Steviol Glycoside Market

Steviol Glycoside Market Size by Type (Steviolbioside, Stevioside, Rebaudioside A, and Rebaudioside B), Processing Method (Fermentation-based Production and Farming-based Production), End-Use Application (Food, Beverage, Medicine, Chemical, and Others), Regions, Global Industry Analysis, Share, Growth, Trends, and Forecast 2024 to 2033

Base Year: 2023 Historical Data: 2020-22
  • Report ID: TBI-14492
  • Published Date: Aug, 2024
  • Pages: 238
  • Category: Chemicals & Materials
  • Format: PDF
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Segment Analysis

Regional segmentation analysis

The regions analysed for the market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. North America emerged as the most significant global steviol glycoside market, with a 38% market revenue share in 2023.

The increasing incidence of diabetes and obesity in the region is increasing the demand for stevia. The region offers ample stevia products increasing its accessibility for everyone. the growing health consciousness has increased the demand for healthier alternatives like stevia. The favourable regulatory environment also bodes well for the market. the presence of significant market players catering to the increasing consumer demand. Well established distribution network also contributes to the regional market’s growth.

North America Region Steviol Glycoside Market Share in 2023 - 38%

 

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  • Howtian added SoPure Andromeda to its assortment of patented SoPure stevia blends, each of which is specially crafted for a diverse range of beverage applications. Howtian claims that studies have demonstrated the superiority of its Andromeda blends over traditional Reb A stevia extracts, and that the special steviol glycoside blends can provide better overall flavor at a lower cost, even in drinks that aim to replace or reduce sugar to a high degree.

Type Segment Analysis

The type segment is divided into steviolbioside, stevioside, rebaudioside A, and rebaudioside B. The stevioside segment dominated the market, with a market share of around 40% in 2023. Stevioside is derived from stevia rebaudiana plant. It is distinctly sweet and has no calories. It does not spike glucose levels. It is dominant because it was the first one to adopted, processed and marketed. Extensive research has been done in this type making it the established sub-segment in the market. it is familiar type making it reliable and trusted. Its early adoption also led to regulatory approval for the same, making it easier to market and sell this in different economies. it is versatile. It is used both commercially and residentially across variety of foods, beverages and medicines.

  • The EverSweet stevia sweetener has moved one step closer to being commercially available in the UK and the EU after receiving a positive safety opinion from both the UK Food Standards Agency (FSA) and the European Food Safety Authority (EFSA), according to a joint venture between Cargill and dsm-firmenich called Avansya. Steviol glycosides Reb M and Reb D, the sweetest and cleanest-tasting parts of the stevia leaf, are brought to life by EverSweet stevia sweetener. Food makers are able to address the growing demand for sustainable and healthful products by using it to cut sugar content significantly while retaining a high-quality sweet taste in reduced and zero-calorie food and beverage items.

Processing method Segment Analysis

The processing method segment is divided into fermentation-based production and farming-based production. The fermentation-based production segment dominated the market, with a market share of around 55% in 2023. Fermentation-based production of steviol glycosides uses microorganisms. These microorganisms are genetically engineered facilitating rapid and large-scale production of steviol glycoside unlike farming-based production. This process gives a consistent quality and uniformity to the final product. The process is highly efficient and cost effective. It is also eco-friendly and sustainable.

End use application Segment Analysis

The end use application segment is divided into food, beverage, medicine, chemical, and others. The medicine segment dominated the market, with a market share of around 39% in 2023. Stevia is used to mask the bitterness of medicines. This makes it easier for patients to take the medication, especially children. They mask the bitterness without causing any glucose spikes in the body. They do not add calories thereby not affecting patient’s weight. It is mandated and approved by regulatory authorities as well. the approval adds consumer acceptance and accords safety to these medications.

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This study forecasts revenue at global, regional, and country levels from 2020 to 2033. The Brainy Insights has segmented the global steviol glycoside market based on below mentioned segments:

Global Steviol Glycoside Market by Type:

  • Steviolbioside
  • Stevioside
  • Rebaudioside A
  • Rebaudioside B

Global Steviol Glycoside Market by Processing Method:

  • Fermentation-based Production
  • Farming-based Production

Global Steviol Glycoside Market by End Use Application:

  • Food
  • Beverage
  • Medicine
  • Chemical
  • Others

Global Steviol Glycoside Market by Region:

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • France
    • U.K.
    • Italy
    • Spain
  • Asia-Pacific
    • Japan
    • China
    • India
  • South America
    • Brazil
  • Middle East and Africa  
    • UAE
    • South Africa

Methodology

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Our research methodology encompasses an idyllic combination of primary and secondary initiatives. Key phases involved in this process are listed below:

MARKET RESEARCH PROCESS

Data Procurement:

The phase involves the gathering and collecting of market data and its related information with the help of different sources & research procedures.

The data procurement stage involves in data gathering and collecting through various data sources.

