New York, US, Sept. 27, 2022 (GLOBE NEWSWIRE) -- Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Maple Syrup Market Information by Type, Grade, Application, Distribution Channel and Region- Forecast till 2030”, the market is estimated to acquire a size of over USD 2.18 Billion by the end of 2030. The report further predicts the market to thrive at a healthy CAGR of over 6.2% during the review timeframe.
Market Scope:
The sap from the maple tree that has been turned into syrup is called maple syrup. It is an extremely popular product across North America and Canada. Manufacturers of maple syrup collect sap from a variety of maple tree species. However, it appears that red sugar maple trees are the most popular species from which to harvest maple sap. Another popular species is the black maple tree.
Many meals are topped with maple syrup to provide sweetness to otherwise savory foods. French toast, waffles, and other baked items are a few of these delicacies. The use of maple syrup in the production and processing of baked goods is growing among producers in a number of industries, from dairy to cereal.
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Report Scope:
| Report Attribute | Details |
| Market Size in 2030 | USD 2.18 Billion |
| CAGR | 6.2% (2022–2030) |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Type, Grade, Application, Distribution Channel and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Increased Demand For Maple Syrups In Bakery & Confectionery Products |
| Growing Awareness Regarding Maple Syrup Nutrition |
Competitive Dynamics:
The market for maple syrup is still rather cutthroat. There are three strategies for businesses in this sector to remain viable. In order to develop new technologies that will allow them to devise methods for collecting more and better-quality maple sap, they can spend a lot of money on research and development. They are also working quickly to create the technologies that will enable a wider range of delectable flavors for maple syrup and its byproducts.
Strategic partnerships between companies are possible. With their combined resources, the participating companies are usually able to enter new markets or maintain and improve their positions in existing ones. Mergers & acquisitions and strategic alliances both benefit the resulting companies. The major players of the market are
- B&G Foods, Inc. (U.S.)
- Pinnacle Foods Inc. (U.S.)
- The Kraft Heinz Company (U.S.)
- The J. M. Smucker Company (U.S.)
- Amoretti SpA (Itlay)
- DaVinci Gourmet LLC (U.S.)
- Monin, Inc. (U.S.)
Market Dynamics:
Market Drivers:
The market is expanding more quickly due to the rising use of maple syrup as a topping in the baking, confectionery, cereal, and dairy industries. Additionally, the sophistication, variety of customer tastes, and continuously evolving consumer behavior are probably to blame for the huge rise in the consumption of maple products. Over the course of the forecast period, the market expansion is anticipated to be driven by the increased demand for natural and organic products around the world.
Additionally, the growth of the market is being accelerated by rising income levels, bettering consumer economic conditions, and rising global consumption of wholesome food items. Additionally, the industry is expanding as a result of the increased demand for baked goods such waffles, cakes, French toast, pancakes, and bread rolls. Additionally, a variety of culinary products employ maple syrup as a natural sweetener, which further stimulates market expansion.
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Market Restraints:
When it comes to making maple syrup, manufacturers face a major issue in maintaining the price point of their goods affordable to the end consumer.
COVID-19 Analysis
Numerous industries suffered because they were either compelled to cease operations or at the very least temporarily severely reduce production. There was no exception at the Maple Syrup Market. Manufacturers of maple syrup experienced difficulty obtaining the sap they required to produce their completed products due to COVID-19. Short-term market growth for maple syrup was harmed by this.
Market Segmentation:
By Type
Sugar maples make up the majority of the market for maple syrup. Due to the fact that maple syrup is used in baked goods as a sweetener to enhance flavor.
Due to its purity, Grade A is the most well-liked and chosen grade.
By Application
When it comes to maple syrup sales, the bakery and confectionary industry has the most customers because of the popularity of using maple sugar on top of baked products like cakes, pies and muffins.
By Distribution Channel
The store-based segment is expected to retain its dominance over the review period, however the advancement and rising adoption of e-commerce websites is expected to boost the growth of the non-store-based segment
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Regional Analysis:
With the highest revenue share, North America held the top spot in the world market. The market is expanding due to the rising popularity and demand for maple products in this area. Additionally, the growing demand for wholesome food items is fueling the expansion of the regional industry. Products made from maple are organic and full of potassium, calcium, and zinc. This region's sophistication, range of consumer tastes, and ongoing consumer behavior changes are probably to blame for the rise in the consumption of maple products.
With a notable CAGR, the maple syrup market in Asia Pacific is predicted to grow at the quickest rate. Large maple product consumer bases in Japan, Australia, and South Korea will fuel regional demand. A faster growth rate is also anticipated for the region during the projection period as a result of developing trends in wellness and health awareness as well as an expanding population. However, the product's high import prices from the United States and Canada, erratic pricing, and off-flavor syrups are impeding the market's expansion.
Europe accounted for a substantial market for maple syrup, which was the second-largest proportion. Additionally, over the review period, the region is anticipated to grow at the second-fastest CAGR. The high consumption of maple syrup and the consumers' high spending power are credited with driving regional growth. These elements are anticipated to increase revenue generating.
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