Steviol Glycoside Market size was USD 5.3 billion in 2024 and is estimated to reach USD 9.9 billion by the end of 2037, expanding at a CAGR of 5.1% during the forecast period, i.e., 2025-2037. In 2025, the industry size of steviol glycoside is evaluated at USD 5.5 billion.
The health-conscious trend is a significant driver for the sales of steviol glycosides particularly, in high-potential economies such as Asia Pacific, Latin America, and the MEA. The rise in the modern retail channels is boasting the trade of glycosides at large. For instance, as per the analysis by the Observatory of Economic Complexity (OEC), glycosides were the 794th most traded global product with around USD 1.89 billion in trade. The glycosides trade expanded by 4.01% between 2021 and 2022. China and the U.S. ranked as the top exporters and importers of glycosides in 2022, respectively.
|
Country |
Glycoside Value in Exports (USD Million) |
Country |
Glycoside Value in Imports (USD Million) |
|
China |
1020 |
United States |
383 |
|
France |
171 |
Hong Kong |
185 |
|
Malaysia |
83.4 |
France |
110 |
|
Spain |
76.9 |
India |
100 |
|
Chile |
48.5 |
Russia |
74.7 |
Source: OEC World
The product complexity index (PCI) of glycosides was ranked 533rd in 2o22 and the market concentration using Shannon Entropy totaled 2.99, determining the export dominance of 7 countries. The study also elaborates that India is the most opportunistic market for glycosides with an export gap of USD 26 million and an import gap of USD 1.97 million. The relative relatedness of glycosides in India is around 3.22. The gross glycoside product export growth amounted to USD 444.0 million in 2022. Collectively it can be understood that emerging economies are win-win marketplaces for glycoside producers.
Growth Drivers
Challenges
|
Base Year |
2024 |
|
Forecast Year |
2025-2037 |
|
CAGR |
5.1% |
|
Base Year Market Size (2024) |
USD 5.3 billion |
|
Forecast Year Market Size (2037) |
USD 9.9 billion |
|
Regional Scope |
|
Type (Stevioside, Dulcoside A, Others)
The stevioside segment is anticipated to capture a dominating steviol glycoside market share between 2025 and 2037. The shift toward healthier and organic food and beverages is boosting the sales of stevioside. The increasing popularity of veganism and gluten-free diets is growing the consumption of plant-based and allergen-free ingredients such as stevioside. Continuous research and development activities are augmenting the use of stevioside in nutraceuticals. The widespread application areas of stevioside are making it an opportunistic segment for key players to earn high profits. Overall, the health and awareness trends are set to propel the consumption of stevioside in the coming years.
End user (Food, Beverage, Others)
The food segment is poised to capture over 52.5% steviol glycoside market share by 2037. The rapidly expanding food sector and boom in demand for conventional sugar-free diets are opening lucrative doors for steviol glycoside manufacturers. The use of steviol glycoside is also finding high applications in candies to sustain its sweet flavor. The Research Nester’s study estimates that in 2022, the sales of sugar-free diet candies totaled USD 103.2 million in the U.S. Furthermore, LifeSavers held a dominating position as a sugar-free candy brand in the same year. Food product manufacturers’ focus on innovation is set to double the sales of steviol glycosides in the coming years.
Our in-depth analysis of the global steviol glycoside market includes the following segments:
|
Type |
|
|
End user |
|
North America Market Forecast
In steviol glycoside market, North America region is predicted to dominate over 46.4% revenue share by 2037. The presence of early adopters, innovative food and beverage manufacturers, organic and clean-label trends, and the existence of industry giants are augmenting market growth. The evolving consumer preferences and high demand from fitness enthusiasts are further pushing the consumption of steviol glycosides in the U.S. and Canada.
In the U.S., the increasing awareness among consumers regarding the adverse effects of excess consumption of sugar is directly boosting the use of natural sweeteners such as steviol glycosides. The increasing awareness programs are also contributing to the steviol glycoside market growth. For instance, in October 2024, the U.S. Food and Drug Administration released a response on aspartame and other sweeteners in food. Such moves increase confidence and safe intake of sweeteners including steviol glycoside by consumers.
In Canada, steviol glycoside in purified stevia form is regulated as a food additive, which is creating a profitable pool for key manufacturers. Innovations in food & beverages and nutraceuticals are further fueling the use of steviol glycosides as sweeteners. The clean label trend is also propelling the sales of steviol glycoside-based products in the country. As per the OEC report, in 2022, Canada exported around USD 2.6 million worth of glycosides.
Asia Pacific Market Statistics
The Asia Pacific steviol glycoside market is estimated to expand at a robust pace during the forecast period. The big food & beverage industry coupled with the high demand for modern food items is expected to drive the sales of steviol glycosides. The rising diabetes cases in the region are fueling the demand for natural sweeteners including steviol glycosides. The increasing expansion of chemical manufacturing companies in the region is also contributing to the steviol glycoside market growth. China, India, South Korea, and Japan are some of the opportunistic marketplaces for steviol glycoside manufacturers.
China is one of the major producers of glycosides and majorly focuses on export trade, which directly drives the sales of steviol glycosides. The strong existence of global companies’ subsidiaries propels the production cycle of steviol glycosides, contributing to export trade. The OEC study estimates that in 2022, China held the top position as a glycoside exporter and totaled trade worth USD 1.02 billion with an export value growth of 16.4%.
In India, steviol glycoside manufacturers are estimated to earn high profits owing to the increasing prevalence of diabetes and high awareness of sugar-free sweeteners. The health and wellness trends are acting as major drivers for the high sales of steviol glycosides. The rapidly expanding food processing market is also set to boost the consumption of steviol glycosides. The India Brand Equity Foundation (IBEF) report reveals that the food processing market of the country is projected to reach USD 1274.0 billion by 2027. In June 2024, nearly 92,549 micro-food processing companies were approved for assistance under Pradhan Mantri Formalisation of Micro Food Processing Enterprises (PMFME).
The steviol glycoside market is characterized by the presence of leading companies and the emergence of start-ups. The new companies are adopting research and development strategies to stand out in the crowd by introducing innovative products. Industry giants are employing several organic and inorganic tactics such as new product launches, technological innovations, strategic collaborations & partnerships, mergers & acquisitions, and global expansions to earn high profits. The players are forming direct partnerships with stevia cultivators to expand their production cycle and meet increasing demand. Collaborating with other players is aiding them to reach a wider customer base.
Some of the key players in steviol glycoside market:
Author Credits: Parul Atri
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