LONDON–The global maple syrup market is expected to grow at an impressive CAGR of close to 6% during 2017-2021, according to Technavio’s latest market research.
In this market research report, Technavio covers the market outlook and growth prospects of the global maple syrup market for 2017-2021. The report further segments the market based on product (inorganic and organic), by distribution method (supermarkets and hypermarkets, convenience stores, independent retailers, and others) and, geography (Americas, EMEA and, APAC).
Technavio’s research analysts segment the global maple syrup market into the following regions:
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Americas: largest maple syrup market
The rising demand for convenience food and alternative sugar sources in the Americas has led to this region becoming the primary producer and consumer in the syrups market. The market growth is further fueled by the growing demand for syrups in industrial and non-industrial applications. Apart from this, changing consumer preferences will also contribute to market growth. Industries such as confectionery, bakery, cereal, and dairy make use of syrups.
“Due to the rise in obesity rate, maple syrup is in high demand and is considerably replacing sugar in cooking. The antioxidants present in maple syrup are essential for heart health and the immune system, which is a cause for its high demand. Additionally, there is an increase in demand for maple syrup from the confectionery and baking industries in North America, which has contributed to increased sales. Liquid glucose controls the formation of sugar crystals and therefore, it is essential in making confectionery and frozen desserts,” says Manjunath Reddy, a lead food research expert from Technavio.
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Maple syrup market in EMEA
A wide range of products such as cold cereals, beverages, snacks and bakery products focus on quality, health, and natural attributes and maple syrups are widely used in such products. In Europe, maple syrup is also an important product for soft drink manufacturers. Maple syrup is used in the preparation of cocktail, flavored beers, and Italian sodas. Therefore, the European liquor market will substantially contribute to the market growth rate.
“The formulation of new syrup products such as maple syrup by manufacturers is rising due to growing demand for low-calorie food products. These syrups are rich in antioxidants and help prevent and fight inflammatory disease, aid in protection against cancer, and protect skin health. Additionally, a variety of food products such as functional food, confectionery, desserts, baked food, snacks, and jellies are sweetened using syrups,” says Manjunath.
Maple syrup market in APAC
Countries such as Japan, Australia, China, and India have contributed to the potentially growing market for maple syrups in APAC. The growth of the maple syrup market in this region is due to the rising demand for soft drinks, tea, coffee, and mixed drinks. The demand for low-calorie sweeteners and products that contain them is rising due to the growing awareness of health problems associated with obesity. Apart from this, the importance of maintaining a healthy lifestyle has spurred the market growth.
In Japan, healthy living campaigns by the Japanese government alongside rising health consciousness among consumers and increasing aging population have resulted in increasing demand for convenient and healthy packaged food with health-boosting compounds.
The top vendors in the global maple syrup market as highlighted in this market research analysis are:
- B&G Foods
- Pinnacle Foods
- The J.M. Smucker Company
- The Kraft Heinz Company
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