Chan Ye Xin Xi Wang·2026-01-04 01:30Core Viewpoint - The increasing health awareness among the public and the deepening "sugar reduction" consciousness have made sugar-free/low-sugar food and beverages mainstream choices, with steviol glycosides emerging as a preferred alternative to sucrose and artificial sweeteners due to their natural, low-calorie, and blood sugar-neutral characteristics. The "Healthy China" strategy and related policies are driving food and beverage companies to adopt natural sweeteners, leading to a projected market size of 1.037 billion yuan for the steviol glycoside industry in China by 2024, representing a year-on-year growth of 10.2% [1][10]. Industry Overview - Steviol glycosides, derived from the Stevia plant, are natural sweeteners with a sweetness level 200-300 times that of sucrose and only 1/300 of its calories, making them suitable substitutes for sugar [2][4]. - The industry has evolved through five stages: introduction, initial industrialization, rapid expansion, adjustment and integration, and high-end upgrading, transitioning from low-end raw material supply to a comprehensive industry chain and high-end product leadership [4][5]. Market Policies - Recent policies emphasize food safety and quality control, including the "14th Five-Year Plan for National Health" and various regulations aimed at optimizing food additive standards, which encourage the use of steviol glycosides and promote a shift towards a more standardized, green, and high-quality industry [6][9]. Industry Chain - The steviol glycoside industry chain includes upstream activities such as the cultivation and harvesting of Stevia, midstream processes like extraction and purification, and downstream applications in food, beverages, health products, pharmaceuticals, and daily chemicals [6][8]. Current Market Demand - The food and beverage sectors are the primary consumers of steviol glycosides, with sugar-free beverages, baked goods, dairy products, and seasonings increasingly incorporating these sweeteners. By 2024, these sectors are expected to account for over 60% of the market [8][10]. Competitive Landscape - The market concentration of the steviol glycoside industry has increased, with leading companies such as Guilin Liyang Biotechnology Co., Ltd. and Chenguang Biotech Group Co., Ltd. dominating the market through technological innovation and comprehensive industry chain strategies [10][11]. Company Analysis - Guilin Liyang Biotechnology Co., Ltd. reported a total revenue of 837 million yuan and a gross profit of 197 million yuan in the first half of 2025, with a gross margin of 23.57% [11]. - Chenguang Biotech Group Co., Ltd. achieved a revenue of 3.658 billion yuan and a gross profit of 507 million yuan in the same period, with a gross margin of 13.86% [11]. Future Development Trends - The industry is expected to focus on high-quality rare components like RebA/RebD/RebM, with a shift from homogeneous price competition to high-end product value competition. There will be a transition from single steviol glycosides to composite products that combine steviol glycosides with other functional ingredients, catering to specific dietary needs [12][13].