The global maple syrup market is expected to witness significant growth during the forecast period owing to the increasing utilization in the bakery, confectionery, cereal, and dairy industries for topping purposes. Market Drivers: Increasing use of maple syrup in bakery products As such, the industry is likely to experience a healthy growth rate in the coming years. However, the rising health consciousness of consumers and the increasing demand for nutritious food to build immunity post-pandemic will create opportunities for the market players. Furthermore, the cancellation of annual events and closure of restaurants around the world has caused a decline in the consumption of maple syrup. With the lockdowns imposed, the supply of raw material and transportation were disrupted, leading to significant impacts on the global supply chain of the industry. The maple syrup market has been severely affected by the COVID-19 pandemic. Additionally, numerous manufacturers are offering their products both on their own websites as well as on various e-commerce platforms, which is expected to propel market growth in the forecast period. The online segment of the global maple syrup market is projected to record the highest CAGR which can be attributed to the rapid growth in internet penetration over the past few years, which has led to a surge in the e-commerce sector around the world. Moreover, the growth of urbanization and competitive pricing are driving the popularity of offline channels in developing countries. In recent years, supermarkets, convenience stores, and malls have gained in popularity due to the wide range of consumer goods they offer in one place. Additionally, the easy accessibility of various maple syrup products in stores is likely to contribute to their segment growth in the near future. They can physically inspect the quality of the products to ensure they are getting the best quality. The offline mode of purchasing consumer goods, groceries, and maple syrup products is preferred by consumers due to its convenience. Additionally, the increasing popularity of e-commerce is likely to contribute to the expansion of this sector over the coming years. The surging demand for natural and organic products, combined with the growing urbanization around the world, is driving the market forward. Furthermore, the rise in disposable income levels, the improving economic conditions of consumers, and the growing demand for balanced and nutritious food products globally are driving the growth of the market. The black maple segment is projected to experience the highest growth rate over the forecast period, owing to its convenience, health benefits, and high antioxidant content. Additionally, the increasing demand for packaged maple products for domestic consumption as well as in the food industry will impel the market growth over the forecast period. This, in turn, is anticipated to drive the market growth. Sugar maples are widely distributed throughout the North-eastern United States, South-eastern Canada, and the Upper Midwest, making them an ideal tree for producing syrup. The rising demand for bakery and confectionery products has been driving the growth of the market. The sugar maple segment has been the dominant contributor to the market share and is expected to continue to expand at a considerable rate in the future.
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