Global Maple Syrup Market - 2021-2028
|出版日期||內容資訊||英文 180 Pages
|楓糖漿的全球市場(2021年∼2028年) Global Maple Syrup Market - 2021-2028|
|出版日期: 2021年08月12日||內容資訊: 英文 180 Pages||
Maple syrup, derived from the sugary sap of the maple tree, is slightly sweet, transparent, and available in light golden to darker amber colours. According to U.S. Food and Drug Administration (U.S. FDA), maple syrup is defined as the liquid food produced by concentrating and heat-treating sap from the maple tree. The solid content of the finished maple syrup shall not be less than 66% by weight. Maple syrup contains nutritional components such as vitamins, amino acids, and organic acids amongst others. Sucrose is the primary content of maple syrup along with glucose, fructose and complex carbohydrates in lesser amounts. Thus, maple syrup is perceived as a plant-derived natural sweetener. In recent times, concerns about obesity and related health problems have triggered demand for natural sweeteners. The market has also received momentum from the clean-label movement in the food industry, which is making consumers second guess their dietary choices. All of these factors, especially the fact that maple syrup is a natural sweetener, is expected to give the global maple syrup market a significant boost The global maple syrup market size valued US$ XX billion in 2020 and is estimated to reach US$ XX billion by 2028, growing at a CAGR of XX % during the forecast period (2021-2028).
Increasing utilization of maple syrup as a flavouring agent in various food production is driving the growth of maple syrup market
Maple syrup is used in a number of food & beverage categories such as the health and wellness categories, snacking and baked good segments, beverage categories, and specialty pure maple syrups and upscale packaging. As a new trend, maple flavors have recently been applied to make snacks and other foods appetizing with a more distinct flavor that adventurous consumers are interested in. Additionally, it is generally utilized as a flavor in coffee drinks by the major food and beverage companies and is being used to produce maple-flavored alcoholic beverages by the craft beer and distillery industries. The new trend of use of maple syrup such as upscale packaging and infused, specialty maple syrups are in demand among consumers searching for a more customized experience that promotes maple syrup as a more diversified food product. Maple producers are now seeking to partner with complimentary food industries and research with pure flavoring syrups to make new products in order to acquire more market share. Lastly, Many vendors are finding opportunities to increase their market share in large consumer markets such as Australia and developing markets like South Korea and China.
Moreover, due to the increase in health awareness among consumers and the numerous benefits of maple syrup, it can be marketed as a healthful, alternative sweetener to sugar and corn syrup. It is one of the main reasons for the sharp increase in consumption of maple syrup as it is sophisticated and brings diversity in consumer tastes along with high nutrition value than sugar. According to Co-founder of Runamok Maple, consumers are much more focused on the quality of the food, the derivation of it, and the new application of their eating habits. It is observed that increased demand for specialty flavours, sophisticated tastes, and local products is in high trend for changes in diet among health-conscious consumers of Europe and North America. Due to the growing preference for healthy natural food, maple is now promoted as an all-natural sweetener with a high mineral count and antioxidant content.
However, trade disputes between countries can result in instability in prices and even restrain growth rates. For instance, Canada was besieged in a trade war with USA, which greatly affected the production value of maple syrup. After the U.S. forced duties of 25 percent on Canadian steel and 10 percent on aluminium, Canada hit back with its own tariffs ranging from 10-25 percent on a number of U.S. products such as orange juice, whiskey, toilet paper, yogurt, and maple syrup. Implementation of the 10 percent sugar and syrup tariff has negatively impacted U.S. states exporting syrup to Canada. Other than that ongoing trade war between China and USA, the two biggest economies also hinder the expansion of the maple syrup market.
