Rise in health awareness among consumers, increase in disposable income, changes in consumption pattern, and need for healthy lifestyle drive the growth of the global stevia beverages market.
PORTLAND, Ore., March 8, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Stevia Beverages Market by Type (Powder, Liquid, Other), by Application (Soft Drinks, RTD Tea and Coffee, RTD Juice, Sports Drinks, Other Beverages), by Distribution Channel (Ecommerce, Hypermarket and Supermarket, Convenience stores, Independent retailers, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031". According to the report, the global stevia beverages industry generated $225.1 million in 2021, and is anticipated to generate $523.5 million by 2031, witnessing a CAGR of 8.9% from 2022 to 2031.
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Prime determinants of growth
Rise in health awareness among consumers, increase in disposable income, changes in consumption pattern, surge in participation of people in different physical exercises & sports, and need for healthy lifestyle drive the growth of the global stevia beverages market. However, the high cost restricts the market growth. Moreover, the growth in popularity of plant-based products, the increasing availability of stevia-sweetened beverages, technological advancements in stevia extraction and formulation present new opportunities in the coming years.
Covid-19 Scenario
- The outbreak of the Covid-19 pandemic had a negative impact on the global stevia beverages market, owing to temporary closure of manufacturing firms during the lockdown.
- Not only the production but also the sale of stevia beverages was hampered due to closure of specialty stores across the world, especially in the initial period of the pandemic.
- Travelling restrictions imposed by the government severely disrupted the supply chain or distribution channels.
The powder segment to maintain its leadership status throughout the forecast period
Based on type, the powder segment held the highest market share in 2021, accounting for nearly half of the global stevia beverages market, and is estimated to maintain its leadership status throughout the forecast period, owing to its widespread availability, convenience of usage, and ability to be incorporated into various food-based applications. In the health food industry, powdered stevia is sold in its extracted form so an individual can use prescribed amount to sweeten beverages & foods. However, the liquid segment is projected to manifest the highest CAGR of 9.2% from 2022 to 2031.
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The soft drinks segment to maintain its leadership status throughout the forecast period
Based on application, the soft drinks segment held the highest market share in 2021, accounting for nearly one-thirds of the global stevia beverages market, and is estimated to maintain its leadership status throughout the forecast period. This is because many soft drink manufacturers have introduced stevia-based versions of their popular products, such as cola, lemon-lime, and ginger ale. However, the RTD tea and coffee segment is projected to manifest the highest CAGR of 9.5% from 2022 to 2031.
The convenience store segment to maintain its lead position during the forecast period
Based on distribution channel, the convenience store segment accounted for the largest share in 2021, contributing to around one-fourth of the global stevia beverages market, and is projected to maintain its lead position during the forecast period. This is because many convenience stores have begun to incorporate healthier food and beverage options in response to changing consumer preferences. However, the e-commerce segment is expected to portray the largest CAGR of 9.7% from 2022 to 2031.
Asia-Pacific to maintain its dominance by 2031
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2021, accounting for nearly two-fifths of the global stevia beverages market, and is likely to dominate the market during the forecast period. This region is expected to witness the fastest CAGR of 9.5% from 2022 to 2031. Increase in spending capabilities, due to high population and rapid urbanization. The independent retailer distribution channel plays a significant part in delivering stevia beverages in the Asia-Pacific region due to its reach to remote and rural areas. Most of the people in Asia-Pacific reside in rural areas and the supermarkets/hypermarkets are only restricted to urban cities.
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Leading Market Players:
- Stevi0cal,
- Plus Beverages,
- Zevia,
- ViStevia,
- Merisant Company,
- Steaz,
- PepsiCo, Inc.,
- The Coca-Cola Company,
- Group Krisda Stevia of Canada Inc
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