This stage involves in extensive research. These data sources includes:

Purchased Database: Purchased databases play a crucial role in estimating the market sizes irrespective of the domain. Our purchased database includes:

  • The organizational databases such as D&B Hoovers, and Bloomberg that helps us to identify the competitive scenario of the key market players/organizations along with the financial information.
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Primary Research: The Brainy Insights interacts with leading companies and experts of the concerned domain to develop the analyst team’s market understanding and expertise. It improves and substantiates every single data presented in the market reports. Primary research mainly involves in telephonic interviews, E-mail interactions and face-to-face interviews with the raw material providers, manufacturers/producers, distributors, & independent consultants. The interviews that we conduct provides valuable data on market size and industry growth trends prevailing in the market. Our organization also conducts surveys with the various industry experts in order to gain overall insights of the industry/market. For instance, in healthcare industry we conduct surveys with the pharmacists, doctors, surgeons and nurses in order to gain insights and key information of a medical product/device/equipment which the customers are going to usage. Surveys are conducted in the form of questionnaire designed by our own analyst team. Surveys plays an important role in primary research because surveys helps us to identify the key target audiences of the market. Additionally, surveys helps to identify the key target audience engaged with the market. Our survey team conducts the survey by targeting the key audience, thus gaining insights from them. Based on the perspectives of the customers, this information is utilized to formulate market strategies. Moreover, market surveys helps us to understand the current competitive situation of the industry. To be precise, our survey process typically involve with the 360 analysis of the market. This analytical process begins by identifying the prospective customers for a product or service related to the market/industry to obtain data on how a product/service could fit into customers’ lives.

Secondary Research: The secondary data sources includes information published by the on-profit organizations such as World bank, WHO, company fillings, investor presentations, annual reports, national government documents, statistical databases, blogs, articles, white papers and others. From the annual report, we analyse a company’s revenue to understand the key segment and market share of that organization in a particular region. We analyse the company websites and adopt the product mapping technique which is important for deriving the segment revenue. In the product mapping method, we select and categorize the products offered by the companies catering to domain specific market, deduce the product revenue for each of the companies so as to get overall estimation of the market size. We also source data and analyses trends based on information received from supply side and demand side intermediaries in the value chain. The supply side denotes the data gathered from supplier, distributor, wholesaler and the demand side illustrates the data gathered from the end customers for respective market domain.

The supply side for a domain specific market is analysed by:

  • Estimating and projecting penetration rates through analysing product attributes, availability of internal and external substitutes, followed by pricing analysis of the product.
  • Experiential assessment of year-on-year sales of the product by conducting interviews.

The demand side for the market is estimated through:

  • Evaluating the penetration level and usage rates of the product.
  • Referring to the historical data to determine the growth rate and evaluate the industry trends

In-house Library: Apart from these third-party sources, we have our in-house library of qualitative and quantitative information. Our in-house database includes market data for various industry and domains. These data are updated on regular basis as per the changing market scenario. Our library includes, historic databases, internal audit reports and archives.

Sometimes there are instances where there is no metadata or raw data available for any domain specific market. For those cases, we use our expertise to forecast and estimate the market size in order to generate comprehensive data sets. Our analyst team adopt a robust research technique in order to produce the estimates:

  • Applying demographic along with psychographic segmentation for market evaluation
  • Determining the Micro and Macro-economic indicators for each region 
  • Examining the industry indicators prevailing in the market. 

Data Synthesis: This stage involves the analysis & mapping of all the information obtained from the previous step. It also involves in scrutinizing the data for any discrepancy observed while data gathering related to the market. The data is collected with consideration to the heterogeneity of sources. Robust scientific techniques are in place for synthesizing disparate data sets and provide the essential contextual information that can orient market strategies. The Brainy Insights has extensive experience in data synthesis where the data passes through various stages:

  • Data Screening: Data screening is the process of scrutinising data/information collected from primary research for errors and amending those collected data before data integration method. The screening involves in examining raw data, identifying errors and dealing with missing data. The purpose of the data screening is to ensure data is correctly entered or not. The Brainy Insights employs objective and systematic data screening grades involving repeated cycles of quality checks, screening and suspect analysis.
  • Data Integration: Integrating multiple data streams is necessary to produce research studies that provide in-depth picture to the clients. These data streams come from multiple research studies and our in house database. After screening of the data, our analysts conduct creative integration of data sets, optimizing connections between integrated surveys and syndicated data sources. There are mainly 2 research approaches that we follow in order to integrate our data; top down approach and bottom up approach.

Market Deduction & Formulation: The final stage comprises of assigning data points at appropriate market spaces so as to deduce feasible conclusions. Analyst perspective & subject matter expert based holistic form of market sizing coupled with industry analysis also plays a crucial role in this stage.

This stage involves in finalization of the market size and numbers that we have collected from data integration step. With data interpolation, it is made sure that there is no gap in the market data. Successful trend analysis is done by our analysts using extrapolation techniques, which provide the best possible forecasts for the market.

Data Validation & Market Feedback: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helps us finalize data-points to be used for final calculations.

The Brainy Insights interacts with leading companies and experts of the concerned domain to develop the analyst team’s market understanding and expertise. It improves and substantiates every single data presented in the market reports. The data validation interview and discussion panels are typically composed of the most experienced industry members. The participants include, however, are not limited to:

  • CXOs and VPs of leading companies’ specific to sector
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  • Key opinion leaders such as investment bankers, and industry consultants

Moreover, we always validate our data and findings through primary respondents from all the major regions we are working on.

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