Steviol Glycosides Market at $8.21 Billion in 2032, with 5.8% CAGR

Steviol Glycosides Market Size Worth $8.21 Billion By 2032 | CAGR: 5.8%


The global steviol glycosides market size is expected to reach USD 8.21 billion by 2032, according to a new study by Polaris Market Research. “Steviol Glycosides Market Share, Size, Trends, Industry Analysis Report, By Type (Steviolbioside, Stevioside, Rebaudioside A, Rebaudioside B); By Processing Method; By End Use; By Region; Segment Forecast, 2023 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

The growing popularity of plant-based diets and rapid increase in the adoption of vegan lifestyles all over the world, as a result of a drastic shift in consumer consciousness towards environmental, ethical, and health considerations along with the greater focus on product innovations and new partnerships by well-established companies to expand their business and reach wider customer base, are prominent factors influencing the market growth.

Furthermore, the product is gaining huge traction to be used as a major constituent in an extensive range of pharma products, including dietary supplements as functional foods and herbal remedies, due to its numerous beneficial characteristics and ability to be adopted as a safe and secure option for diabetes patients, which in turn, generating huge growth potential for the market over the years.

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There have been rising advancements in extraction methods, such as enzyme-assisted extraction and membrane separation, which have made it possible to extract steviol glycosides more efficiently from the stevia plant, not only increases product yield but also reduces the use of chemicals in their formulation, making the process more environmentally friendly and suitable for consumers seeking for sustainable ingredients in the products they consume.

In recent years, steviol glycosides have become a valuable and important tool for food and beverage companies looking to reduce the sugar content in their product offerings to comply with sugar reduction goals, avoid sugar taxes, and gain benefits from several government initiatives promoting the use of steviol glycosides in various applications, is likely to open up new revenue opportunities for the companies in the market.

Steviol Glycosides Market Report Highlights

  • Stevioside segment accounted for notable market share, owing to its numerous beneficial properties like the ability to reduce body weight and sugar content
  • Fermentation-based production segment is projected to hold a substantial share, mainly due to its emergence as an efficient and cost-effective production method
  • The medicine segment will grow at a significant growth rate, mainly accelerated by the surging use of steviol glycosides in various medical formulations and dietary supplements
  • North America dominated the market with the largest share on account of the region’s higher spending capacity on premium and healthy ingredients
  • The key market players include GLG Life Tech Corporation, Stevia Extraction Technology, Sunwin Stevia International, and Cargill Incorporated

Polaris Market Research has segmented the steviol glycosides market report based on type, processing method, end-use, and region:

Steviol Glycosides, Type Outlook (Revenue - USD Billion, 2023 - 2032)

  • Steviolbioside
  • Stevioside
  • Rebaudioside A
  • Rebaudioside B

Steviol Glycosides, Processing Method Outlook (Revenue - USD Billion, 2023 - 2032)

  • Fermentation-based Production
  • Farming-based Production

Steviol Glycosides, End-Use Outlook (Revenue - USD Billion, 2023 - 2032)

  • Food & Beverages
  • Medicines
  • Chemicals

Steviol Glycosides, Regional Outlook (Revenue - USD Billion, 2023 - 2032)

  • North America
  • U.S.
  • Canada
  • Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Netherlands
  • Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Indonesia
  • Malaysia
  • Latin America
  • Argentina
  • Brazil
  • Mexico
  • Middle East & Africa
  • UAE
  • Saudi Arabia
  • Israel
  • South Africa

Steviol Glycosides Market Report Scope

Report Attributes

Details

Market size value in 2023

USD 4.96 billion

Revenue Forecast in 2032

USD 8.21 billion

CAGR

5.8% from 2023 – 2032

Base year

2022

Historical data

2019 – 2021

Forecast period

2023 – 2032

Quantitative units

Revenue in USD billion and CAGR from 2023 to 2032

Segments Covered

By Type, By Processing Method, By End Use, By Region

Regional scope

North America, Europe, Asia Pacific, Latin America; Middle East & Africa

Customization

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  • Regional analysis
  • Segmentation analysis
  • Industry outlook
  • Competitive landscape
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