Steviol Glycoside Trends and Forecast
The future of the global steviol glycoside market looks promising with opportunities in the food and beverage markets. The global steviol glycoside market is expected to reach an estimated $6.4 billion by 2030 with a CAGR of 5.6% from 2024 to 2030. The major drivers for this market are increasing demand for steviol glycosides from the beverage and food sectors, growing requests from food producers for artificial sweeteners in items such as hot beverages, yogurts, and desserts made with fruit and milk, as well as the worldwide acceptance of plant-based diets and vegan lifestyles, which is rising at an accelerating rate.
• Lucintel forecasts that, within the type category, stevioside will remain a larger segment over the forecast period because of its low-calorie content, it is often used as a sugar alternative in diets aimed at weight loss.
• Within this end-use category, food will remain a larger segment because consumers are increasingly seeking healthier alternatives to sugar, driven by concerns about obesity, diabetes, and other health issues.
• In terms of regions, North America will remain the largest region over the forecast period due to the enormous need in this area for artificial sweeteners, along with the significant production of beverages in the region.
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Emerging Trends in the Steviol Glycoside Market
The steviol glycoside market is influenced by several emerging trends that are shaping its growth and adoption. These trends reflect technological advancements, changing consumer preferences, and evolving regulatory landscapes, driving the market toward new opportunities.
• Increased Demand for Natural Sweeteners: There is a growing consumer preference for natural sweeteners over artificial ones. Steviol glycosides, derived from the stevia plant, are gaining popularity as a healthier alternative, contributing to their increased demand in various food and beverage applications.
• Advancements in Extraction Technologies: Innovations in extraction technologies are enhancing the efficiency and purity of steviol glycosides. These advancements are making production processes more cost-effective and improving the overall quality of steviol glycoside products.
• Regulatory Support for Natural Sweeteners: Governments worldwide are implementing favorable regulations for natural sweeteners like steviol glycosides. This regulatory support is encouraging more manufacturers to invest in and adopt steviol glycosides, expanding their use in food and beverage products.
• Growth in Low-calorie and Diabetic-friendly Products: The rise in health-conscious consumers and those with diabetes is driving the demand for low-calorie and diabetic-friendly products. Steviol glycosides are being increasingly used as a sugar substitute in these products, meeting consumer needs for healthier options.
• Innovation in Product Formulations: Companies are developing new formulations and blends of steviol glycosides to improve taste and functionality. These innovations are enhancing the versatility of steviol glycosides, allowing them to be used in a wider range of applications.
These trends are reshaping the steviol glycoside market by driving demand for natural sweeteners, advancing extraction technologies, fostering regulatory support, and supporting the growth of low-calorie and diabetic-friendly products. Innovation in product formulations further expands the applications and appeal of steviol glycosides.
Recent Developments in the Steviol Glycoside Market
The steviol glycoside market has seen notable developments as companies and research institutions advance production techniques, explore new applications, and respond to changing consumer preferences. These developments highlight the growing role of steviol glycosides in the sweetener industry.
• Enhanced Extraction Techniques: New extraction methods are being implemented to improve the efficiency and purity of steviol glycosides. These techniques reduce production costs and enhance the quality of the final product, making steviol glycosides more competitive in the market.
• Expansion of Product Applications: Steviol glycosides are incorporated into a broader range of food and beverage products. This expansion includes new formulations for beverages, dairy products, and snacks, reflecting the versatility of steviol glycosides as a sugar substitute.
• Increased Investment in R&D: Companies are investing more in research and development to explore new uses and formulations of steviol glycosides. This investment is driving innovation and improving the functionality of steviol glycosides in various applications.
• Regulatory Approvals and Certifications: Achieving regulatory approvals and certifications for steviol glycosides in different regions is opening new market opportunities. These approvals ensure that steviol glycosides meet safety standards and are suitable for use in diverse products.
• Collaborations and Partnerships: Strategic collaborations between steviol glycoside producers and food manufacturers are enhancing market reach and product development. These partnerships are facilitating the introduction of steviol glycosides into new product categories and geographic markets.
Recent developments in the steviol glycoside market are characterized by advancements in extraction techniques, expanded product applications, increased R&D investments, regulatory approvals, and strategic partnerships. These developments are driving growth and innovation in the market.
Strategic Growth Opportunities for Steviol Glycoside Market
The steviol glycoside market offers several strategic growth opportunities across key applications. These opportunities are driven by consumer preferences for healthier sweeteners and technological advancements, providing avenues for market expansion and innovation.
