Maple Syrup Market Overview
The Maple Syrup Market is estimated to reach $ 2.18 billion by 2030. The market will witness a CAGR of 6.2% during the forecasted period of 2022 to 2030.
The Canada maple syrup market is thriving, driven by the country's reputation as a leading producer of high-quality maple syrup. Canada accounts for the majority of global maple syrup production, with the provinces of Quebec and Ontario being the largest producers.
Maple syrup is made using the sap of sugar maple trees. Maple syrup has been consumed in different parts of the world for several centuries. It is a popular natural sweetener because it is more nutritional and healthier than sugar. A major portion of the globe’s maple syrup is produced in Quebec, situated in eastern Canada. The demand for transparent sugary is on the rise among health-conscious people as it contains amino acids and vitamins that are required by the body. During the forecasted period, the demand in the maple syrup market will rise due to increasing awareness regarding maple syrup. The technique used to create maple syrup can enhance the nutritional value added to the body by consuming it.
As the demand for maple syrup is on the rise, the competitive intensity in the global Maple Syrup Market has increased substantially. Businesses are investing in research and development areas to create high-quality maple syrup for customers and, thereby, thrive in the competitive market. The competitive intensity will increase due to a demand for tastier and nutritional alternatives to sugar.
Key player
Prominent players in the global market include B&G Foods Inc. (U.S.), The Kraft Heinz Company (U.S.), The J. M. Smucker Company (U.S.), Pinnacle Foods Inc. (U.S.), and Monin Inc. (U.S.) Amoretti SpA (Italy), DaVinci Gourmet LLC (U.S.), among others.
Market Segments
The global Maple Syrup Market can be segmented into type, grade, and application.
Based on type, the market is broken down into Black Maple, Red Maple and Sugar Maple. Based on grade, the market can be bifurcated into four distinctive grades: Grade A, Processing grade, Substandard grade and Others. The popularity of Grade A types is highest since it is the purest form of maple syrup. Based on application, the sub-divisions of the market include Bakery and Confectionary, Food and Beverages, Flavor Enhancers, Dairy and Frozen Desserts. The Bakery and Confectionery segment dominates as maple syrup is extensively used on top of pies, cakes, muffins and other bakery items.
Industry News
June 2022 - The Kraft Heinz Company, a reputed business in Maple Syrup Market, announced in late June 2022 that it had entered into a virtual power purchase agreement with BHE Renewables, a subsidiary of Berkshire Hathaway Energy. The company intends to buy renewable energy for its business operations in the U.S. This sustainable decision will help The Kraft Heinz Company offset over 15 % of the energy used at its manufacturing locations by the latter part of 2022.
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