Newark, Aug. 06, 2024 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 5 billion in 2023 global steviol glycoside market will reach USD 8.14 billion in 2033. Stevia rebaudiana plant is the source of the chemical molecule known as steviol glycoside. They are the best natural sweeteners because of their unique sweetness. They don't contain any additives and are harmless. It is actually significantly sweeter than sucrose. It is calorie-free. It remains stable in many pH ranges and temperatures. It dissolves in water. Its stability and water solubility make it perfect for use in a wide range of meals and drinks. It works well for controlling diabetes. Another reason stevia is a popular option for weight management is that it is non-calorific. Stevia successfully reduces glucose spikes, a growing source of worry. Since stevia does not result in tooth decay, it is also safe for dental health. In addition to food, drinks, confections, and baked goods, stevia is used in pharmaceuticals. There are several ways to get stevia, including liquid, powder, and tablet forms.
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Key Insight of the Global Steviol glycoside Market
North America will dominate the market during the forecast period.
The demand for stevia is rising due to the rising rates of obesity and diabetes in the area. There are several stevia products available in the area, making it more accessible to all. The market for healthier substitutes, such as stevia, has grown as health consciousness has grown. The market is also expected to prosper due to the advantageous regulatory environment. the existence of major industry participants meeting the rising demand from customers. The expansion of the local market is further facilitated by a well-established distribution network.
In 2023, the stevioside segment dominated the market with the largest market share of 40% and revenue of 2 billion.
The type segment is divided into steviolbioside, stevioside, rebaudioside A, and rebaudioside B. In 2023, the stevioside segment dominated the market with the largest market share of 40% and revenue of 2 billion.
In 2023, the fermentation-based production segment dominated the market with the largest market share of 55% and revenue of 2.75 billion.
The processing method segment is divided into fermentation-based production and farming-based production. In 2023, the fermentation-based production segment dominated the market with the largest market share of 55% and revenue of 2.75 billion.
In 2023, the medicine segment dominated the market with the largest market share of 39% and revenue of 1.95 billion.
The end use application segment is divided into food, beverage, medicine, chemical, and others. In 2023, the medicine segment dominated the market with the largest market share of 39% and revenue of 1.95 billion.
Report Scope and Segmentation –
| Report Coverage | Details |
| Forecast Period | 2024-2033 |
| Forecast CAGR | 5% |
| 2033 Value Projection | USD 8.14 Billion |
| Market Size in 2023 | USD 5 Billion |
| Historical Data | 2020-2022 |
| No. of Pages | 238 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered | Type, Processing Method and End Use Application |
| Regions Covered | The regions analyzed for the market are Asia Pacific, Europe, South America, North America, and Middle East & Africa. Furthermore, the regions are further analyzed at the country level. |
| Steviol Glycoside Market Growth Drivers | The rising awareness about stevia |
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Advancement in market
Tate & Lyle introduced OPTIMISER STEVIA 8.10, their latest stevia composition. Even at high sugar replacement levels, this novel substance provides the much-desired premium flavour profile closest to sugar and is more affordable than existing premium sweeteners. A wide range of advantages are provided by this stevia composition to both producers and customers. In comparison to other premium stevia sweeteners, OPTIMISER STEVIA 8.10 provides producers with a more cost-effective, versatile, and delicious stevia sweetener. This turns into mouthwatering, calorie-conscious options that satisfy consumer demand without sacrificing flavour. Because of its distinct makeup, it can be labelled as "stevia extract" in accordance with JECFA* guidelines, which corresponds with consumer preferences for natural sweeteners.
Market Dynamics
Driver: the rising health-consciousness in consumers.
The market will develop as a result of the growing health concerns brought on by the rising prevalence of lifestyle disorders and the growing knowledge of stevia. Because of the bad food, lack of physical activity, and sedentary lifestyle, obesity and diabetes are on the rise. This is partly due to the increased intake of processed foods with high sugar content. Strict diets devoid of sweets are unappealing, unsustainable, and ineffective for everyone. Stevia is a perfect replacement for artificial sweeteners and sugar. It's the best food for managing weight because it contains no calories. It also produces rises in blood sugar, which makes it useful in the treatment of diabetes. The market demand for stevia is rising due to its ability to effectively manage diabetes and obesity without sacrificing sweetness. Additionally, it does not jeopardise dental health, which is a growing concern for both adults and children.
Restraints: Steviol glycoside's price.
Stevia rebaudiana is the plant from which steviol glycoside is produced. The stevia plant is grown in particular environmental circumstances, and its production is therefore minimal. In comparison to ordinary sugar plants, the growth of these plants requires controlled settings and poor yields, which drives up manufacturing costs. Costs are further increased by processing, shipping, and procurement. Extraction, purification, packing, storage, and transportation are all part of the procedure. Consequently, the growth of the market will be hampered by the low output of steviol glycoside and its expensive price.
Opportunities: Dynamics of the market.
The need for sugar substitutes has increased as people become more conscious of the negative consequences of sugar. Customers' rising curiosity about these substitutes is causing them to learn about stevia, which raises its profile in the marketplace. Consumers' growing health consciousness is contributing to the increased knowledge about stevia. The steviol glycoside market is also benefiting from targeted marketing and calculated efforts by industry participants to raise brand and product visibility through social media and advertising campaigns. In order to meet the growing demand, industry participants have been compelled to create more productive cultivation techniques and processing technologies. As a result, the stevia market is benefiting from favourable market dynamics and will do so for the duration of the forecast.
Challenges: Uncertainty surrounding stevia, its efficacy and other effects.
Stevia is relatively new to the market and not known to many. the low consumption levels make it difficult to definitively state the generic effects or side effects, if any. The inconsistent consumption also makes it difficult to study and understand the long-term effects of stevia. Fewer studies and experiments backed by science to understand stevia increased consumer scepticism. The lack of availability and accessibility also challenge the market. the presence of cheaper and more familiar alternatives also challenges the market.
Some of the major players operating in the global steviol glycoside market are:
• Cargill, Incorporated
• DSM
• FUJIFILM Wako Pure Chemical Corporation
• GLG LIFE TECH CORP.
• Ingredion.
• Layn Corp.
• MORITA KAGAKU KOGYO CO. LTD.
• PureCircle
• Sweegen
• Tate & Lyle
Key Segments covered in the market:
By Type
• Steviolbioside
• Stevioside
• Rebaudioside A
• Rebaudioside B
By Processing Method
• Fermentation-based Production
• Farming-based Production
By End Use Application
• Food
• Beverage
• Medicine
• Chemical
• Others
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the UK, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analysed based on value (USD Billion). All the segments have been analysed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter's five forces model, attractiveness analysis, Product analysis, supply and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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