Analysis of COVID-19 Crisis-driven Growth Opportunities in Maple Syrup Market
Maple syrup is made from xylem sap of three common species maple trees which includes the red maple (Acer rubrum), the sugar maple (Acer saccharum) and the black maple (Acer nigrum) and contains high sugar content in the sap. Various species of maple trees are selected and holes are drilled into their trunks from which the exuded sap is collected, which is then processed by the heating method and concentrated syrup is collected. Other maple syrup sources include box elder of Manitoba maple (Acer negundo), the bigleaf maple (Acer macrophyllum) and the silver maple (Acer saccharinum). Maple syrup consists of a range of volatile organic compounds which includes hydroxybutanone, vanillin and propionaldehyde. Maple syrup contains various flavors such as malto, strawberry furanone and furanone. Maple syrup is widely used as toppings for various bakery products such as waffles, cakes, pancakes, bread rolls, and French toast. Maple syrup is also used for flavoring a wide range of food products such as hot cereal, ice cream, sausages, fruit juices, corn fritters, baked beans, baking powder, fresh donuts and baked apples. Maple syrup is also used as an alternative to honey in wine mead.
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Global Maple syrup: Market Segmentation
The global maple syrup market is segmented on the basis of raw material, application, distribution channel, and region. The maple syrup market is segmented on the basis of raw material which includes the red maple, the black maple, and the sugar maple. Maple syrup made from sugar maple is used widely for flavoring a variety of food products. The global maple syrup market is segmented on the basis of application in which maple syrup is used as a flavoring agent in bakery products such as baking powder, waffles, pancakes, French toast and oatmeal. Granulated maple sugar is used as a topping on coffee cake, oatmeal, grapefruit or crumb cake. The global maple syrup market is segmented on the basis of distribution channel such as online stores, retail stores, and super/hyper market. Hence, the global maple syrup market is expected to significantly increase the revenue contribution over the forecast period.
Global Maple syrup Market: Regional Outlook
Geographically, the global maple syrup industry can be divided by major regions which include North America, Latin America, Europe, Asia Pacific and Middle East and Africa. Globally, among all regions, North America has developed as the dominant region in global maple syrup market. Increasing demand for maple syrup as a flavoring agent in various food products, has strengthened the growth of global maple syrup market and hence is projected to significantly expand the revenue contribution of the market over the forecast period.
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Global Maple syrup Market: Growth Drivers
The global maple syrup market driving factors are increasing demand for baking foods such as pancakes, waffles, bread rolls and coffee cake. Increasing opportunities in bakery industry is also another factor in driving the maple syrup market along with rising in the production of maple syrup as it contains an abundant 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.
Many maple syrup producers are providing healthier product offerings based on the increasing demand for maple syrup as a flavoring agent in a variety of food products. Hence, the global maple syrup market is expected to observe robust growth over the forecast period.
Global Maple syrup Market: Key Players
Some of the key players identified across the value chain of the global maple syrup market include Ontario Maple Syrup Producers Association, New Hampshire Maple Producers Association, Inc., New York State Maple Producers Association, Pennsylvania Maple Association, Michigan Maple Syrup Association, Thompson’s Maple Products, Bascom Family Farms, H.J. Heinz Company and Vermont Maple Sugar Makers Association. The companies are expected to expand their business by enhancing their product portfolio in global maple syrup market. The companies are projected to frame certain strategies in future in order to gain the competitive advantage in global maple syrup market till 2025.
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This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers’ or customers’ journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
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The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
