Maple Syrup Market Analysis

Global Maple Syrup Market Overview

Maple Syrup Market Size was valued at USD 1.59 Billion in 2023. The Maple Syrup Market industry is projected to grow from USD 1.68 Billion in 2024 to USD 2.5 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.03% during the forecast period (2024 - 2032). Growing demand for natural and organic sweeteners, as well as the growing use of maple syrup as a flavouring ingredient in the food and beverage industries are the key market drivers enhancing the market growth.

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Maple Syrup Market Trends

• Rising Bakery Product Demand Fuels Market Growth

The Market CAGR for maple syrup is being driven by the growing demand for bakery products. The number of independent households has increased over the previous several decades, as has the tendency of independent living. This is due to the rapidly growing metropolitan population, which has increasingly absorbed the Western culture of solitude. Consumer expenditure has also increased as a result of these changes, with the majority of it going toward fine dining and experience-based eating. As the number of coffee shops has grown, so has the demand for baked goods. In order to increase foot traffic, coffee shops have begun to offer breakfast combinations that frequently contain baked goods such as pancakes, bread, and cookies, among other items. Because of its low sugar content, maple syrup is predicted to emerge as a viable option to sugar syrup and honey and can be utilized as a flavouring agent in these baked items. The consistent rise in bakery product consumption is expected to support the expansion of the maple syrup industry.

During the projected period, increased health consciousness and wellness trends present a chance for maple syrup to replace sugar as the next preferred sweetener. Furthermore, the rising popularity of nutritious foods such as nuts, cereals, and energy bars, combined with improved health awareness, is propelling the industry forward. Furthermore, the rising prevalence of chronic conditions such as diabetes, cardiovascular disease, and obesity has led in increased usage of maple syrup as a sugar substitute, which is likely to drive market growth during the forecast period.

Moreover, the demand for bakery products such as waffles, pancakes, coffee cakes, and bread rolls is predicted to rise, resulting in a significant increase in the market for maple syrup. This expanding production rate has propelled the market, satiating rising demand in developing countries. Several maple syrup producers are expanding their product lines in response to the increased demand for maple syrup as a flavouring element in various culinary goods. The factors listed above are expected to fuel the growth of the maple syrup industry. Maple syrup is becoming more popular due to its sophistication, flexibility to change customer tastes, and higher nutritional content than sugar. Customers are becoming more health conscious, and maple syrup provides numerous health benefits.

For instance, Starbucks' Maple Pecan Latte, which was debuted in the fall of 2017 and immediately became a popular seasonal drink, is an example of the rising use of maple syrup as a flavouring agent. The latte is made with espresso, steamed milk, and a sweet maple pecan sauce, then topped with whipped cream and maple sugar.

Maple Syrup Market Segment Insights

Maple Syrup Source Insights

The Maple Syrup Market segmentation, based on Source includes red maple, black maple, and sugar maple. The black maple category was fastest growing segment. Antioxidants included in black maple are more convenient and healthier, and they help the market grow faster. Rising income levels are accelerating market expansion, improved consumer financial conditions, and an increase in consumption of nutritious food goods. Furthermore, the growing urbanization of the world's population and customer demand for natural and organic products drive market expansion. Furthermore, over the next several years, demand for this area is expected to be fueled by the expanding e-commerce trend.

Figure1: Maple Syrup Market, by Source, 2022 & 2032 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Maple Syrup Application Insights

The Maple Syrup Market segmentation, based on Application, includes food and beverages, bakery and confectionary, flavor enhancer, dairy and frozen desserts. In 2022, the bakery and confectionary category held a significant share. Because many people enjoy sprinkling maple sugar granules over cakes, pies, muffins, and other baked goods. The fastest expanding category, however, was flavour enhancer. The flavour enhancer is being utilized in French toast, cakes, waffles, pancakes, and bread rolls, which is expanding the market.

Maple Syrup Distribution Channel Insights

The Maple Syrup Market segmentation, based on distribution channel, includes offline and online. In 2022, the offline category held leads the market. Customers prefer offline shopping because it allows them to visually evaluate the goods before purchasing. This includes syrup in a bottle. Furthermore, the sector is expected to grow in the coming years as a result of easy access to and searching for various maple syrup products in stores.

Maple Syrup Regional Insights

By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. In 2022, North America will command a revenue share of more than 45.80% of the market. This region's growing popularity and demand for maple products is fueling market growth. Furthermore, increased consumption of healthy and nutritious food products is driving regional market expansion. Maple products are all-natural and high in potassium, calcium, and zinc. This region's increased consumption of maple products is most likely attributable to consumer sophistication, diversity of tastes, and constantly changing consumer behaviour.

Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure2: MAPLE SYRUP MARKET SHARE BY REGION 2022 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe Maple Syrup Market accounts for the second-largest market share due to the increased demand for natural and organic sweeteners, there is a growing awareness of maple syrup's health benefits.. Further, the GermanMaple Syrup Market held the largest market share, and the UK Maple Syrup Market was the fastest growing market in the European region

The Asia-Pacific Maple Syrup Market is expected to grow at the fastest CAGR from 2023 to 2032. This is because of expanding health awareness and wellness trends, as well as the region's growing population. Moreover, China’s Maple Syrup Market held the largest market share, and the Indian Maple Syrup Market was the fastest growing market in the Asia-Pacific region.

Maple Syrup Key Market Players & Competitive Insights

Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Maple Syrup Market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Maple Syrupindustry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the Maple Syrup industry to benefit clients and increase the market sector. In recent years, the Maple Syrup industry has offered some of the most significant advantages to medicine. Major players in the Maple Syrup Market, including The J. M. Smucker Company (U.S.), Pinnacle Foods Inc. (U.S.), Monin Inc. (U.S.) Amoretti SpA (Italy), DaVinci Gourmet LLC (U.S.) and others, are attempting to increase market demand by investing in research and development operations.

The Oneida Indian Nation (OIN) or Oneida Nation is an American federally recognized tribe of Oneida people. The tribe's headquarters are in Verona, New York, where the tribe began and still holds land prior to European conquest. They are an Iroquoian-speaking people who are part of the Haudenosaunee, or Five Nations of the Iroquois Confederacy. Three other federally recognized Oneida tribes exist in areas where they migrated or were relocated during and after the American Revolutionary War: one in Wisconsin and two in Ontario, Canada. In October 2022, Wähta' Maple Farm, the newest economic venture of the Oneida Indian Nation, has opened its doors. The new farm would produce premium grade and organic-certified items. This product introduction is aimed at those who prefer luxury and organic food goods.

Stonewall Kitchen is a specialized food manufacturer situated in York, Maine, USA. In 1991, the company began as a homemade products kiosk at a local farmers market and has since expanded to 42 nations. They produce jam, chutney, jellies, grill sauce, frying oil, and mustard. Jonathan King and Jim Stott founded the company as a handcrafted products kiosk at a local farmers market. The stall, which operated from a small folding table and was dubbed Stonewall Kitchen, was a hit, with all goods being sold. Stonewall Kitchen's product portfolio has grown to include vinegars, oils, pesto, jams, and baked items. After selling at several locations, the company expanded into wholesale sales. In January 2021, Stonewall Kitchen, a Maine-based specialty food maker, has announced the release of fresh organic maple syrup. This product is best enjoyed by drizzling it over vanilla ice cream and coffee.

Key Companies in the Maple Syrup market include

• The J. M. Smucker Company (U.S.)


• Pinnacle Foods Inc. (U.S.)


• Monin Inc. (U.S.)


• Amoretti SpA (Italy)


• DaVinci Gourmet LLC (U.S.)

Maple Syrup Industry Developments

March 2022, In conjunction with the American pancake restaurant chain IHOP, PepsiCo Inc. launched a limited-edition maple syrup variant of its namesake cola brand.

August 2021, B&G Foods, Inc. announced an agreement to sell its Portland, Maine, manufacturing facility and 13.5-acre waterfront property to the Institute for Digital Engineering and Life Sciences. B&G Foods intends to shift manufacturing operations for B&M, Underwood, and select other brands to third-party co-manufacturing facilities and existing B&G Foods facilities.

December 2021, The Federation of Quebec Maple Syrup Producers said that more than half of their syrup stockpile had been discharged.

Maple Syrup Market Segmentation

Maple Syrup Market Source Outlook

• Red Maple


• Black Maple


• Sugar Maple

Maple Syrup Market Application Outlook

• Food and Beverages


• Bakery and Confectionary


• Flavor Enhancer


• Dairy


• Frozen Desserts

Maple Syrup Market Distribution Channel Outlook

• Offline


• Online

Maple Syrup Regional Outlook

• North America
  
  
  
  • US
  
  
  • Canada
  
  
  
  

• Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  

• Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  

• Rest of the World
  
  
  
  • Middle East
  
  
  • Africa
  
  
  • Latin America