Maple Syrup Market Share, Size, Trends, Industry Analysis Report, By Source (Red Maple, Black Maple, Sugar Maple), By Distribution Channel (Offline, Online), By Region, And Segment Forecasts, 2024 - 2032
- Published Date:Jan-2024
- Pages: 116
- Format: PDF
- Report ID: PM3784
- Base Year: 2023
- Historical Data: 2019-2022
The global maple syrup market was valued at USD 1464.46 million in 2023 and is expected to grow at a CAGR of 6.50% during the forecast period.
Market is experiencing a surge in growth, driven by the growing adoption of the maple syrup in various industries such as bakery, confectionery, & dairy for use as a topping. Additionally, the substantial rise in maple product consumption can be attributed to factors such as evolving consumer preferences, diverse tastes, and changing consumer behaviors. Furthermore, the increasing global demand for organic & natural products is expected to boost market forward.
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Maple syrup is a syrup extracted from the xylem sap of maple trees. Market is set to witness growth during the forecast period due to the rising consumer preference for natural and organic sweeteners. Additionally, the increasing prevalence of chronic diseases like diabetes, cardiovascular diseases, and obesity has led to a greater adoption of maple syrup as a sugar substitute, further fueling the market's expansion in the projected years.
Maple syrup to emerge as a preferred sugar substitute, driven by the increasing health awareness and wellness trends among consumers. Additionally, the growing popularity of healthy snacks like nuts, cereals, and energy bars, coupled with heightened health consciousness, is contributing to the market's growth. To ensure product quality, various countries like the U.S, Canada, Germany, the U.K., & France have implemented stringent government guidelines. These published federal rules and guidelines maintain the hygienic standards of maple syrup products for safe consumption.
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Rising development of innovative products
A significant trend driving the maple syrup market is the ongoing development of innovative products and appealing packaging, particularly in emerging economies. This trend leads to increased demand for maple syrup products. Furthermore, both independent producers and large-scale food companies utilize maple syrup as a flavoring agent in various condiments, such as savory dressings, mustards, sauces, and spices, which contributes to the market's growth. Moreover, key market players are making substantial investments in advertising campaigns, promotional activities, and social media marketing, which are expected to further drive market growth during the forecast period.
The market is primarily segmented based on source, distribution channel, and region.
By Distribution Channel
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By Distribution Channel Analysis
Offline segment accounted for the largest share in 2022
Offline accounted for major global share. Offline purchasing is driven by consumers' inclination to physically verify the quality of consumer goods, groceries, and packaged syrup products before making a purchase. The ease of access and exploration of various maple syrup products offered in stores is expected to further propel the growth of this segment in the upcoming years.
Moreover, the increasing popularity of supermarkets, convenience stores, and malls has contributed to the offline channel's dominance. These retail formats attract consumers with their diverse offerings of consumer goods, all conveniently available under one roof. In developing economies, the rising urbanization and competitive pricing have played a significant role in driving the popularity of offline channels among consumers.
Online segment is likely to register highest growth rate. This substantial growth can be attributed to the rapid expansion of internet usage worldwide, which has led to a significant boost in the e-commerce sector. As a result, there is a surge in demand for maple syrup products in the online marketplace. Additionally, numerous manufacturers are capitalizing on this trend by selling their products not only on their official websites but also on various e-commerce platforms, further fueling the market's growth during the forecast period.
By Source analysis
Sugar maple segment expected to hold substantial market share in 2022
Sugar maple segment is projected to hold significant market share. The growing popularity and consumption of bakery and confectionery products are playing a key role in driving the market's growth. Furthermore, the rising demand for packaged maple products for both household consumption and application in the food industry will serve as another driving force for the market during the forecast period.
Black maple segment witnessed steady growth. The black maple variety holds several advantages, such as convenience, health benefits, and high antioxidant content, which are contributing to its accelerated market growth. As consumers' income levels rise and economic conditions improve globally, there is a noticeable increase in the consumption of balanced and nutritious food products, further driving the demand. Moreover, the growing preference for natural and organic products among consumers, along with the ongoing trend of urbanization worldwide, is also fueling the market's expansion. Additionally, the surge in e-commerce activities is expected to play a significant role in driving demand for the segment.
