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The escalating consumer base who is switching from artificial sweetener consumption to the natural sweetener consumption is predicted to drive the global market for maple syrup. The increasing prevalence of various diseases such as cardiovascular diseases, diabetes, and obesity due to consumption of sugar is expected to propel the market for natural sweeteners such as maple, honey, and others.
Maple syrup is extensively used as topping for a wide range of food products such as waffles, French toast, pancakes, bread rolls, and cakes. Maple syrup is also utilized as a flavoring agent in various food products such as ice-cream, fresh donuts, baked fruits and vegetables, hot cereals, and sausages. The rising adoption of maple syrup by the prominent market players for the food topping and flavoring is predicted to be a favorable factor for the market growth in the upcoming years. For instance, in October 2018, KFC announced the launch of Fried Chicken Waffle Burger. The new product is made with the Spicy KFC Zinger fillet and crispy chicken strips topped off with a drizzle of maple syrup.
The rising opportunities for the maple syrup in the bakery industry owing to the increasing demand for baked goods such as waffles, cakes, pastries, and bread rolls is attributed to the growth of this market. The various nutritional benefits offered by the maple syrup are anticipated to drive the market in forthcoming years. For instance, maple syrup is loaded with minerals such as zinc & manganese on top of that maple syrup is a good source of antioxidants which are helpful for the regularity functions of the body. The increasing uses of maple syrup as a food condiment in the preparation of popcorns, baked veggies, and others are expected to boost the demand for maple syrup. Maple syrup is widely used in the HoReCa sector as a food topping agent to make the food more appealing and tasty. The granulated maple sugar is widely used as a topping on cakes, pastries, oatmeal, and others. Furthermore, the various players operating in the global maple syrup market are providing innovative products with attractive packaging. For instance, in July 2016, Ohly has expanded its product portfolio with the launch of a new Maple Syrup Specialty Powder. The company claimed that the product is made with 100% Canadian maple syrup.
The stringent rules and regulations about the organic and natural maple syrup launches are expected to hamper the market growth. For instance, according to the Food & Drug Administration (FDA), single ingredients products such as pure honey, maple syrup, and others should include the percent Daily Value (DV) of the added sugar.
Key Market Driver -
Increasing Global Demand for Maple Syrup from Food & Beverage Industry
Key Market Restraint -
Stringent Rules and Regulations about the launch of Single-ingredients Product
The prominent players operating in the global maple syrup market are, Vermont Maple Sugar Makers, New Hampshire Maple Producers Association Inc., Bascom Family Farms, H.J. Heinz Company, Ontario Maple Syrup Producers Association, New York State Maple Producers Association, The J.M. Smucker Company, Federation of Quebec Maple Syrup Producers, B&G Foods, and Others
Maple syrup made from sugar maple is anticipated to hold a significant share in the global market of maple syrup. The attractive brown color and sweet taste of the maple syrup made with sugar maple are attributed to the increasing use of maple syrup across the HoReCa sector. Furthermore, the easy product availability and presence of various flavor-infused products are attributed to the increasing consumption of sugar maple. For instance, in August 2018, Runamok Maple, U.S. - based brand has expanded its product portfolio with the launch of Jasmine Tea-infused Maple Syrup variant.
The sale of maple syrup through supermarkets/hypermarkets is expected to remain high throughout the forecast years. The increasing number of well-organized supermarkets and hypermarkets along with the easy availability of maple syrup from different brands is attributed to the increased sales from the sales channel. The availability of cheaper as well as imported maple syrup will help consumers to make wise decisions about the product purchase. The various benefits offered by them such as discounts, schemes, and bulk purchases are anticipated to leverage the sales through hypermarkets and supermarkets positively. Moreover, the growing inclination of consumers towards online shopping is expected to boost the sales of maple syrup through various e-commerce sites and channels.
North America is anticipated to witness robust growth in the global maple syrup market in the forthcoming years. The increasing demand for maple syrup as an ideal alternative to sugar is expected to propel the market growth. The Canadian maple syrup industry is one of the leading maple syrup producers and distributors across North America. The easy product availability due to the presence of prominent market players such as Vermont Maple Sugar Makers, Federation of Quebec Maple Syrup Producers within the region is anticipated to leverage the market positively.
The Asia Pacific market is expected to hold a considerable amount of share in the global market of maple syrup during the forthcoming years. The increasing health awareness among consumers is aiding in escalating the demand for natural sweeteners such as maple syrup and honey across the region. The flourishing HoReCa sector within the region is attributed to the increasing consumption of waffles, pancakes, fresh toast, and others which in turn is projected to propel the demand for maple syrup. The rapid urbanization, increasing disposable income, and changing lifestyle are some of the favorable factors for increasing household consumption of maple syrup within the region.
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