million |
| CAGR | 6.2% |
| Base Year | 2023 |
| Forecasted years | 2024 - 2030 |
| Segment by Type |
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| Segment by Application |
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| Consumption by Region |
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| By Company | Purecircle Limited, CCGB, Layn, Zhucheng Haotian Pharm Co. Ltd, Cargill (Evolva), Sunwin Stevia International, Inc., GLG Life Tech, Tate & Lyle, Morita Kagakau Kogyo Co. Ltd., INGIA Biotechnology, Zhongda Hengyuan Biotech, Hunan NutraMax Inc. |
| Forecast units | USD million in value |
| Report coverage | Revenue and volume forecast, company share, competitive landscape, growth factors and trends |
