Pune, India, May 12, 2023 (GLOBE NEWSWIRE) -- The global maple syrup market size was valued at USD 1.35 billion in 2022 and is projected to reach a valuation of USD 1.44 billion in 2023. The market is expected to reach USD 2.28 billion by 2030 with a CAGR of 6.80% during the forecast period. Maple syrup is a natural sweetener, which is obtained from the sap of maple trees and is usually consumed with breakfast foods such as pancakes, cereals, waffles, and others. Demand for healthy food products amongst consumers will propel market growth. Increasing levels of the geriatric population will create further opportunities for market development. Fortune Business Insights™ shares this information in its report titled “Maple Syrup Market Analysis Report, 2023-2030.”
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List of Key Players Profiled in the Maple Syrup Market Report:
- Golden Dog Farm LLC. (U.S.)
- Les Industries Bernard & Fils (Canada)
- Maple Joe (Canada)
- LB Maple Treat Corporation (Canada)
- Coombs Family Farms (U.S.)
- Butternut Mountain Farms (U.S.)
- Ferguson Farm Vermont Maple Syrup (U.S.)
- Vermont Pleasant Valley Maples (U.S.)
- B&G Foods Inc. (U.S.)
- Judd’s Wayeeses Farms (U.S.)
Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2023-2030 |
| Forecast CAGR | 6.80% |
| 2030 Value Projection | USD 2.28 Billion |
| Maple Syrup Market Size in 2022 | USD 1.35 Billion |
| Historical Data | 2019-2021 |
| No. of Pages | 152 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered |
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| Regions Covered |
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| Maple Syrup Market Growth Drivers | Inclination to Consume Healthy Products to Enhance the Market Growth |
COVID-19 Impact:
Online Sales and Promotions Increased Market Growth During Pandemic
The COVID-19 pandemic affected the production of the syrup. Canada and the U.S. were forced to shut down festivals (Maple Weekends) for the public which were to attend and taste the syrup. The pandemic forced governments worldwide to implement stringent lockdowns to curb the spread of the virus. However, online sales and promotions increased the demand for the product during the pandemic period.
Report Coverage
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.
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Segmentation
Sugar Maple to Dictate as it is a Widely Used Tree Species
On the basis of source, the market is segmented into sugar maple, black maple, and red maple. Sugar maple had the largest share as it is one of the widely used tree species used for the production of the syrup. It is comparatively sweeter than other maple varieties. Other maple species, such as red maple trees, have lower sugar content compared to black and sugar maple.
Supermarkets & Hypermarkets to Lead Due to Wide Variety of Products
On the basis of distribution channel, the market is categorized into supermarkets/hypermarkets, specialty stores, online sales channels, and others. Supermarkets & hypermarkets to hold the majority share as it has wide variety of buying options. Consumers of the European countries prefer to buy from supermarkets as they have wide product range. Specialty stores are enjoyed by consumers who like specialty products such as organic products.
Based on geography, the market is studied across North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Drivers and Restraints
Inclination to Consume Healthy Products to Enhance the Market Growth
Inclination toward healthy products is anticipated to propel the maple syrup market growth. Syrup made from maple is of high value as its healthier and nutritious than artificial sweeteners. Syrup derived from maple is considered to be a preferred choice compared to refined sugar. The presence of organic acids, amino acids, and relevant quantities of minerals, such as zinc, potassium, and manganese, makes it a unique and superior alternative.
However, stringent rules and regulations imposed by the government for quality control is expected to hamper the market growth.
Regional Insights
North America Lead the Market as U.S. is the Largest Importer of Maple Syrup
North America is expected to have largest part in the maple syrup market share as the U.S. is the largest importer of maple syrup. North America is one of the largest consumers of maple as consumers like to add the syrup on the top of breakfast food items such as waffles, cakes, French toast, pancakes and bread rolls, and several others.
Europe is the second largest consumer for maple products and is popular in all age groups. The demand in the region is high but production is nil and the demand is met by import activities. The syrup is imported from countries such as Canada and the U.S.
Asia Pacific is set to grow at a strong pace due to incorporation of natural sweeteners in diets of the population. Japan, Australia, and South Korea are some of the major consumers in the region.
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Competitive Landscape
New Product Strategies by Key Players to Advance Market Path
Key players operating in the market have been expanding their geographical presence by catering to uncaptured markets. They are doing so by collaborating with local distributors of a particular region. In May 2020, Coomb’s Family Farms announced the launch of “Coombs Family Farms Maple Stream” which is its first sprayable maple product. Maple Stream dispenses a specific amount of Organic, Grade A, and amber colored product, which has no sticky mess. Innovative packaging initiatives help to boost product sales in the market.
Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Market Trends
- Key Insights
- Overview on the Parent Market
- Supply Chain Analysis
- Industry SWOT Analysis
- Recent Industry Developments - Policies, Mergers & Acquisitions, and New Product Launches
- Market Analysis and Insights (in Relation with COVID-19)
- Impact of COVID-19 on the Market
- Supply Chain Challenges due to the Pandemic
- Potential Opportunities Due to COVID-19
- Global Hot Sauce Market Analysis, Insights and Forecast, 2019-2030
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Source (Value)
- Sugar Maple
- Black Maple
- Red Maple
- By Distribution Channel (Value)
- Supermarkets/Hypermarkets
- Specialty stores
- Online Sales Channels
- Others
- By Region (Value)
- North America
- Europe
- Asia Pacific
- South America
- Middle East & Africa
- By Source (Value)
TOC Continued...!
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Key Industry Development
- October 2022- Oneida Indian Nation announced the opening of Wáhta' Maple Farm, which is its newest business enterprise. The new farm would produce premium grade and organic-certified products. It is aimed for consumers who want premium and organic food products.
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