Maple syrup is obtained by evaporating and concentrating maple sap obtained maple tree. Maple extract contains number of organic volatile compounds like propionaldehyde, hydroxybutanone, and vanillin that aids in numerous cardiovascular diseases. Maple syrups are used to prepare variety of bakery and beverage products such as donuts, ice cream, chocolate, cookies and health drinks.
Increasing number of bakery industry along with increased use of maple syrup in bakery and confectionery products is driving the Maple Syrup Market owing to high amount of minerals such as manganese, potassium, and calcium. Maple syrup is also used as a natural sweetener in various food products which is another major factor driving the global maple syrup market. Additionally, rising demand for organic maple syrups is likely to drive the growth of the maple syrups market over the review period.
Furthermore, health benefits such as skin protection, improved digestion, and healthy heart associated with the consumption of maple syrups owing to high zinc content is adding fuel in the growth of global maple syrups market. However, seasonal availability of maple sap and high cost in processing maple syrups may hinder the market growth over the review period. Nevertheless, all these factors are projected to contribute to the estimated CAGR of 6.2% of maple syrup market during the forecast period 2017-2023.
Maple syrup is segmented on the basis of type, which includes red maple, black maple, and sugar maple syrup. Among all, the sugar maple syrup holds the major market share owing to its wide use as a flavoring agent in variety of food products.
On the basis of grade, the maple syrup market is segmented into grade A, processing grade, substandard, and others. In this segment, grade A type is dominating the market owing to its high purity and absence of suspended particles.
On the basis of application, the maple syrup market is segmented into food & beverages, bakery & confectionery, flavor enhancer, dairy & frozen desserts, and others. The bakery & confectionery segment is dominating the market owing to increasing demand for granulated maple sugar for toppings on cake, oatmeal, and other bakery products.
On the basis of the distribution channel, the market is segmented into the store-based and non-store based distribution channel. However, the store-based distribution is dominating the market based on the one-stop shopping experience.
The major players in maple syrup market
- B&G Foods, Inc. (US)
- Pinnacle Foods Inc. (US)
- The Kraft Heinz Company (US)
- The JM Smucker Company (US)
- Amoretti SpA (Itlay)
- DaVinci Gourmet LLC (US)
- Monin, Inc. (US)
The global maple syrup market is segmented into North America, Europe, Asia Pacific, and rest of the world (RoW). North America is dominating the global maple syrup market followed by Europe. US accounts for a higher consumption of syrups in food and beverage products owing to added health aids associated with the consumption. Additionally, high demand is a key driving factor in this region.
Also, the American market is driving the growth in this region. Additionally, approval for the use of maple syrups in food and beverage products from Canadian food inspection agency (CFIA) is added to the growth of maple syrups market.
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Maple syrup market is segmented on the basis of type, grade, application, distribution channel, and region.