Stevia Industry Report by Regional Category Spend, Price Analysis, Key Demand and Price Indicators, and Best Buying Practices

The global stevia market reached a value of about 8.52 thousand tonnes in 2021. The industry is projected to grow at a CAGR of around 6.5% in the forecast period of 2022-2027 to reach a value of about 11.65 thousand tonnes by 2027.

The global stevia industry report gives a comprehensive analysis of the industry including key segments, trends, drivers, restraints, the competitive landscape, and other essential market aspects. Stevia is a healthier replacement for sugar and is increasingly used by consumers. It is added to a variety of food, like dairy, bakery, and confectionery, which drives the industry's demand. The critical demand indicator in the industry report is the highest category spender by region—Asia Pacific.

Industry Definition and Segmentation

Stevia is a replacement for sugar and a natural sweetener extracted from the leaves of the Stevia rebaudiana plant. It's around 100- 300 times sweeter than table sugar, yet it's free of carbs, calories, and chemical additives. As the human body does not metabolise the glycosides in stevia, it has no calories as a non-nutritive sweetener. As a replacement for sugar, it is utilised in sugar- and calorie-reduced food and beverage products. Only a pinch of its powder is equivalent to one teaspoon of table sugar. The global stevia industry report comprises segments by product form (powder, liquid, and leaf form), application (bakery, dairy food products, beverages, confectioneries, dietary supplements, and others), and region (North America, Europe, Asia Pacific, the Middle East, and Africa, and South America). The North American area holds a significant share in the market. At the same time, the Asia Pacific is witnessing significant demand.

North America, Europe, Asia Pacific, Middle East & Africa, and South America Regions are Driving the Growth of the Industry

The food and beverage segment is the leading segment due to stevia's extensive use in these products. The growing health-consciousness among consumers regarding the various benefits of replacing/substituting sugar from their diet is driving the market's demand. The rising prevalence of health conditions like cardiovascular diseases, strokes, obesity, among others, are causing a shift towards healthier sugar alternatives, thereby propelling the industry. The extensive application of the ingredient inedible food and beverage products is augmenting the market. The growing consumer shift towards products that have clean labels natural ingredients is furthering the market's expansion. Other factors such as changing consumer preferences, increased spending on premium products, rising disposable incomes, and rapid urbanisation positively impact the market.

Stevia’s use as a sugar alternative in baking, generally enters the body and increase the amount of carbohydrates. In addition, products like Splenda Naturals or Truvia consists of sugar alcohols along with stevia extract, they may lead to digestive issues. The awareness of such health issues can discourage the consumers from the use of the products which has stevia as a component in them.

Best Procurement Practices

The global stevia industry report by Procurement Resource gives an in-depth analysis of the best buying practices followed by major international stevia regions across the globe, such as engagement models, contract terms, and buyer and supplier negotiation levers.

Category Management Studies

Stevia is extracted from dried stevia plant leaves around thirty times sweeter than sugar. The leaves are steeped in boiling water to begin the extraction process. It is somewhat like the brewing process but on a much grander scale. The stevia leaves are removed after a timeframe, and the 'tea' is filtered in several ways. Afterwards, the purified 'tea' is run through an ion-exchange chromatography. It's a tube with a porous substance that traps the decoction's steviol glycosides with an electrical charge while allowing the remainder to flow through. It's like a sieve, where the stuff you want can't go through while the rest is drained away. The sought-after steviol glycosides have been caught in the filter. The sieve is cleaned with pure alcohol to get access to them. The steviol glycosides are then washed with alcohol once the electric charge has released its grasp on them. A membrane filter may separate a lot, but distillation is required to extract the residual alcohol. After distillation, the syrup sweetened with steviol glycosides is left. The syrup is passed through activated carbon to remove the yellow colour cast. After that, it's squeezed to extract a steviol glycoside solution, which is then filtered a final time to eliminate any remaining particles. Finally, the steviol glycoside solution is sprayed into a tank filled with hot air under high pressure. When the finely separated droplets come into contact with heated air, the rest of the fluid evaporates, leaving steviol glycoside crystals to fall like snow.

Substantial Demand from Dairy Beverage Manufacturers is Further Driving the Global Procurement of Stevia

The increasing shift towards stevia as a critical ingredient in dairy beverages and the sports nutrition sector primarily drives the industry's growth. To control the rate of obesity and other health issues in the younger population, sugar is being replaced by natural sweeteners like stevia, thus resulting in increased sales. Other products like Snacks, cereals and bakery, Supplements and oral care, confectionery, among others, are boosting the market demand.

The regional markets for the industry can be divided into North America, South America, Europe, the Middle East and Africa, and the Asia Pacific.

Key Industry Players Mentioned in the Electronic Manufacturing Services Industry Report

• Sweet Green Fields
• Tate & Lyle PLC
• Archer Daniels Midland Company
• Cargill Incorporated
• Glg Life Tech Group

Market Landscape

The COVID-19 pandemic had an overwhelming impact on the stevia industry. However, top industry players with a diverse product portfolio and a robust regional presence are driving the market for stevia. The increased focus of the manufacturers on innovative products to appeal to a wide range of consumer base worldwide paired with constant up-gradation of their product portfolios are propelling sales in the sector. In addition, various business-related strategies like mergers, acquisitions, etc., are furthering the industry's potential.

Key Initiatives by Companies

• Stevia in powder form is the most popular product on the market, accounting for about 340 million dollars of the total market value in 2021.
• In Q3-21, Ingredion and S&W Enter US Stevia Pilot Production Supply Agreement. Exclusive Agreement Enables Opportunity to Scale US Stevia Supply. In 2020, PureCircle Limited and Ingredion Incorporated agreed on conditions for Ingredion to acquire a controlling 75 percent ownership in PureCircle, one of the top producers and creators of stevia sweeteners in the global food and beverage sectors.