From 2022 to 2032, the global stevia market is expected to grow at a CAGR of 7.2 percent, reaching USD 708.1 million. Stevia sales are predicted to reach US$ 355 million in 2022, according to a new FMI analysis. The increased demand for stevia can be linked to its low-calorie content, as well as the growing demand for efficient treatments for lifestyle disorders like diabetes and obesity.
Because of its prolonged shelf life and ease of shipping, stevia powder extract continues to impact growth tactics. Because powder extracts accounted for 90% of the market in 2021, manufacturers are concentrating their efforts in this area, which also includes stevia mixes and glycosides. While conventional stevia retains a significant market share, demand for organic versions is likely to grow rapidly in the coming years. The growth of the organic stevia market is being fueled by an increase in consumer health awareness and a preference for healthier products.
WHO & Government Support for the Use of Stevia in the Food & Beverages Industry Boosting the Market Growth
One of the main reasons for the stevia market’s rise is the support of health organizations and governments. Because today’s consumers judge a product’s safety by seeking certificates and government clearance, it’s critical for food and beverage businesses to employ acceptable ingredients to acquire consumers’ trust. Stevia has acquired regulatory approval to be used as a natural sweetener in a variety of end-use applications, providing a considerable boost to the market’s growth.
Manufacturers Emphasize Building Consumer Trust through Transparency in Production
Consumers now have access to smart labels, which allow them to trace the route of their items thanks to new technology. Consumers are increasingly demanding that food firms expand product transparency beyond free-from status, ingredients, and nutritional levels. Buyers want to know everything about the items, from where and how the ingredients were sourced to how the final product was made. Because there are no clear government standards or guidelines surrounding clean labeling, trust and openness have become important difficulties in the food and beverage business.
Clean labeling has become a catchphrase for promotional and marketing purposes, and companies have taken advantage of this to offer their products with a clean label. Manufacturers must implement cleaner procedures to market their clean-label food items without undermining consumers’ trust. This FMI report provides insight into the stevia industry for the years 2022-2032. During the forecasted timeframe, the stevia market is expected to grow at a CAGR of 7.2 percent.