Maple Syrup Market: By Type (Red, Black, Sugar Maple), Grade (Grade A, Processing Grade, Substandard), Application (Beverages, Confectionery, Flavor Enhancer, Dairy), Distribution Channel and Region - Forecast till 2023
Pune, India -- (SBWIRE) -- 06/01/2018 -- Market Overview:
Maple syrup is extracted from the sap of maple tree. The common species selected for maple syrup extraction include the red maple, sugar maple and black maple. Presence of high sugar content in maple makes it suitable for commercial uses which primarily include maple syrup, maple sugar, maple powder, maple water, maple cream and others.
Growing awareness regarding nutrition syrups & beverages and emerging maple extract products has surged the growth of global maple syrups market. Furthermore, consumers across the globe are demanding for improved quality bakery & confectionery products which are driving the growth of maple syrups market. Maple processing industries are rigorously involved in research and development activities in order to provide different flavors and taste to maple syrup products which are anticipated to uplift the global maple syrups market.
However, appropriate temperature for harvesting and seasonal availability of raw material are some of the reasons which are likely to hamper the market growth over the review period. Also, limited availability of maple sap in many regions is anticipated to hinder the market growth over the forecast period.
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Major Key Players:
The J. M. Smucker Company (U.S.)
Amoretti SpA (Itlay)
DaVinci Gourmet LLC (U.S.)
Pinnacle Foods Inc. (U.S.)
The Kraft Heinz Company (U.S.)
Monin, Inc. (U.S.) and
B&G Foods, Inc. (U.S.)
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.
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.
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 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 channel is dominating the market based on the one-stop shopping experience.
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The global maple syrup market is segmented into Europe, North America, Asia Pacific, and rest of the world (RoW). North America is dominating the global maple syrup market followed by Europe. The U.S. accounts for a higher consumption of maple syrups in food and beverage products owing to added health aids associated with the consumption. Additionally, high demand of maple syrup as a flavoring agent in beverage industry is considered to be a key driving factor in this region.
Also, amplified use of maple syrup in North American confectionary, bakery, cereal, and dairy industry is driving the market growth in this region. Additionally, approval for the use of maple syrups in food & beverage products from Canadian food inspection agency (CFIA) is adding fuel in the growth of maple syrups market.