• Beverage Industry: The demand for low-calorie and sugar-free beverages is driving growth in the use of steviol glycosides. Their ability to provide sweetness without added calories makes them an attractive ingredient for a wide range of beverages.
• Bakery and Confectionery: Steviol glycosides are increasingly used in bakery and confectionery products as a sugar substitute. Their stability and sweetness profile make them suitable for various baked goods and sweets.
• Dairy Products: The incorporation of steviol glycosides into dairy products, such as yogurt and milk, is growing. These sweeteners offer a healthier alternative to sugar, catering to the rising demand for low-calorie and reduced-sugar dairy options.
• Healthcare and Nutraceuticals: Steviol glycosides are being explored for use in healthcare and nutraceutical products due to their potential benefits for blood sugar management. This application aligns with the increasing focus on health and wellness.
• Online Retail Channels: The growth of online retail channels is providing new opportunities for the distribution of steviol glycoside products. E-commerce platforms enable greater reach and accessibility for consumers seeking natural sweeteners.
Strategic growth opportunities in the steviol glycoside market include applications in the beverage industry, bakery and confectionery, dairy products, healthcare and nutraceuticals, and online retail channels. These opportunities are expanding the market and driving the adoption of steviol glycosides across various sectors.
Steviol Glycoside Market Driver and Challenges
The steviol glycoside market is influenced by various drivers and challenges, including technological advancements, regulatory factors, and market dynamics. Understanding these factors is crucial for navigating the market and capitalizing on growth opportunities.
The factors responsible for driving the steviol glycoside market include:
• Growing Health Consciousness: Increasing consumer awareness of health and wellness is driving demand for natural sweeteners like steviol glycosides. Consumers are seeking alternatives to sugar to reduce calorie intake and manage health conditions.
• Technological Advancements: Innovations in extraction and formulation technologies are improving the efficiency and quality of steviol glycosides. These advancements make production more cost-effective and enhance the functionality of steviol glycosides.
• Regulatory Support: Favorable regulations and approvals for steviol glycosides in various regions are encouraging their use in food and beverage products. Regulatory support helps ensure product safety and expands market opportunities.
• Rising Demand for Low-calorie Products: The increasing popularity of low-calorie and sugar-free products is driving the adoption of steviol glycosides. These sweeteners provide a healthy alternative to traditional sugars in a range of products.
• Expansion of Applications: The versatility of steviol glycosides is opening new application areas, including beverages, bakery products, and healthcare. This expansion broadens market opportunities and drives growth.
Challenges in the steviol glycoside market are:
• High Production Costs: The production of high-purity steviol glycosides can be costly, impacting the overall market price. Companies must manage production costs to remain competitive.
• Consumer Perceptions: Some consumers may have concerns about the taste or safety of steviol glycosides. Addressing these perceptions through education and product development is essential for market acceptance.
• Regulatory Variability: Differences in regulatory standards across regions can create challenges for global market entry. Companies must navigate varying regulations to ensure compliance and market access.
• Supply Chain Issues: Disruptions in the supply chain, including raw material availability and production challenges, can impact the consistency and availability of steviol glycosides.
• Market Competition: The steviol glycoside market is becoming increasingly competitive, with many players entering the space. Companies need to differentiate their products and innovate to maintain a competitive edge.
The steviol glycoside market is shaped by drivers such as growing health consciousness, technological advancements, regulatory support, rising demand for low-calorie products, and expanded applications. However, challenges including high production costs, consumer perceptions, regulatory variability, supply chain issues, and market competition must be addressed to sustain market growth and success.
List of Steviol Glycoside Companies
Companies in the market compete on the basis of product quality offered. Major players in this market focus on expanding their manufacturing facilities, R&D investments, infrastructural development, and leverage integration opportunities across the value chain. Through these strategies steviol glycoside companies cater increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base. Some of the steviol glycoside companies profiled in this report include-
• Cargill
• Sunrise Nutrachem
• Tate & Lyle
• Ingredion
• Sunwin Stevia International
• Kerry
• FUJIFILM Wako Pure Chemical
• Evolva
• Koninklijke
• Stevia Extraction Technology
Steviol Glycoside by Segment
The study includes a forecast for the global steviol glycoside by type, end use, and region.
Steviol Glycoside Market by Type [Analysis by Value from 2018 to 2030]:
• Stevioside
• Dulcoside A
• Others
Steviol Glycoside Market by End Use [Analysis by Value from 2018 to 2030]:
• Food
• Beverage
• Others
Steviol Glycoside Market by Region [Analysis by Value from 2018 to 2030]:
• North America
• Europe
• Asia Pacific
• The Rest of the World
Country Wise Outlook for the Steviol Glycoside Market
Major players in the market are expanding their operations and forming strategic partnerships to strengthen their positions. Below image highlights recent developments by major steviol glycoside producers in key regions: the USA, China, India, Japan, and Germany.
