Novel Packaging Designs to Fuel Maple Syrup Market Growth till 2023

15/set/2020 12:29:42 Pradeep Z Contatta l'autore

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The global maple syrup market is predicted to expand at a CAGR of 6.2% during the forecast period (2017-2023), asserts Market Research Future (MRFR) in its latest report. Health benefits associated with maple syrup amid increasing demand by consumers for fitness-elevating foods are likely to drive the market growth.

Maple syrup is extracted from the sap present in maple trees. Presence of hydroxybutanone, vanillin, and propionaldehyde in the sweet condiment is expected to drive its demand among food and beverage manufacturers. Differentiation of flavors by bakery and confectionery manufacturers is likely to induce the demand for maple syrup. Its high zinc content level which contains vital nutrients is projected to fuel the maple syrup market growth.

The packaging of maple syrup plays a major role in attracting consumers. Emphasis placed on design, bottle shape, and long shelf life can widen the consumer base of manufacturers. Syrup manufacturers are collaborating with packaging experts to redesign their brand and provide their sales a much-needed boost.

Campaigns and advertisements play a major role in attracting consumer interest. For instance, Liquid, a U.K. firm, is pushing for the product to be adopted across kitchens via its “We Love Maple” campaign. The successful traction of the campaign can net the company sufficient footfall in terms of sales and customers and bolster the maple syrup market demand.

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Distribution partnerships with supermarket and hypermarket chains are touted to augur well for the maple syrup market. High demand for natural and organic flavors is likely to elicit the demand for maple, a tree rich in sucrose content. Innovation of new flavors such as bourbon-barrel aged maple syrup with salted caramel or vanilla bean can generate interest among consumers.

Trade disputes between countries can also fluctuate maple syrup prices and act as a growth deterrent. High processing costs and unavailability of maple in all seasons can hamper its growth.

Segmentation

The global Maple syrup market growth has been segmented based on type, grade, application, and distribution channel.

By type, the global maple syrup market has been segmented into red maple, black maple, and sugar maple syrup. The sugar maple syrup segment is the dominating segment.

By grade, the global maple syrup market has been segmented into grade A, processing grade, substandard, and others.

By application, the global maple syrup market has been segmented into food & beverages, bakery & confectionery, flavor enhancer, dairy & frozen desserts, and others.

By distribution channel, the global maple syrup market has been segmented into store-based and non-store based distribution channel.

Regional Analysis

The regional analysis of the global maple syrup market spans across North America, Europe, Asia Pacific, and the Rest of the world. North America has been projected to dominate the maximum share of the global market owing to the high demand witnessed from the booming beverage industry. The product has penetrated the dessert industry of the region as a flavoring agent. This, in turn, has catapulted the market on an upward trajectory for the next couple of years. Furthermore, the growing maple syrup demand in the U.S., to be used in a wide range of food products such as donuts hot cereal, sausages, fruit juices, ice cream, baked beans, and other bakery products, is prognosticated to contribute significantly towards the expansion of the market.

Europe is likely to exhibit a similar trend as that of North America over the assessment period. The region resonates strong growth opportunities and has witnessed an upsurge in demand over the last few years. The trend has been forecasted to continue in the foreseeable future, thus, augmenting the maple syrup market across the review period. Furthermore, the changes in consumer behavior pattern inclined towards organic maple syrup have opened new avenues of growth for the market participants. Germany and France are expected to benefit substantially from the growth in the demand for organic maple syrup.

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Competitive Landscape

The notable players operating in the global maple syrup market include DaVinci Gourmet LLC (U.S.), Amoretti SpA (Itlay), B&G Foods, Inc. (U.S.), The Kraft Heinz Company (U.S.), The J. M. Smucker Company (U.S.), Pinnacle Foods Inc. (U.S.), and Monin, Inc. (U.S.).

Industry Updates

In January 2019, The Vermont Maple Company has introduced a new variant in maple syrup, sprayable maple syrup which acts as anew disruption to the maple syrup industry.

Note: Our team of researchers are studying Covid-19 and its impact on various industry verticals and wherever required will be considering covid19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.

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