The Maple Syrup Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s 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 growth in the historic period can be attributed to growth of health consciousness, increased awareness of natural products, expansion of maple production, e-commerce growth, government support and regulations.
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%. The growth in the forecast period can be attributed to sustainable and eco-friendly image, diversification of product offerings, recognition of maple syrup grades, rising demand for artisanal and local products, global cuisine fusion. Major trends in the forecast period include innovation in maple-flavored products, promotion of health benefits, technological innovations, sustainable and responsible sourcing, investments in marketing and promotion.
Rising demand for baked goods is expected to propel the growth of the maple syrup market going forward. Baked goods refer to items created from baked dough or batter, including bread, desserts such as cakes, cookies, and other sweet goods. Using maple syrup in baked goods adds a rich flavor and a natural sweetness to any recipe. Whether employed as a flavor enhancer or a primary sweetener, maple syrup gives baked goods a warm, nuanced touch that makes them even more appealing and fuels the market for maple syrup. For instance, in April 2023, according to the report published by Agriculture and Agri-Food Canada, a department of the Government of Canada, the global retail sales of baked goods reached a total of $407.2 billion in 2021. Therefore, the rising demand for baked goods is driving the growth of the maple syrup market.
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The maple syrup market covered in this report is segmented –
1) By Source: Sugar Maple, Black Maple, Red Maple
2) By Application: Food And Beverages, Bakery And Confectionary, Flavor Enhancer, Dairy, Frozen Desserts
3) By Distribution Channel: Supermarket And Hypermarket, Convenience Store, Specialty Stores, Online Retail Stores, Other Distribution Channels
Product innovations are a key trend gaining popularity in the maple syrup market. Major companies operating in the maple syrup market are developing innovative products to sustain their position in the market. For instance, in January 2023, Protein Rebel Ltd, a UK-based manufacturer of protein-based food, beverages, and tobacco, launched Maple Ignite, a pure maple syrup energy gel, for the first time in the UK. Maple Ignite is marketed to enhance endurance sports like running and cycling. It is made from light maple syrup from Canadian maple trees and combined with sea salt.
The maple syrup market report table of contents includes:
1. Executive Summary
2.Maple Syrup Market Characteristics
3. Maple Syrup Market Trends And Strategies
4. Maple Syrup market analysis
5.Maple Syrup Market Size And Growth
6.Maple Syrup Segmentation
7.Maple Syrup Regional And Country Analysis
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27.Maple Syrup Competitive Landscape And Company Profiles
28.Maple Syrup Key Mergers And Acquisitions
29. Maple Syrup Future Outlook and Potential Analysis
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