Bakery segment is expected to grow at the fastest CAGR during the forecast period (2021-2028)
Traditionally, maple syrup is always used as toppings in bakery product preparation and is a traditional food for many Canadian consumers as well as sophisticated European consumers. Traditionally maple syrup is widely used in pancakes for flavoring purposes. Dark maple syrup is mainly used for baking due to its strong test. Maple syrup is not only widely used on breakfast foods such as pancakes and waffles, but it can also be used for the production of maple candies with a range of textures. For instance, it can be produced as sticky maple taffy or hard, molded maple sugar candy. Maple syrup is also used in the preparation of a variety of alcoholic beverages. For a traditional Canadian beverage, Canadian whisky and Canadian Maple Syrup are the main ingredients. For instance, popular whiskey brands such as Crown Royal have introduced maple-finished whiskeys as recently as 2013. Other examples such as Vermont distilleries like Elm Brook Farm make spirits derived from 100 percent pure maple syrup comprising two barrel-aged spirits reminiscent of cognac or whiskey as well as a sipping vodka.
Additionally, maple syrup is traditionally used in many households in the preparation of breakfasts such as pancakes, snacks and cereals. The growing innovation in terms of the application of maple syrup other than sugar alternative for creating new type of flavors is driving the growth of the maple syrup market.
North America region holds the largest market share in global maple syrup
North America is expected to hold the largest market share in the global maple syrup market due to the presence of key market players as well as increasing demand from consumers. Due to the favorable environment for maple trees, the Americas (including North, South, and Central America), especially Canada and USA hold the largest share of the market at about 55 percent. For instance, USA is the second-largest producer of maple syrup and the biggest consumer of this product and is accounted for about 50% of the import value of world maple syrup products. The Canadian maple syrup industry accounts for approximately 71% of the world's maple syrup production and is the leading global producer of maple products. However, Canada's share has decreased by 9%, due to rising competition from the United States. The province of Quebec alone accounts for 92% of the country's maple syrup product distribution in Canada. According to the estimates from the Federation of Quebec Maple Syrup Producers in 2017, 80% of the global demand of maple syrup was from Canada. In addition, approximately 85-90% of the maple syrup produced in Canada was from Quebec. The Federation of Quebec Maple Syrup Producers and Vermont Maple Sugar Makers' Association are the two major cartels producing a major chunk of maple syrup.
In recent years, maple syrup has also gained popularity in Asia Pacific and Europe. Japan and Australia are also expected to reflect favourable growth in the near future. Japan uses maple syrup widely as sweet condiment in food products, which is driving the market growth in the country. For Canada, these two countries remain amongst of the top five export destination for maple syrup.
The maple syrup market is moderately competitive with presence of local as well as global companies. Some of the key players which are contributing to the growth of the market include B&G Foods, The J.M. Smucker Company, Federation of Quebec Maple Syrup Producers and Les Industries Bernard et Fils Ltee among others. Federation of Quebec Maple Syrup Producers, a government federation, occupies a prominent share in the global market share. The federation has 7,300 maple syrup producers. The companies are expected to expand their business by enhancing their product portfolio in global maple syrup market. Product launches is one of the key strategies followed by key players to increase their market share. For instance, in 2019 a food giant General Mills launched a maple-flavoured breakfast cereal under the brand name of Maple Cheerios. The Quebec Maple Syrup Producers Association's strategy is to increase sales volume by 66 percent and sales agency revenue by 63 percent by 2023, expand agency sales growth among various end-users.
COVID-19 Impact: Pandemic had a negative impact on global maple syrup market
The maple syrup industry has been negatively affected by the Covid-19 pandemic in terms of supply chain disruption, the inability to deliver maple products as well as cancellation of promotional events. Due to panic purchase by many consumers in USA and Europe as well as lockdown scenario in 2020, maple syrup trade was hindered which has created supply-demand gap even if Canadian Quebec authorities reassured buyers of presence of sufficient number of raw materials. Additionally, the cancellation of events to promote maple syrup also has greatly affected many producers who depend on local markets and direct to consumers sales. For instance, in 2020, Maine maple syrup producers were negatively impacted by the short season from late February to mid-April and heavy reliance on direct-to-consumer sales other than Covid-19. Due to the pandemic, the yearly event of Maple Sunday was canceled in Maine, which has served as a major catalyst for maple syrup sales in previous years. Because of the COVID-19 pandemic, Sprague's Maple Farms in Portville and one of the state's leading industries is tapped out.