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The global maple syrup market size was valued at USD 1.35 billion in 2022. The market is projected to grow from USD 1.44 billion in 2023 to USD 2.28 billion by 2030, exhibiting a CAGR of 6.80% during the forecast period.
Maple syrup is a natural sweetener produced from the sap obtained from maple trees. It is specifically grown in North America, with Canada being the largest producer of this syrup. The sweetener is consumed with breakfast foods such as pancakes, cereals, waffles, and others. The syrup has a distinct flavor and sweetness profile depending on the variety of trees from which the sap is collected. It is a healthy alternative to sugar and has several health benefits, and thus commands a premium price in the market.
Increased Retail Demand Supported Maple Syrup Market Growth during the Pandemic
The COVID-19 pandemic impacted the production and marketing dynamics of the producers when it started to spread in the early months of 2020. Syrup producers in Canada and the U.S. conduct festivals during March 18-19 and March 25-26, such as “Maple Weekends” for the public to attend and taste the syrup. This disrupted the marketing plans of manufacturers as they had to identify other ways to market their products to potential customers. Online promotions and product sales increased significantly during the period.
The provincial governments in Canada undertook steps by declaring the industry as essential and reducing the risk of further losses for the farmers. This helped the farmers continue syrup production and ensure that they continued their operations even during the pandemic.
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Adoption of New Dietary Regime to Promote the Growth of the Market
Consumers are opting for environmentally sustainable dietary regimes such as veganism and similar food products. Consumers in North America, especially Canada, the United States, and European countries are opting for such diets, making vegan food products popular in these countries. It is a suitable sugar alternative for vegan consumers as they are sourced from maple trees through tapping and without harming the trees. The syrup also provides calcium, potassium, zinc and other essential minerals providing necessary nutrition to vegan diet followers. Therefore, manufacturers are targeting vegan consumers and marketing their products as a suitable addition to vegan diets to meet the increasing demand for natural and organic products.
Growing Demand for Healthy Food Products among Consumers to Boost Market Growth
Syrup derived from maple is regarded as a high value product that is claimed to be healthier and more nutritious than artificial sweeteners such as sugar. Compared to other organic sweeteners, it has emerged as a preferable choice to refined sugar for its high concentration of phenolic compounds and mineral content. The presence of organic acids, amino acids, and relevant quantities of minerals such as zinc, potassium, and manganese, makes it a unique and superior alternative.
As people are becoming more health conscious, the demand for healthier and calorie free sweeteners is also increasing rapidly. Furthermore, the rise in geriatric population globally also creates opportunity for further market expansion in new demography and supports the market growth.
Favorable Bilateral Trade Agreement Between Producing Nations and Importing Countries to Support Market Growth
It is mainly grown in North American countries due to favorable weather conditions in that region, which support the growth of maple trees. Hence, other countries worldwide rely heavily on Canada and the U.S. to procure and meet their respective market requirements. The growth in trade activities and bilateral agreements between North American countries and other nations has allowed maple producers to explore new markets and expand their business. Supportive policies such as reducing or eliminating taxes imposed on import/export create an opportunity for further market expansion and make the product accessible to consumers.
Strict Government Regulations to Impede the Market Growth
Canada and the U.S. have established stringent regulatory measures and quality control processes to ensure that the region produces only high-quality products. For instance, in the U.S. the products should not have more than 68.9% solid weight content. Similarly, Canada has also established its own grading and product packaging regulations that need to be followed by the manufacturers. Such strict regulatory measures also increase the production cost of manufacturers, and any unexpected changes can further affect their operations and profit margins.
Furthermore, the production process is time-consuming, labor-intensive, and costly, so it commands a premium price in the market. This makes the product less appealing to price-sensitive consumers and they can opt for other less expensive sweeteners such as corn syrup, honey, agave nectar, and others. This acts as a major factor restraining the growth of the market, especially in South America, the Middle East, and African countries.
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Sugar Maple is Leading Owing to the Highest Sweet Content
On the basis of source, the market is classified into sugar maple, black maple, and red maple. Sugar maple is one of the most widely used tree species used for production of syrup. Sugar maple produces sap, which is sweeter than other maple varieties; hence, syrup producers prefer to use this species for production. Black maple also has a similar sugar concentration like sugar maple and it is also used for syrup production. The sweetness content of black and sugar maple is 2%-3%.
Other maple species, such as red maple trees, have lower sugar content compared to black and sugar maple. Changes in climate conditions can significantly hamper the health of sugar maple tree species; hence, manufacturers are looking for other alternative tree species for producing syrup.