North America region dominated the global market in 2022
North America dominated the global market. The region's market growth is being driven by the growing popularity and demand for various maple products. Furthermore, the increasing trend of consuming healthy and nutritious food products is also a significant factor propelling the market's expansion in this region. Maple products, known for their natural goodness and rich nutrient content, including potassium, calcium, and zinc, are highly favored by consumers. The rising consumption of these products can be attributed to the region's sophistication, diverse consumer preferences, and the continuously evolving behavior of consumers.
APAC is likely to emerge as fastest growing region. This significant expansion is driven by the presence of a substantial consumer base for maple products in countries like Japan, Australia, & South Korea, which is fueling the regional demand. Furthermore, the region is expected to exhibit accelerated growth during the forecast period, primarily due to increasing health awareness and a focus on wellness trends among consumers in the region. Additionally, the rising population in the area contributes to the growing demand for maple syrup and related products.
However, certain factors pose challenges to the market's growth in the region. The high costs associated with importing maple syrup from the U.S. and Canada, coupled with uncertain pricing dynamics, create obstacles for market expansion. Moreover, the presence of off-flavored syrups negatively impacts consumer perceptions and hinders the overall market growth.
Europe garnered the substantial share. European consumers have developed a strong affinity for maple syrup, appreciating its unique flavor profile and versatility. As maple syrup continues to gain popularity as a natural and premium sweetener, it is increasingly used in various food and beverage applications, including desserts, breakfast items, and even savory dishes. This elevated consumption across European countries contributes to the sustained demand for maple syrup in the region.
Europe is home to countries with relatively high per capita income levels and strong purchasing power, enabling consumers to afford premium food products. As maple syrup is considered a gourmet and indulgent product, consumers in Europe are willing to spend more on such offerings. The region's overall economic stability and higher disposable incomes contribute to consumers' ability to opt for quality maple syrup products, driving revenue generation for the industry.
Key Market Players & Competitive Insights
In the maple syrup industry, manufacturers and suppliers are anticipated to prioritize logistic development and bolstering their distribution channels as part of their business advancement strategies. Key market players are making significant investments in advertising campaigns, promotional activities, and social media marketing to expand their market reach worldwide. Notably, Coombs Family Farms has taken an innovative approach by introducing the first Maple Stream, allowing spray-able maple syrup at the push of a button. Such initiatives are expected to accelerate the product's adoption among consumers on a global scale.
Some of the major players operating in the global market:
- B & G Foods
- Bascom Maple Farms
- Butternut Mountain Farm
- Conagra Brands
- Coombs Family Farms
- Federation of Quebec Maple Syrup
- LB Maple Treat
- Ferguson Farm Maple Syrup
- Smucker Co.
- In June 2022, Valeo Foods, a distributor with a global presence in over 100 countries, has acquired Les Industries Bernard et Fils Ltee. This strategic acquisition is expected to significantly enhance Bernard's market reach and presence. With the support and resources of Valeo Foods, Bernard's revenue is projected to double in the foreseeable future.
Maple Syrup Market Report Scope
Market size value in 2024
USD 1555.84 million
Revenue forecast in 2032
USD 2,576.82 million
6.50% from 2024 – 2032
2019 – 2022
2024 – 2032
Revenue in USD million and CAGR from 2024 to 2032
By Source, By Distribution Channel, By Region
North America, Europe, Asia Pacific, Latin America; Middle East & Africa
Report customization as per your requirements with respect to countries, region and segmentation.
key companies in maple syrup market are source, distribution channel, and region.
The global maple syrup market is expected to grow at a CAGR of 6.5% during the forecast period.
The maple syrup market report covering key segments are source, distribution channel, and region.
key driving factors in industrial maple syrup market are rising development of innovative products.
The global maple syrup market size is expected to reach USD 2,576.82 million by 2032.