Maple Syrup Market

Overview:

Maple syrup is a popular natural sweetener that is claimed to be healthier and more nutritious than sugar. Maple syrup is made from the sap of sugar maple trees. Its demand is increasing owing to its healthcare benefits. Maple syrup has many nutritional properties and health benefits. Maple syrup is often used as a condiment for pancakes, waffles, French toast, oatmeal, or porridge.

Innovation of new products related to maple syrup is driving the maple syrup market. Due to intense competition faced from innovative new breakfast products the maple syrup major manufacturers and suppliers must come up with new innovative products to increase the demand of maple syrup among the customers.

Industry Insights:

• Maple Syrup Market was valued at USD 1.61 Billion in 2021
• It is expected to reach USD 2.41 Billion by 2028
• A CAGR of 5.9% is anticipated over the forecast period

Key Players:

Some of the key Companies for global maple syrup market are

• Acadian Maple Products
• Anderson’s Maple Syrup, Inc.
• Aunt Jemima
• B&G Foods, Inc.
• Bascom Family Farms
• Butternut Mountain Farm
• Coombs Family Farms
• Crown Maple
• Dutch Gold Honey
• Hidden Springs Maple
• Maple Gold
• McCormick & Company, Inc.
• St-Louis Maple Products
• The J.M. Smucker Company
• The Kraft Heinz Company
• Others

Segmentation Analysis:

By Grade

• Grade A
• Grade B

By Packaging

• Bottles
• Jugs
• Cans
• Pouches

By End Use

• Food & Beverage Industry
• Household/Consumer Use
• Cosmetics and Personal Care
• Pharmaceuticals

By Distribution Channel

• Online
• Offline

The sugar maple segment has been the dominant contributor to the market share and is expected to continue to expand at a considerable rate in the future. The rising demand for bakery and confectionery products has been driving the growth of the market.

Sugar maples are widely distributed throughout the North-eastern United States, South-eastern Canada, and the Upper Midwest, making them an ideal tree for producing syrup. This, in turn, is anticipated to drive the market growth. Additionally, the increasing demand for packaged maple products for domestic consumption as well as in the food industry will impel the market growth over the forecast period.

The black maple segment is projected to experience the highest growth rate over the forecast period, owing to its convenience, health benefits, and high antioxidant content. Furthermore, the rise in disposable income levels, the improving economic conditions of consumers, and the growing demand for balanced and nutritious food products globally are driving the growth of the market.

The surging demand for natural and organic products, combined with the growing urbanization around the world, is driving the market forward. Additionally, the increasing popularity of e-commerce is likely to contribute to the expansion of this sector over the coming years.

The offline mode of purchasing consumer goods, groceries, and maple syrup products is preferred by consumers due to its convenience. They can physically inspect the quality of the products to ensure they are getting the best quality. Additionally, the easy accessibility of various maple syrup products in stores is likely to contribute to their segment growth in the near future.

In recent years, supermarkets, convenience stores, and malls have gained in popularity due to the wide range of consumer goods they offer in one place. Moreover, the growth of urbanization and competitive pricing are driving the popularity of offline channels in developing countries.

The online segment of the global maple syrup market is projected to record the highest CAGR which can be attributed to the rapid growth in internet penetration over the past few years, which has led to a surge in the e-commerce sector around the world. Additionally, numerous manufacturers are offering their products both on their own websites as well as on various e-commerce platforms, which is expected to propel market growth in the forecast period.

Covid-19 Impact:

The maple syrup market has been severely affected by the COVID-19 pandemic. With the lockdowns imposed, the supply of raw material and transportation were disrupted, leading to significant impacts on the global supply chain of the industry. Furthermore, the cancellation of annual events and closure of restaurants around the world has caused a decline in the consumption of maple syrup.

However, the rising health consciousness of consumers and the increasing demand for nutritious food to build immunity post-pandemic will create opportunities for the market players. As such, the industry is likely to experience a healthy growth rate in the coming years.

Market Drivers:

Increasing use of maple syrup in bakery products

The global maple syrup market is expected to witness significant growth during the forecast period owing to the increasing utilization in the bakery, confectionery, cereal, and dairy industries for topping purposes. Moreover, the rising demand for organic and natural products, increasing income levels, improving economic conditions of consumers, and growing consumption of balanced and nutritious food products across the globe are driving the market growth.

Furthermore, the increasing demand for baking food items such as waffles, cakes, French toast, pancakes, and bread rolls is contributing to the market growth. Additionally, maple syrup is frequently utilized as a natural sweetener in different food products; this further boosts the global market growth.

Constant development of innovative products and increasing investments

The demand for maple syrup is on the rise in emerging economies due to the increasing trend of innovative product and packaging developments. Furthermore, producers and food companies are using maple syrup to flavor savory dressings, mustards, sauces, and spices, which is driving the market growth. Moreover, key market players are investing in advertising campaigns, promotional activities, and social media marketing to further boost the market. These factors are expected to contribute to the market growth over the forecast period.

Opportunities:

Increasing health awareness and wellness trends to create opportunities

The increasing demand for maple syrup as a sugar substitute is driving the growth of the market. Maple syrup is made from the sap of maple trees and is a natural sweetener. It is low in calories and is a healthier substitute for sugar. It has a unique flavor and is used to make products like desserts, breakfast cereals, and energy bars. Additionally, manufacturers are introducing new flavors and varieties of maple syrup to cater to the rising demand for healthier options. This is expected to further drive the development of the market during the forecast period.

Recent Developments:

• In 2022, Pepsi Co and US pancake restaurant chain IHOP joined forces to launch a limited-edition Maple Syrup version of the iconic Pepsi cola. This unique flavor was created to bring consumers an exciting new twist on the classic beverage.
• On August 2021, B&G Foods, Inc. revealed that it had struck a deal to sell its 13.5-acre manufacturing facility and waterfront property in Portland, Maine, to the Institute for Digital Engineering and Life Sciences. The move will witness the relocation of B&M, Underwood, and certain other brands manufacturing operations to third-party co-manufacturing facilities and present B&G Foods manufacturing facilities.
• In December 2021, Quebec maple syrup producers announced that they had released over half of their syrup stockpile.

Report Analysis	Details
Historical data	2015 - 2020
Forecast Period	2022 - 2028
Market Size in 2021:	USD 1.61 Billion
Base year considered	2020
Forecast Period CAGR %:	5.9%
Market Size Expected in 2028:	USD 2.41 Billion
Tables, Charts & Figures:	175
Pages	200
Companies	Acadian Maple Products, Anderson’s Maple Syrup, Inc., Aunt Jemima, B&G Foods, Inc., Bascom Family Farms, Butternut Mountain Farm, Coombs Family Farms, Crown Maple, Dutch Gold Honey, Hidden Springs Maple, Maple Gold, McCormick & Company, Inc., St-Louis Maple Products, The J.M. Smucker Company, The Kraft Heinz Company, Others.
Segments Covered	By Type, By Raw Material, By Distribution Channel
Regional Analysis	North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa