Global Steviol Glycosides Market is segmented By Type (Reb- A series, Stevioside series, Glycosyl series, Others), By End Use (Food, Beverages, Pharmaceuticals, Chemicals, Others), By Product Form (Crystallized white powder, Concentrated liquid extract, Green powder, Raw Stevia leaves), By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2024-2031
Market Overview:
Steviol glycosides are the sweet substances extracted from stevia rebaudiana plant, that is sweet in taste and forms the primary component portion of sugars marketed under the generic name stevia. It is a white powder that has been adopted as a non-caloric sweetener which is known to be 300 times sweeter than sugar. As steviol is heat stable, pH stable, fermentable, and does not produce a glycemic reaction when eaten, it makes it a good replacement of sugar especially for diabetics and those who need to keep their carbohydrate intake under control. Thus, with growing diabetic population, the growth of the steviol glycosides market is highly anticipated. The global steviol glycosides market is estimated to reach at a high CAGR of 6.8% during the forecast period 2024-2031.
Market Dynamics:
Growing demand of stevia as a substitute for sugar is driving the growth of the market
The market for sweeteners has risen in recent decades as processed foods account for a significant portion of sugar consumption. As a result, the World Health Organization recommends that free sugar intake in the diet should be limited to less than 10% of the total energy required and less than 5% for additional health benefits. This led to the usage of sugar substitutes like stevia in the food industry. As a plant-based sugar substitute with no calories, stevia extracts represent the perfect and unprecedented opportunity for consumers who looking for calorie free food. Thus, the growing demand of sugar substitutes is supporting the growth of steviol glycosides market. According to International Diabetes Federation, around 463 million adults were living with diabetes and caused 4.9 million deaths while 374 million people are at the risk of developing Type 2 diabetes, worldwide, as of 2019 studies. Thus, countries with high diabetic population can serve as a great opportunity for steviol glycosides market.
Stevia sweeteners are a bit expensive than sugar and many other artificial sweeteners, which can be a hindrance to low-income countries. Moreover, bloating, nausea, and gas are some of the side effects caused due to consumption of over dosage of stevia. In some cases, Steviol can cause a severe allergic reaction called anaphylaxis, though this occurs rarely.Symptoms of allergic reactions are, hives dizziness, wheezing, shortness of breath, general weakness or having difficulty in swallowing shortly after intake of steviol glycoside.
Market Segmentation:
Steviol glycosides is gaining popularity in the food industry as the growing trend of reduced sugar consumption is increasing.
Steviol glycoside is majorly consumed as a sweetener in the food industry with its application in various food products including fruit and milk drinks, yoghurt, delicacies, desserts, confectioneries, processed seafood products, pickles, table-top sweeteners and dietary supplements. Steviol glycosides are non-caloric sweetener, they are widely accepted and valued by people all over the world. Steviol glycosides have been approved by various food safety organizations, to be used as a sweetener in the food industry. As steviol glycosides has been proved to be safe and a great replacement for sugar, it is gaining popularity in several countries. Stevi is a wellspring of pleasantness, which is 200–300 times better than sugar and is reasonable for diabetics and individuals experiencing phenylketonuria. Natuvia by PureCircle, SteviaFirst Corp and Truvia are some of the commonly referred to brands of stevia as a tabletop sweetener. Mainly it is utilized in beverages such as diet carbonated drinks, flavored water, soft drinks, fruit juices, ready-to-drink beverages, and sports & energy drinks.
Geographical Penetration:
Asia-Pacific dominates the global steviol glycosides market owing to the high diabetic population in Japan
Asia-Pacific holds the largest share for the market. Japan is one of the major consumers of stevia. The consumption of stevia increased in these countries because of high diabetic population and large geriatric population under the threat of diabetics. In Japan, stevia is used in soft drinks and other food products, as sweeteners. According to Greenvalley Stevia, a stevia producer and manufacturer company based in India, Japan is the major consumer of stevia with the country using 40% of stevia sweetener among all sweeteners available.
Competitive Landscape:
The global steviol glycosides market is highly fragmented. Some of the players in the steviol glycosides market includes PureCircle Ltd., Tate & Lyle, Sunwin Stevia International Inc., Cargill Incorporated, GL Stevia, GLG Lifetch Corporation among others. The major players in the steviol glycosides market are using various internal and external strategies to increase the footprint in the global market. Cargill Incorporated and Koninklijke DSM N.V. declared collaboration effort for the development of sweet tasting chemicals for use in food and beverage, pharmaceutical market, for example, steviol glycosides Rebaudioside M and Rebaudioside D by fermentation process resulting in larger quantities of the compounds as compared to the traditional methods giving food and beverage manufacturers an even more scalable, sustainable and low cost solution than if these same molecules were extracted from the stevia leaf. In 2017, Cargill-DSM invested in a joint venture with Avansya to start the production of EverSweet™ stevia sweetener, to cater the demand for the sugar substitutes.
COVID-19 Impact: Pandemic had a negative impact on global steviol glycosides market
The covid-19 outbreak led to lockdowns in several countries, resulting in disruptions in the supply chain. Moreover, as the food industry which is the major consumer of stevia, was negatively impacted due to halt in the production of confectioneries. Countries like China and the United States, which are the leading producers of stevia were greatly impacted by the pandemic, had to face huge losses due to shut down of import and export business and production houses being shut for a long period.