During H2 2025, stevia prices continued to display a stable-to-firm trend, although momentum moderated compared to earlier periods as broader food and beverage demand growth softened. Supply remained largely adequate, with China retaining its position as the primary global production and export base, while procurement diversification efforts toward Latin America persisted among major ingredient suppliers seeking improved supply resilience. Demand support came from the continued expansion of low-sugar and sugar-free product portfolios across beverages, dairy products, gummies, nutritional supplements, and functional foods. In Europe, the approval and commercialization of fermentation-based steviol glycosides enhanced application flexibility and encouraged further reformulation activity among manufacturers. Meanwhile, North America benefited from ongoing consumer preference for clean-label, plant-based, and low-calorie sweetening solutions. However, cautious purchasing patterns among food and beverage producers and slower end-market growth limited stronger price increases. As a result, market conditions remained fundamentally supportive, but sufficient availability prevented any significant upward price escalation during the second half of the year.