The global maple syrup market is likely to expand at a CAGR of 6.2% over the forecast period of 2017-2023, affirms Market Research Future (MRFR) in a detailed study. Maple syrup is associated with various health benefits which are estimated to drive the global Maple Syrup Market Analysis amidst growing health-consciousness among consumers.
Maple syrup enjoys a reputation as a wholesome and natural sweetener. It has a high antioxidant content and contains numerous phenolic compounds which make it a highly nutritional product. There is heightened demand among consumers for maple syrup as more emphasis is being laid down on consumption of healthier and organic food ingredients. Maple sugar has gained traction as a flavoring agent in the food industry. It is being extensively used by bakery and confectionery manufacturers which is expected to drive the market demand.
Food manufacturers are adopting various strategies such as new product launches and innovation to stay competitive in the market. Extension of existing product ranges, re-launches and new reformulations coupled with attractive packaging and design improvement are expected to augur well for the market growth. With a greater focus on design, shape of the container, and long shelf life, food manufacturers are targeting towards capturing a wider consumer base.
Rigorous advertising and marketing activities initiated by producers have resulted in increased brand awareness which ultimately leads to an increased sale. Moreover, maple syrup manufacturers are tying up with supermarket and hypermarket chains which is expected to accelerate the growth of the global maple syrup market.
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The global maple syrup market has been segmented based on type, grade, application, and distribution channel.
By type, the global maple syrup market has been segmented into ed maple, black maple, and sugar maple syrup. The sugar maple syrup segment is leading the market on account of wider utilization as a flavoring agent in a variety of food products.
By grade, the global maple syrup market has been segmented into grade A, processing grade, substandard, and others. The grade A segment is leading the market. Grade A maple syrup is highly pure and free from suspended particles which make them highly popular.
By application, the global maple syrup market has been segmented into food & beverages, bakery & confectionery, flavor enhancer, dairy & frozen desserts, and others. The bakery & confectionery segment is dominating the global market owing to extensive application in cake toppings, oatmeal, and other bakery products.
By distribution channel, the global maple syrup market has been segmented into store-based and non-store based distribution channel. The store-based distribution channel is the dominant segment as it provides convenience to buyers.
By region, the global maple syrup market has been segmented into North America, Asia Pacific (APAC), Europe, and the Rest of the World (RoW).
North America is the leading market for maple syrup. Burgeoning demand experienced due to expanding food & beverage industry is driving the growth of the North America market. Moreover, the Us and Canada are among the top producers and exporters of maple syrup which positions North America as a leading market.
Europe too is a significant market for maple syrup and is expected to exhibit strong growth over the forecast period. High consumer inclination towards maple syrup coupled with high demand from the bakery industry in the region supports the growth of the Europe market. France and Germany are the key contributors to the Europe market.
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DaVinci Gourmet LLC (U.S.), B&G Foods, Inc. (U.S.), Pinnacle Foods Inc. (U.S.), The Kraft Heinz Company (U.S.), Monin, Inc. (U.S.), The J. M. Smucker Company (U.S.), and Amoretti SpA (Itlay) are the key players in the global maple syrup market.
March 2019- Birch Benders, a food manufacturer, introduced a first-to-market paleo-and keto-friendly syrup line, Magic Syrup. The product is available in three variants – Classic Maple, Maple Bourbon, and Mind Body Maple. The new offerings are produced with clean, paleo-and-keto-friendly ingredients.
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