The maple syrup market is projected to grow at a CAGR of 7.76% to reach US$1,384.770 million by 2027, from US$820.625 million in 2020.
Maple syrup is a natural sweetener extracted from the xylem sap of maple trees, which are commonly found in Canada and the United States. The maple syrup market is projected to grow during the forecast period owing to its increasing demand as an alternative to sugar in multiple baking and confectionery applications. Furthermore, the growing awareness regarding the health benefits of maple syrup is also projected to augment this demand in the coming years. In addition to this, the growing popularity of maple syrup in developing regions such as China and India is estimated to open new opportunities for the maple syrup market to grow. Additionally, the present generation is well aware of the health benefits of products. This is due to the present wave of digitalization, as every piece of information is available online. Regular articles, research papers, and blogs are uploaded on the internet on every topic. A sudden wave toward organic and healthier products can be witnessed.
Growing health concerns and awareness will positively impact the market’s growth.
Rapid urbanization and modernization have led to an increase in the disposable income of individuals. Since the millennials and Gen Z are well versed in the quality of the product, they don’t want to compromise on the quality of the product they are having. People are actively looking after their health and nutrition, and sugar emerges as a factor of concern in their diet. High intake of sugar in any form can lead to obesity, which can increase the prevalence of chronic diseases such as diabetes. According to WHO, worldwide obesity rates have nearly tripled since 1975. Around 38.2 million children under the age of 5 years were overweight or obese in 2019. Earlier, obesity was linked with high-income country problems but now high cases of obesity can be witnessed even in low and middle-income countries, particularly in the urban setting. Therefore, due to such high alarming rates, the population is looking for better alternatives in order to work on their dietary intake. Maple syrup is one of those alternatives. The syrup also contains numerous antioxidants, fights inflammatory diseases like arthritis, and protects skin health. Along with that, the syrup is widely used over waffles, french toast, oatmeal, porridge, and pancakes as a topping. It has emerged as a famous breakfast ingredient in western countries.
Market Key Developments
North American region will hold a significant share during the anticipated period
The alarming health concerns from this region are working as a major driver for the growth of the maple syrup market. The population’s junk food intake is quite high in this region, due to which they are presently dealing with severe health problems such as obesity, and diabetes. However, they are also making amends by following a better diet that is full of nutrients, working out, and substituting for better and healthier organic products. Therefore, the market players are continuously investing to expand their distribution networks as well as product portfolios.
Business strategies such as mergers and acquisitions, the development of new and customized products, joint ventures, and expansion are also being adopted to meet the increasing demand. For example, in June 2020, US-based maple syrup-producing company, Runamok Maple announced the launch of its limited-edition strawberry rose-infused maple syrup. High-quality organic ingredients such as roses and strawberries are used in the production of the product. The product was made available on the E-commerce platform Amazon during its time period. Furthermore, in May 2021, the Canadian government announced an investment of $1.76 million for the forthcoming two years. The investment plans have been made to support the export plans of Quebec’s maple industry. In addition to it, Quebec’s exports of maple products were valued at nearly $500 million in 2020. The figure rose by almost 20% in comparison to 2019.
Frequently Asked Questions (FAQs)
Q1. What are the growth prospects for the maple syrup market?
A1. The global maple syrup market is projected to grow at a CAGR of 7.76% over the forecast period.
Q2. What is the size of the global maple syrup market?
A2. Maple Syrup Market was valued at US$820.625 million in 2020.
Q3. Which region holds the largest share of the maple syrup market?
A3. North American region will hold a significant share of the maple syrup market.
Q4. What will be the maple syrup market size by 2027?
A4. The maple syrup market is projected to reach a total market size of US$1,384.770 million by 2027.
Q5. What factors are anticipated to drive the maple syrup market growth?
A5. The maple syrup market is projected to grow during the forecast period owing to its increasing demand as an alternative to sugar in multiple baking and confectionery applications.
1.1. Market Overview
1.2. COVID-19 Scenario
1.3. Market Definition
1.4. Market Segmentation
2. RESEARCH METHODOLOGY
2.1. Research Data
3. EXECUTIVE SUMMARY
3.1. Research Highlights
4. MARKET DYNAMICS
4.1. Market Drivers
4.2. Market Restraints
4.3. Porter’s Five Force Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Power of Buyers
4.3.3. Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis
5. MAPLE SYRUP MARKET ANALYSIS, BY PRODUCT
6. MAPLE SYRUP MARKET ANALYSIS, BY TYPE
6.2. Grade A
6.3. Grade B
7. MAPLE SYRUP MARKET ANALYSIS, BY GEOGRAPHY
7.2. North America
7.3. South America
7.4.3. United Kingdom
7.5. Middle East and Africa
7.5.1. Saudi Arabia
7.6. Asia Pacific
7.6.3. South Korea
8. COMPETITIVE ENVIRONMENT AND ANALYSIS
8.1. Major Players and Strategy Analysis
8.2. Emerging Players and Market Lucrativeness
8.3. Mergers, Acquisitions, Agreements, and Collaborations
8.4. Vendor Competitiveness Matrix
9. COMPANY PROFILES
9.1. Hoover's Maple Syrup
9.2. Butternut Mountain Farm
9.3. Bascom Maple Farms, Inc.
9.4. Lantic Inc.
9.5. Anderson’s Maple Syrup, Inc.
9.6. Runamok Maple
9.7. Canadian Maple Co.
9.8. Crown Maple
9.9. Passamaquoddy Maple
9.10. Hamel Maple Syrup
Hoover's Maple Syrup
Butternut Mountain Farm
Anderson’s Maple Syrup, Inc.
Canadian Maple Co.
Hamel Maple Syrup
All our studies come with 2 months of analyst support.
We are in compliance with the global privacy laws.