• United States: In the U.S., advancements in steviol glycoside production include improved extraction methods and higher purity levels. Companies are focusing on expanding their product lines to cater to the growing demand for natural sweeteners in food and beverage products, aligning with health-conscious consumer trends.
• China: China has seen significant growth in the production and application of steviol glycosides. The government has introduced supportive regulations to encourage the use of natural sweeteners, leading to increased investment in research and development for enhanced steviol glycoside formulations.
• Germany: Germany is focusing on integrating steviol glycosides into a wider range of food and beverage products. Recent developments include innovations in formulation and packaging that enhance the stability and sweetness profile of steviol glycosides, supporting their adoption in the European market.
• India: In India, the steviol glycoside market is growing due to rising health awareness and demand for sugar substitutes. Companies are investing in local production facilities and R&D to make steviol glycosides more accessible and affordable, catering to the burgeoning health-conscious consumer base.
• Japan: Japan continues to lead in the development of high-purity steviol glycosides. Recent advancements include the introduction of new, more efficient extraction technologies and the incorporation of steviol glycosides into traditional Japanese products, aligning with local dietary preferences.
Features of the Global Steviol Glycoside Market
Market Size Estimates: Steviol glycoside market size estimation in terms of value ($B).
Trend and Forecast Analysis: Market trends (2018 to 2023) and forecast (2024 to 2030) by various segments and regions.
Segmentation Analysis: Steviol glycoside market size by type, end use, and region in terms of value ($B).
Regional Analysis: Steviol glycoside market breakdown by North America, Europe, Asia Pacific, and Rest of the World.
Growth Opportunities: Analysis of growth opportunities in different type, end use, and regions for the steviol glycoside market.
Strategic Analysis: This includes M&A, new product development, and competitive landscape of the steviol glycoside market.
Analysis of competitive intensity of the industry based on Porter’s Five Forces model.
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FAQ
Q1. What is the steviol glycoside market size?
Answer: The global steviol glycoside market is expected to reach an estimated $6.4 billion by 2030.
Q2. What is the growth forecast for steviol glycoside market?
Answer: The global steviol glycoside market is expected to grow with a CAGR of 5.6% from 2024 to 2030.
Q3. What are the major drivers influencing the growth of the steviol glycoside market?
Answer: The major drivers for this market are increasing demand for steviol glycosides from the beverage and food sectors, growing requests from food producers for artificial sweeteners in items such as hot beverages, yogurts, and desserts made with fruit and milk, as well as the worldwide acceptance of plant-based diets and vegan lifestyles, which is rising at an accelerating rate.
Q4. What are the major segments for steviol glycoside market?
Answer: The future of the global steviol glycoside market looks promising with opportunities in the food and beverage markets.
Q5. Who are the key steviol glycoside market companies?
Answer: Some of the key steviol glycoside companies are as follows:
• Cargill
• Sunrise Nutrachem
• Tate & Lyle
• Ingredion
• Sunwin Stevia International
• Kerry
• FUJIFILM Wako Pure Chemical
• Evolva
• Koninklijke
• Stevia Extraction Technology
Q6. Which steviol glycoside market segment will be the largest in future?
Answer: Lucintel forecasts that stevioside will remain a larger segment over the forecast period because of its low-calorie content, it is often used as a sugar alternative in diets aimed at weight loss.
Q7. In steviol glycoside market, which region is expected to be the largest in next 5 years?
Answer: North America will remain the largest region over the forecast period due to enormous need in this area for artificial sweeteners, along with the significant production of beverages in the region.
Q.8 Do we receive customization in this report?
Answer: Yes, Lucintel provides 10% customization without any additional cost.
This report answers following 11 key questions:
Q.1. What are some of the most promising, high-growth opportunities for the steviol glycoside market by type (stevioside, dulcoside A, and others), end use (food, beverage, and others), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q.2. Which segments will grow at a faster pace and why?
Q.3. Which region will grow at a faster pace and why?
Q.4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?
Q.5. What are the business risks and competitive threats in this market?
Q.6. What are the emerging trends in this market and the reasons behind them?
Q.7. What are some of the changing demands of customers in the market?
Q.8. What are the new developments in the market? Which companies are leading these developments?
Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?
Q.11. What M&A activity has occurred in the last 5 years and what has its impact been on the industry?
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