Stevia is a natural sweetener extracted from the leaves of the Stevia plant. It is about 200-300 times sweeter than sugar but has no calories. Stevia offers various health benefits such as weight management, diabetes management, dental care, etc. It is being widely used in food and beverages industry as a sugar substitute to reduce sugar levels in products. The growing demand for low-calorie and natural sweeteners is driving the growth of stevia market.
Market Opportunity:
Reducing sugar levels of food products represents a major market opportunity for stevia. With rising health consciousness among consumers and growing cases of obesity and diabetes, there is a rising demand for low sugar alternatives. Stevia, being a natural zero-calorie sweetener, can help food manufacturers lower the sugar content of their products without compromising on the taste. It allows consumers to enjoy their favorite food and beverages while keeping health in mind. The opportunity to substitute sugar with stevia in major food categories like bakery, beverages, dairy etc. Is expected to drive significant growth of the stevia market over the forecast period.
Porter's Analysis
Threat of new entrants: The stevia market has moderate threat of new entrants due to high capital investment requirements. However, new startups can enter via collaborations and partnerships.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes like artificial sweeteners. However,health conscious consumers prefer natural sweeteners.
Bargaining power of suppliers: Suppliers have high bargaining power as China dominates stevia production. Suppliers can impact prices.
Threat of new substitutes: Threat of substitutes is moderate as stevia competes with artificial sweeteners but is preferred for its natural properties.
Competitive rivalry: The market has high competition due to presence of many companiesand new product launches.
SWOT Analysis
Strength: Stevia is natural with no calories and sugar. It supports weight management and diabetes control.
Weakness: Quality and taste of different stevia extracts vary. Stevia needs further research for broader applications.
Opportunity: Growing health consciousness and diabetes prevalence boost demand. Potential for use in beverages, bakery, desserts and oral care.
Threats: Unfamiliar taste is a constraint for some. Regulations over food additives vary globally.
Key Takeaways
The Global Stevia Market Growth is expected to witness high over the forecast period led by the Asia Pacific region. In the Asia Pacific, China dominates stevia production contributing over 65% of global supply due to favorable climatic conditions and low production costs.
Regionally, North America and Europe arealso significant markets accounting for over 30% share collectively led by increased awareness about health benefits.However, growth is expected to beslower compared to Asia Pacific due to regulations around food additives.
Key players operating in the stevia market are Cisco Systems Inc., SAP SE, General Electric, Microsoft Corporation, Intel Corporation, Siemens AG, IBM Corporation, Qualcomm, Verizon Communication Inc., and AT&T Inc. Companies arefocused on new product innovations such asdifferent extracts likereb A and stevioside. Partnerships for strengthening supply chain and expanding applications are also witnessed.
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