Maple Syrup Global Market Report 2024

The maple syrup market size has grown strongly in recent years. It will grow from $1.51 billion in 2023 to $1.61 billion in 2024 at a compound annual growth rate (CAGR) of 6.5%. The expansion observed in the historical period can be attributed to several key factors. This includes the growing emphasis on health consciousness among consumers, heightened awareness of natural products, the expansion of maple production capabilities, the significant growth of e-commerce platforms, and supportive government regulations. These elements collectively contributed to the positive trajectory and development within the specified timeframe.

The maple syrup market size is expected to see strong growth in the next few years. It will grow to $2.1 billion in 2028 at a compound annual growth rate (CAGR) of 6.9%. Anticipated growth in the forecast period is driven by several factors, including the establishment of a sustainable and eco-friendly image, strategic diversification of product offerings, increased awareness and recognition of maple syrup grades, a rising consumer demand for artisanal and local products, and the incorporation of global cuisine fusion. Notable trends in this projected period encompass innovation in maple-flavored products, the promotion of health benefits associated with maple syrup consumption, ongoing technological advancements, a commitment to sustainable and responsible sourcing practices, and substantial investments in marketing and promotional initiatives. These trends collectively shape and contribute to the expected growth in the specified forecast timeframe.

The growth trajectory of the maple syrup market is anticipated to be significantly influenced by the increasing demand for baked goods. Baked goods, encompassing a variety of items crafted from baked dough or batter, such as bread and desserts such as cakes and cookies, are poised to experience elevated market demand. The incorporation of maple syrup into baked goods serves to impart a rich flavor and natural sweetness to recipes, contributing to the enhanced appeal of these products. Whether utilized as a flavor enhancer or a primary sweetening agent, maple syrup brings a warm and nuanced touch to baked goods, thereby driving its market growth. Notably, a report by Agriculture and Agri-Food Canada revealed that global retail sales of baked goods reached $407.2 billion in 2021, underscoring the pivotal role of rising baked goods demand in propelling the maple syrup market forward.

The maple syrup market is expected to witness growth propelled by an increasing demand for organic and natural products. Organic and natural products, characterized by their production without synthetic chemicals, pesticides, GMOs, or artificial additives, have garnered heightened consumer interest, particularly in the realm of maple syrup. Positioned as a healthier alternative to refined sugars and artificial sweeteners, organic and natural maple syrup is sought after for perceived benefits such as antioxidants and mineral content. Notably, in July 2022, Gillco, a US-based food manufacturer specializing in organic ingredients, reported a steady increase in organic food sales, reaching $57.5 billion in 2021. This surge underscores the growing consumer preference for organic and natural products, thereby driving the growth of the maple syrup market.

A prominent trend shaping the maple syrup market is the emphasis on product innovations, with major companies actively engaging in the development of novel offerings to secure and enhance their market positions. An illustrative example is Protein Rebel Ltd., a UK-based manufacturer specializing in protein-based food, beverages, and tobacco, which introduced Maple Ignite in January 2023. Positioned as a pure maple syrup energy gel, this innovative product targets endurance sports enthusiasts, such as runners and cyclists. Crafted from light maple syrup sourced from Canadian maple trees and infused with sea salt, Maple Ignite represents a pioneering addition to the UK market.

Strategic partnerships and collaborations are pivotal strategies adopted by major companies in the maple syrup market to diversify their product and service offerings. This strategic approach enables companies to expand both their product portfolio and geographical reach. Noteworthy is the collaboration between Pepsi, a US-based food, snack, and beverage corporation, and IHOP (International House of Pancakes) in March 2022. This collaboration resulted in the introduction of Pepsi Maple Syrup Cola, a highly limited-edition flavor that combines the indulgent profile of maple syrup with the crisp, refreshing caramel notes characteristic of Pepsi. Such collaborations leverage the strengths of each partner, fostering innovation and market expansion.

In May 2022, Valeo Foods, an Ireland-based producer of food and beverage products, executed a significant acquisition by obtaining Les Industries Bernard & Fils Ltée, a Canada-based manufacturer of maple syrup, for an undisclosed amount. This strategic move is anticipated to augment Valeo Foods' extensive portfolio of beloved food brands and leverage its global supply chain and connections with major food retailers, facilitating accelerated global expansion. The acquisition of Les Industries Bernard & Fils Ltée exemplifies the ongoing trend of major companies strategically expanding through acquisitions to reinforce their market presence and offerings in the maple syrup industry.

Major companies operating in the maple syrup market report are The Kroger Co., The Kraft Heinz Company, Wegmans Food Markets, The J.M. Smucker Company, Coombs Family Farms, B&G Foods Inc., Rogers Sugar Inc., NYS Maple Producers Association, Stonewall Kitchen, Maple Grove Farms, Bascom Maple Farms Inc., American Garden, The Maple Treat Corporation, Wild Harvest Organic, Thompsontown Maple Products, Shady Maple Farms, Butternut Mountain Farm, Vermont Maple Sugar Makers' Association, Ontario Maple Syrup Producers' Association, New Hampshire Maple Producers Association Inc., Federation of Quebec Maple Syrup Producers, Industries Bernard & Fils, Hidden Springs Maple, The Maple Dude, Pfeil Family Maple Farm, Spring Tree Maple Syrup.

North America was the largest region in the maple syrup market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the maple syrup market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the maple syrup market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary sources of maple syrup production include the sugar maple, black maple, and red maple trees. Notably, the sugar maple, also known as hard maple or rock maple, is a deciduous tree integral to the syrup-making process. The versatile applications of maple syrup span across various sectors, including food and beverages, bakery and confectionery, flavor enhancement, and dairy products. Its distribution encompasses a diverse range of channels, including supermarkets, hypermarkets, convenience stores, specialty retailers, and online platforms, ensuring broad accessibility for consumers.

The maple syrup market research report is one of a series of new reports that provides maple syrup market statistics, including maple syrup industry global market size, regional shares, competitors with maple syrup market share, detailed maple syrup market segments, market trends, and opportunities, and any further data you may need to thrive in the maple syrup industry. This maple syrup market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The maple syrup market consists of sales of boxelder maple and silver maple. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.