MAPLE SYRUP Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

MAPLE SYRUP Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The global maple syrup market is projected to grow at a CAGR of 5% during the forecast period.

Key Highlights

• Maple syrup is widely used as a topping for various bakery products, such as waffles, cakes, pancakes, bread rolls, and French toasts.
• The increased utilization of maple syrup in the confectionary, bakery, cereal, and dairy industries may likely intensify the demand for maple syrup.
• Growing consumer demand for natural and organic products is also expected to help the sales of maple syrup, during the forecast period.
• The introduction of products, like organic maple syrup, strengthens the competitive environment in the global market.

Key Market TrendsGrowing Global Demand for Maple syrup

The maple syrup market is most likely to witness a significant growth, due to increased demand in bakery applications, such as waffles, pancakes, coffee cake, and bread rolls. According to the estimates from the Federation of Quebec Maple Syrup Producers in 2017, 80% of the global demand of maple syrup was from Canada. In addition, approximately 85-90% of the maple syrup produced in Canada was from Quebec. This growing production rate has been driving the overall market for maple syrup, thereby, catering to the growing demand in developing regions. Many producers of maple syrup are widening their product offerings owing to the demand for maple syrup as a flavoring agent in an assortment of food products. The aforementioned factors are expected to drive the growth of the maple syrup market.

North America Leading the Market

The Federation of Quebec Maple Syrup Producers and Vermont Maple Sugar Makers' Association are the two major cartels producing a major chunk of maple syrup. However, the stringent quota system and black marketing of maple syrup are hindering the overall market growth. The opportunities in the North American maple syrup sector continue to grow, due to the increasing availability of healthy maple trees and growing consumer demand for this natural product.

The Canadian maple syrup is increasingly being utilized as an ideal alternative to sugar, in a variety of foods, such as desserts and baked goods. The Canadian maple syrup industry accounts for approximately 71% of the world’s maple syrup production and is the leading global producer of maple products. However, Canada’s share has decreased by 9%, due to rising competition from the United States. The province of Quebec alone accounts for 92% of the country’s maple syrup product distribution in Canada.

Competitive Landscape

Federation of Quebec Maple Syrup Producers, a government federation, occupies a prominent share in the global market share. The federation has 7,300 maple syrup producers. The major players in the market are: Les Industries Bernard et Fils Ltee, LB Maple Treat, Citadelle Camp, Bascom Maple Farms Inc, Highland Sugarworks, Turkey Hill Sugarbush, Ontario Maple Syrup Producers Association, B&G Foods, Pinnacle Foods, The J.M.Smucker Company, The Kraft Heinz Company, and American Garden, among others.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned

B&G Foods
J.M Smucker
Federation of Quebec Maple Syrup Producers
Les Industries Bernard et Fils Ltee
LB Maple Treat
Bascom Maple Farms Inc

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