Global stevia market size is expected to reach US$ 1.79 Bn by 2031, from US$ 1.00 Bn in 2024, exhibiting a compound annual growth rate (CAGR) of 10.1% during the forecast period (2024-2031).

Key Takeaways

Key players operating in the stevia are Merck, iCo Therapeutics, AEterna Zentaris, AEterna Zentaris AG, Eurofins Advinus, Pieris Pharmaceuticals, Dafra Pharma. The rising popularity of plant-based and natural ingredients in the food industry is driving stevia adoption. Stevia's Reb A and Reb M variants have been approved by regulators in many countries for use in food and beverages. Technological advancements have improved stevia's taste profiles, solubility and suitability for various applications such as beverages.

Key opportunities in the Stevia Market Insights include expansion in new product categories and regions. Emerging economies with growing health-conscious populations will create demand. Natural sweeteners are increasingly substituting sugar and artificial sweeteners in Europe and North America. New stevia extraction technologies promise higher yields and lower costs.

Technological advancements are improving taste profiles and extraction yields of stevia sweeteners. New varieties of stevia leaves with higher Reb A content are being developed. Membrane technologies and green extraction methods help improve solubility and taste. Enzyme treatments and modification of Stevia's molecular structure enhances mouthfeel and flavor compatibility in various foods.

Market drivers: The increasing prevalence of diabetes and obesity worldwide is driving demand for sugar substitutes like stevia. Stevia's natural credentials and health attributes are appealing to consumers. Regulatory approvals in new regions are also supporting stevia's adoption in the food industry. Strict regulations against artificial sweeteners further boost stevia's market potential.

Current Challenges in Stevia Market
The stevia market is facing numerous challenges currently due to rising costs of production and strict regulatory framework. The cultivation of stevia requires specific climatic conditions which increases overhead costs. Moreover, the extensive field trials and approval process for new stevia varieties by regulatory bodies has slowed down market innovations. Consumers are also concerned about potential health impacts of stevia consumption which is negatively impacting the demand growth.

SWOT Analysis
Strength: Stevia is a natural sweetener with zero calories. It can help manage blood sugar levels and promote weight loss.
Weakness: High costs for steviol glycoside extraction decreases profit margins. Consumer perception of stevia's sweetness is not at par with sugar.
Opportunity: Growing demand for low calorie and sugar free products present opportunities. Regulatory approvals in new regions will boost market size.
Threats: Intense competition from artificial sweeteners and other natural sweeteners poses pricing challenges. Stringent regulatory norms delay market approvals.

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