Supermarkets/Hypermarkets Segment Leads with the Highest Share Due to Availability of Wider Product Options
On the basis of distribution channel, the market is segmented into supermarkets/hypermarkets, specialty stores, online sales channels, and others. Supermarkets are the most widely adopted channels used for product purchases. They provide better and wider product options for purchasing products for consumers. Consumers in European countries prefer to purchase such products from supermarkets as they have a wider product range to select and purchase.
Specialty stores are suitable for consumers who want to enjoy specialty products, such as organic products, which are not readily available in the market. These stores provide a personalized shopping experience and increase the probability of repeat product purchases and higher brand loyalty.
The adoption of online sales channels has increased over the past few years, especially during the pandemic. Consumption of such products is growing among consumers in Europe and Asia Pacific, and the product available through online stores helps them place purchase orders from the comfort of their homes.
North America Maple Syrup Market Size, 2022 (USD Billion)
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Regionally, the market is studied across North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
North America is the major consumer and was valued at USD 1.02 billion in 2022. The U.S. is the largest importer of this product in the global market. As per data provided by the Government of Canada, the U.S. accounted for 59% of the total global export by value and 60.8% of the total global import by volume. Consumers prefer to add it on top of waffles, cakes, French toast, pancakes and bread rolls, and several other food items. It also has several nutritional properties due to which it is popular among health-conscious consumers. Canada is the major producer and exporter of the syrup. It is a symbol of Canadian culture and due to the rising popularity, surging health-conscious population as well as promotion through digital marketing, the market is gaining huge traction across the nation. The country even maintains a strategic reserve to maintain a consistent supply of the syrup to domestic markets and overseas.
Europe is the second largest consumer globally and maple products in syrup form are popular among all age groups. As per data provided by the Maple from Canada, a syrup distributor in the U.K., regular purchase of the product increased from 24% in 2019 to 32% in 2020. Although the product demand in Europe is high, the production is negligible. The region depends on import from other syrup producing nations, mainly Canada and the U.S., to meet its growing demand.
The Asia Pacific maple syrup market share is projected to be among the emerging markets and is expected to grow at a stronger pace over the next few years. Growing incorporation of natural sweeteners in diet and rising inclination toward Westernized diets are some of the major factors contributing to the rising consumption in the region. Japan, Australia, and South Korea are some of the major consumers in the region.
The rapid economic growth of GCC countries and rise in disposable income of the population in the region are impacting the consumption behavior of consumers. Consumers are shifting away from processed food products and preferring the fresh and preservative free food products. Governments have introduced several awareness campaigns and initiatives to reduce the sugar consumption among consumers. This includes health awareness campaigns by the Health Ministry of Saudi Arabia to combat obesity and diabetes, which will boost the market for maple products. It is one such viable alternative and has immense potential to meet the evolving market requirements in these countries.
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The market growth in South American countries is limited owing to the high cost of the product compared to other sweeteners available in the market. The region procures majority of its syrup from North American countries to meet the demand of consumers in the region. As it is not produced locally and the manufacturers need to depend on the import from other countries, the cost of imported product is high. This is one of the major barriers impacting the market growth in the region. Indigenously grown plants, such as agave, are also used for developing the syrup and is an economical alternative of the product.
Key Players are Adopting Innovative Product Packaging Designs to Attract New Consumers and Increase Product Sales
The major companies operating in the market are B&G Foods Inc., LB Maple Treat Corporation, Coombs Family Farms, Maple Joe, and others. The market players are working on expanding their market presence in untapped markets by collaborating with local distributors of a particular region. Some companies are launching new products in innovative packaging designs to make it easier for consumers to add it to their foods. For instance, in May 2020, Coomb’s Family Farms announced the launch of its first sprayable maple product named “Coombs Family Farms Maple Stream,” At the push of a button, the Maple Stream dispenses a specific amount of Organic, Grade A, amber colored product with no sticky mess, which makes it easier for consumers to use the bottle. Such packaging initiatives help to boost product sales in the market.
An Infographic Representation of Maple Syrup Market
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The report includes quantitative and qualitative insights into the global market. It also offers a detailed analysis of the market size and growth rate for all possible market segments. Various key insights presented in the report are an overview of related markets, competitive landscape, recent industry developments such as mergers & acquisitions, regulatory scenario in critical countries, and key industry trends.
Value (USD Billion)
CAGR of 6.80% from 2023 to 2030
By Distribution Channel
Fortune Business Insights says that the global market size was valued at USD 1.35 billion in 2022.
The market is projected to grow at a CAGR of 6.80% during the forecast period (2023-2030).
Sugar maple segment is expected to be the leading source in the global market.
Maple syrup is comparatively healthy than other sugar alternatives available in the market, which drives the market growth.
B&G Foods Inc., LB Maple Treat Corporation, and Coombs Family Farms are a few of the top players in the global market.
U.S. is expected to hold the highest market share throughout the forecast period.
Availability of cheaper alternatives impedes the market growth.
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