Today everything is health driven, be it the food and drinks that we consume, the lifestyle that we follow or the environment that we live in. This trend towards health and wellness has led to a growth in the demand for natural sweeteners over artificial sweeteners, particularly for the natural sweeteners derived from the stevia plant. The stevia market is being driven by the increasing number of food and beverage companies seeking to reduce sugar in their products due to the rising consumer demand for healthier products and government schemes like levies on sugar and sugary products.

Stevia is a small perennial herb belonging to the Asteraceae family. It is a natural sweetener derived from the plant Stevia Rebaudiana. Flavonoids, triterpenes, tannins, caffeic acid, kaempferol, and quercetin are among the antioxidant compounds found in stevia. Stevia contains natural compounds, especially stevioside and rebaudioside A, that are estimated to be 150-400 times sweeter than saccharose. Stevia sweetener can be used in food & beverages, as health & sports nutrition, and in pharmaceuticals and personal care products.

With the rising health concerns and many health benefits associated with its consumption, consumers are increasingly substituting stevia for sugar. Various food and beverage manufacturers also use coffee, tea, smoothies, and yoghurt to provide lower-calorie products. The rising demand for dietary food is aiding the natural sweetener industry.

The growing innovations in the product's applications sectors, especially in the sports and energy drinks sector, are further aiding the global stevia market growth. The stevia market is being propelled forward in countries such as the United States, Canada, and Mexico by increased consumption of ready-to-drink beverages, which are expected to be a leading application sector for the natural sweetener in the coming years. In addition, the market is finding further impetus for its growth in its growing application in the non-food sectors. The pharmaceutical industry, especially, is emerging as a fast-growing application sector for natural sweeteners. It is also finding increasing uses in the health and beauty segments.

The global stevia market is projected to rise by US$ 323 million by 2028 and is anticipated to expand at a CAGR of 7.6 percent during the forecast period. Furthermore, the high growth of the market is also attributed to the factors such as the growing incidences of diabetes & obesity, surging demand for natural sweeteners, rising demand for stevia application in the beverage industry, the increasing number of new stevia-based product launches and the taxes imposed on sugar-sweetened beverages. However, fluctuating stevia leaf prices are expected to restrain the growth of this market to a certain extent in the near future.

Based on type, the stevia market is segmented into extracts and leaves. The extracts segment is further divided into stevia extract powder and stevia liquid extract. The stevia extract powder segment generated the largest portion of the revenue of the extract stevia market in 2021. Its high solubility, ease of handling and lower chances of incompatibility compared to the liquid dosage form are the key factors contributing to the dominant position of this segment.

Based on nature, the conventional stevia segment registered the largest share of the stevia market in 2021. The key factors attributed to the major share of this segment are its easy availability, low cost, increasing stevia application in the pharmaceutical industry, and high productivity. However, the organic stevia segment is expected to register the fastest growth during the forecast period of 2021–2028.

Based on component, the Reb A segment generated the largest portion of the revenue in the stevia market in 2021. Key factors contributing to the dominant position of this segment are its easy availability, lower cost compared to other components, multiple functional properties, and ease of application.

Based on application, the beverage segment registered the largest share of the stevia market in 2021. The large market share of this segment is attributed to the growing awareness of health benefits regarding natural sweeteners in beverages, increasing new product development and launches of stevia-based beverages, rising demand for sugar-free beverages, and the growing popularity of flavoured soft drinks. Also, the demand for health and sports drinks with enhanced nutritional value is expected to boost the demand for stevia in the near future.

Some of the key vendors in the Global Stevia Market include Blue California Ingredients Inc., Cargill, Incorporated, Chenguang Biotech Group Co., Ltd., Dongtai Haorui Biological Technology Co., Ltd., Ganzhou Julong High Tech Industrial Co., Ltd., GLG Life Tech Corporation, Guilin Layn Natural Ingredients Corp., Heilongjiang Land Reclamation Huiju Hailin Stevioside Co., Ltd., Ingredion Incorporated, Merisant Company, Morita Kagaku Kogyo Co., Ltd., Nippon Paper Industries Co., Ltd., PureCircle Limited, Qingdao Runde Biotechnology Co., Ltd., Qingdao Runhao Stevia High Tech Company Limited, Qufu Tianyuan Biotechnology Co., Ltd., Shandong Huaxian Stevia Co., Ltd., Shandong Shengxiangyuan Biotechnology Co., Ltd., Sunwin Stevia International, Inc., Sweet Green Fields Co., Ltd., Xinghua GL Stevia Co., Ltd., Zhucheng Haotian Pharm Co., Ltd., among others.