Maple syrup is primarily produced by saps collected in farms located in North America. It is produced from the xylem sap of three of the common species of maple trees. These are the black maple (acer nigrum), the sugar maple (acer saccharum), and the red maple (acer rubrum). The advent of the online retail sector and the rapidly growing mall culture have been among the most critical aspects, which has led to high awareness about maple syrup.
The sap should be fresh and cold to produce high-quality maple syrup. To achieve this, it has to be frequently gathered and boiled. This underlines the considerable number of operations involved in the production of maple syrup. The complications involved in manufacturing maple syrup restricts the entry of new players in this market.
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There have been considerable changes in the lifestyles of the people. The Increasing number of desk jobs has resulted in a decrease in mobility, resulting in the reduction of body exercise. These factors have increased the prevalence of lifestyle diseases such as heart attacks, diabetes, and obesity, among other illnesses.
These aspects have led consumers to resort to an active lifestyle. There are diet plans available that suggests sugar alternatives. Maple syrup is promoted as an alternative for sugar. A decrease in sugar consumption is likely to lead to the prevention of illnesses such as obesity, diabetes, and other lifestyle diseases. In 2019, around 463 million adults were living with diabetes. This number is anticipated to go as high as 700 million by the year 2045, says the International Diabetes Federation. As the risk of occurrence of such illnesses is on the rise, consumers are likely to prefer variants of maple syrup over traditional sugar, which is expected to boost the growth of the maple syrup market. The total trade of refined sugar is considerably high, and the potential for partial replacement of sugar by maple syrup is significantly high.
Over the last several decades, there has been an increase in the independent living trend and the number of independent households. This is attributed to the burgeoning urban population, which has steadily adopted the western culture of staying alone. These trends have also witnessed the rise in consumer spending, a majority of which is spent on fine dining and experience-based eating. This has increased the number of coffee shops, thereby driving the demand for baked goods. Coffee shops, in order to gain higher footfall, have also started to offer breakfast combinations, which often include baked products such as pancakes, bread, cookies, among other items. Maple syrup, owing to its low sugar content, is expected to emerge as an alternative for sugar syrup and honey and can be used as a flavoring agent in these baked goods. The steady rise in the consumption of bakery products is anticipated to drive the growth of the maple syrup market.
Based on the product, it is classified into conventional maple syrup and organic maple syrup. The conventional maple syrup segment is anticipated to have a dominant market share, owing to the relatively lesser audit procedures required and the low pricing. However, organic maple syrup is expected to grow at a higher growth rate due to the increasing awareness about the benefits of choosing organic over conventional maple syrup. This growth rate will, however, be slower in emerging economies in regions such as Asia, and Central and South America, and the Caribbean on account of the lower market penetration and high cost of maple syrup.
Based on the distribution channel, the market is segmented into the B2B channel and B2C channel. The B2B channel is anticipated to hold the highest share in terms of value and volume. The high price of the product and its limited availability in regions outside the Americas is likely to result in buyers involved in running cafés and restaurants to be among the major consumers of this product. B2C is expected to achieve the highest growth rate due to rising product awareness. However, replacing honey or sugar syrup, especially in developing markets, will be difficult owing to the high price variance, which will restrict the growth of this segment to some extent.
North America to Hold Dominant Share in Maple Syrup Market
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North America is the largest producer of maple syrup. The presence of Canada makes this region one of the largest producers of maple syrup. Several small farm owners are active in Canada as maple syrup producers. The dominance of one region in this market has resulted in the creation of a cartel, which dictates prices and controls supply and demand across the globe. The U.S. is likely to be the highest importers of maple syrup due to the high consumer income and the easy availability of the product.
Europe — The Largest Consumer of Maple Syrup
Europe is foreseen to hold the second-largest share in terms of consumption of maple syrup. The leading importers of Canadian maple syrup are France, Germany, and the U.K. In terms of export, Germany, Netherlands, and Denmark are expected to be among the major shareholders of this market. Though in terms of production, all other regions, except for North America, will hold the highest share in the maple syrup market.
List of key maple syrup market manufacturers profiled
The majority of these producers are from the region of North America. Trade associations have been formed to ensure the economic safety of these producers. Maple syrup trade associations have built up strategic reserves to ensure a continuous supply of maple syrup in times of bad harvest seasons. Furthermore, farmers and small vendors are going online in a bid to provide higher access to buyers and to increase their market presence. For instance, in April 2020, Guilderland farmers market, and Washington Park have launched an online market that includes maple syrup along with other maple products. The primary buyers of these farms are the various farm events and exhibitions that are held in this region. In addition to this, there are producers of biscuits that are now releasing variants of cookies using maple syrup for adding flavor. This is likely to increase the popularity of maple syrup in various parts of the world through the sales of these cookies.
|Market Size||USD in Billion By 2030|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends|
|Segments Covered||by Type (Sugar Maple, Black Maple, Red Maple), Product (Conventional Maple Syrup, Organic Maple Syrup), Distribution Channel|
|Geographies Covered||North America, Europe, Asia-Pacific, LAME and Rest of the World|
|Key Companies Profiled/Vendors||American Garden, Thompson’s Maple Products, Bascom Family Farms, B&G Foods, Inc, Coombs Family Farms., The Maple Treat Corporation, Anderson’s Maple Syrup, Inc., Conagra Brands (Log Cabin), Butternut Mountain Farm, Trader Joe’s, Érablière Escuminac inc., Lakanto, Les Industries Bernard., ,|
|Key Market Opportunities||Increasing Prevalence Of The Food & Beverages Industry Enhances The Expansion Of The Maple Syrup Market Share|