Maple syrup market is anticipated to grow significantly during the forecast period, 2020–2029. Online video tutorials showcasing various recipes being made with maple syrup and the launch of maple syrup cookies are among the market drivers, which are likely to lead to an increase in demand for maple syrup. In addition to this, there are various health research papers that claim the advantages maple syrup has over the traditional sugar syrup, which will aid in its adoption with health-conscious consumers.
There have been several advancements with respect to sap collection. Owners of sugar bushes (forests where maple sap are collected) have replaced buckers with plastic bags for sap collection. This aids in sterilizing of the sap from the ultraviolet (UV) rays coming from the sun. The production and supply of maple syrup is dominated by North America; around 60% of the global maple syrup supply comes just from Canada. This has given way to large cooperatives that control the marketing, distribution, and supply of the maple syrup. In addition to this, the production of maple syrup is cost-intensive, which makes the final product considerably expensive over other flavoring alternatives. However, to counter this, manufacturers are packaging maple syrup in attractive packaging styles and containers.
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COVID-19 Impact on the Maple Syrup Market:
As mentioned earlier, maple syrup production and supply are dominated by North America. The U.S. has one of the highest occurrences of coronavirus, which will significantly affect the maple syrup market. New York, Maine, and Michigan are among the states which lead the production of maple syrup in the U.S. However, the distribution, and marketing of maple syrup is controlled by a few cooperatives which are anticipated to have kept reserves of maple syrup. This is likely to fulfill the demand for maple syrup across the globe while providing a buffer for maple syrup producers. With the travel bans and closing of international borders, trading for every commodity has taken a halt, which jeopardizes the growth of this market. This is likely to lead to higher inventory costs and a significant drop in prices to increase the demand for the maple syrup product.
Maple Syrup Market Segmentation
By Distribution Channel
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