The Global Maple Syrup market is estimated to reach USD 1.17 billion by 2024. It is expected to witness a CAGR of 5% during the forecast period (2019-2024). Maple syrup is widely used as a topping for various bakery products, such as waffles, cakes, pancakes, bread rolls, and French toasts. The increased utilization of maple syrup in the confectionary, bakery, cereal, and dairy industries may likely intensify the demand for maple syrup. Growing consumer demand for natural and organic products is also expected to help the sales of maple syrup, during the forecast period. The introduction of products, like organic maple syrup, strengthens the competitive environment in the global market.
Scope of the Report
The market studied is segmented by distribution channels (Supermarket/Hypermarket, Convenience Store, Independent Retailer, and Other distribution channels (Supermarket and Hypermarket, Convenience Store, Independent Retailer, and Other Distribution Channels) and Geography (North America, Europe, Asia-Pacific, and Rest of the World).
Key Market Trends
Growing global demand for Maple syrup
The global maple syrup market is most likely to witness significant growth, due to increased demand in bakery applications such as waffles, pancakes, coffee cake, and bread rolls. According to the Federation of Quebec Maple Syrup Producers, by the end of 2017, it was expected that Canada would be producing 80% of the global demand of maple syrup, with approximately 85-90% of the maple syrup produced in Canada coming from Quebec. This growing production rate is expected to drive the overall global market for maple syrup, catering to the growing demand in developing regions. Many producers of maple syrup are widening their product offerings as per the rise in demand for maple syrup as a flavoring agent in an assortment of food products due to which there is a witness in the growth of global maple syrup market.
Major distribution channels - Hypermarket/Supermarket
Factors, such as the growth of the organized retail around the world and the availability of products from different brands, will drive the growth prospects of maple syrup in this category. Supermarkets are responding to the growing number of cost-conscious consumers by introducing cheaper, imported products and increasing their private label offerings for maple syrup. Customers find it beneficial to shop from such retails stores, as they offer attractive discount offers, schemes, and bulk purchases. Walmart, Tesco, Waitrose & Partners, and Marks & Spencer are some of the major hypermarkets/supermarkets operating in the global maple syrup market.
Federation of Quebec Maple Syrup Producers, which is a government federation, occupies a prominent share in the global market share. The federation has 7,300 maple syrup producers. Major players - Les Industries Bernard et Fils Ltee, LB Maple Treat, Citadelle Camp, Bascom Maple Farms Inc, Highland Sugarworks, Turkey Hill Sugarbush, Ontario Maple Syrup Producers Association, B&G Foods, Pinnacle Foods, The J.M.Smucker Company, The Kraft Heinz Company and American Garden, among others.
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