Maple Syrup Market (2022 - 2028)

Maple Syrup Market Summary

Moreover, the significant increase in consumption of maple products is likely due to the sophistication, diversity in consumer tastes, and continuously changing consumer behavior. The rising demand for organic and natural products across the globe is expected to propel the market growth during the forecast period. Moreover, the increase in income levels, the improving economic conditions of consumers, and the growing consumption of balanced and nutritious food products across the globe are accelerating the market growth. Furthermore, the rising demand for baking food items such as waffles, cakes, French toast, pancakes, and bread rolls is driving the market growth. In addition to this, maple syrup is also used as a natural sweetener in various food products, which in turn further accelerates market growth.

A syrup derived or obtained from the xylem sap of maple trees is known as maple syrup. The increasing inclination of consumers toward natural and organic sweeteners has resulted in the increasing adoption of the product, which is expected to drive market growth during the forecast period. Moreover, the increasing prevalence of chronic diseases such as diabetes, cardiovascular diseases, and obesity has led to the growing adoption of maple syrup as a substitute for sugar, which is anticipated to further boost the market expansion during the projection years.

The continuous development of innovative products and attractive innovative packaging is a major trend in the market that propels the demand for maple syrup products in emerging economies. Moreover, many independent producers and large-scale food companies use maple syrup to flavor savory dressings, mustards, sauces, and spices among other condiments, thus accelerating the market growth. Additionally, the rising investments by key market players in advertising campaigns, promotional activities, and social media marketing are poised to drive market growth during the forecast period.

The rising health awareness and wellness trends present an opportunity for maple syrup to become the next preferred substitute for sugar during the forecast period. In addition to this, the growing trends of consumption of healthy snacks such as nuts, cereals, or energy bars coupled with health awareness are accelerating the market growth.

Stringent government guidelines in countries such as the U.S., Canada, Germany, the U.K., and France are expected to maintain the quality of these products. The published federal guidelines and rules ensure the quality of products is up to the hygienic standards for consumption. However, the black marketing of maple products and the stringent quota system are factors hindering the overall market growth.

The lockdowns announced during the COVID-19 pandemic had suspended the supply of raw material and disturbed transportation for a short period, as well as causing significant impacts on the supply chain of the maple syrup industry across the globe. The outbreak of COVID-19 is having a major impact on international trade. The pandemic is profoundly impacting the global maple syrup sector, including its production and consumption, due to annual event cancellations and restaurant closures globally.

The rising health consciousness among consumers and the increasing demand for nutritious food to build immunity in the post-COVID-19 pandemic period will create opportunities for the market players. Thus, the market is expected to progress at a healthy growth rate in the upcoming years.

Distribution Channel Insights

The offline channel contributed a revenue share of over 77% in the global maple syrup market in 2021. Consumers prefer the offline mode for purchasing consumer goods, groceries, as well as packaged syrup products, where they can physically verify the product quality. Moreover, easy access and searching for various maple syrup products through stores is likely to drive the segment growth in the coming years.

Additionally, supermarkets, convenience stores, and malls are gaining popularity in recent years owing to the availability of a wide range of consumer goods under a single roof. Furthermore, the rising urbanization and competitive pricing are accelerating the popularity of offline channels in developing economies.

The online segment in the maple syrup industry is anticipated to register the fastest CAGR of 6.9% from 2022 to 2028. A rapid growth in internet penetration has been observed in the last few years, which has led to the significant growth of the e-commerce sector across the globe, thereby driving market demand. Moreover, several manufacturers are offering their products on their own websites as well as on e-commerce platforms, which is expected to drive market growth during the projection period.

Source Insights

The sugar maple segment contributed to the largest market share of over 67% in 2021 and is expected to expand at a CAGR of 5.7% from 2022 to 2028. The increasing demand and consumption of bakery and confectionery products are accelerating market growth.

Sugar maples are commonly found throughout the North East U.S., South East Canada, and the upper Mid-West U.S. and it is the best tree to produce syrup, which may accelerate the market growth. Moreover, the increasing demand for packaged maple products for home consumption as well as in the food industry will propel the market growth during the forecast period.

The black maple segment contributed a revenue share of around 19% in 2021 and is expected to advance at the fastest growth rate of 7.4% during the forecast period. Black maple is more convenient, healthier, and contains antioxidants, which accelerate the market growth. The increase in income levels, the improving economic conditions of consumers, and the growing consumption of balanced and nutritious food products across the globe are accelerating the market growth.

Additionally, the rising consumer demand for natural and organic products coupled with rapid urbanization across the globe is accelerating market growth. Moreover, the rising trend of e-commerce is expected to drive this segment demand during the next couple of years.

Regional Insights

North America led the global market with a revenue share of over 43% in 2021. The increasing popularity and demand for maple products in this region are propelling the market growth. Moreover, the rising consumption of healthy and nutritious food products is also propelling the regional market growth. Maple products are natural and nutrient-rich with potassium, calcium, and zinc. The increase in consumption of maple products in this region is likely due to the sophistication, diversity in consumer tastes, and continuously changing consumer behavior.

Asia Pacific is poised to be the fastest-growing market for maple syrup, advancing at a CAGR of 7.5% through 2028. Japan, Australia, and South Korea have a huge consumer base for maple products, which will drive the regional demand. Moreover, the region is expected to show an accelerated growth rate during the forecast period, owing to the rising health awareness & wellness trends, and the rising population in the region. However, the high costs associated with the product due to its import from the U.S. and Canada, uncertain pricing, and off-flavored syrups are hindering the market growth.

Europe held the second-largest share in the maple syrup market of over 26% in 2021. Furthermore, the region is expected to grow with the second-fastest CAGR of 6.9% from 2022 to 2028. The regional growth is attributed to the high consumption of maple syrup, coupled with the high purchasing power of the consumers. These factors are expected to contribute to a higher revenue generation.

Key Companies & Market Share Insights

The market consists of various established players such as B&G Foods, Inc., The J.M. Smucker Co., Federation of Quebec Maple Syrup Producers, and Les Industries Bernard et Fils Ltee. Various manufacturers and suppliers are expected to focus on the logistic development and strengthening of the distribution channel to advance their business. Key market players are heavily investing in advertising campaigns, promotional activities, and social media marketing to expand their geographical presence across the globe.

For instance, Coombs Family Farms introduced the first Maple Stream with spray-able maple syrup at the push of a button. Such initiatives are expected to boost the adoption rate of the product among consumers around the globe. The market is further driven by mergers, acquisitions, and innovative packaging designs. Some of the key players operating in the global maple syrup market include

• B & G Foods, Inc.

• The J.M. Smucker Co.

• Federation of Quebec Maple Syrup Producers

• Les Industries Bernard et Fils Ltee

• LB Maple Treat

• Bascom Maple Farms Inc

• Butternut Mountain Farm

• Ferguson Farm Vermont Maple Syrup

• Conagra Brands Inc.

• Coombs Family Farms

Recent Developments

• In June 2022, Les Industries Bernard et Fils Ltee was acquired by Valeo Foods Group, a distributor in 100+ countries. This will expand Bernard’s existing presence and double their revenue in the coming years.

Maple Syrup Market