Canada Syrups and Spreads Market Insights Forecasts to 2033

• The Canada Syrups and Spreads Market Size was valued at USD 840.5 Million in 2023.
• The Market Size is growing at a CAGR of 3.54% from 2023 to 2033
• The Canada Syrups and Spreads Market Size is expected to reach USD 1190.5 Million by 2033

The Canada Syrups and Spreads Market Size is anticipated to exceed USD 1190.5 Million by 2033, growing at a CAGR of 3.54% from 2023 to 2033. The increasing food service industry, demand for convenient food options for on-the-go consumption, consciousness about health & balanced diet, widespread application, and high disposable income are driving the growth of the syrups and spreads market in the Canada.     

Market Overview

Syrups and spreads are viscous liquids or semi-solids made up of a variety of fruits, chocolate, honey, maple, and other sweeteners. They are used as a topping for bread, doughnuts, waffles, and baked products. A vast variety of flavored syrups and spreads, including butter, jams, kaya, marmite, chocolate, and peanut butter, are available in the market. Customers have been drawn in more ways than expected by the variety of flavors and sensations that have been offered. The rising awareness about healthy lifestyle, awareness about sugar consumption, consumer preference for healthy drinks, and preference for sugar free syrup is driving the demand for sugar free syrups and spreads. Further, the consumer inclination towards flavoured beverages and exploration of vegan options including vegan sauces syrups and spreads, caramel sauces, agave maple syrup, cashew cream cheese, and many more are significantly contributing bolster market growth opportunities for syrups and spreads. 

Report Coverage

This research report categorizes the market for the Canada syrups and spreads market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the Canada syrups and spreads market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the Canada syrups and spreads market.

Driving Factors

The expanding food service industry in Canada owing to evolving consumer preferences and digital platforms is contributing to drive the market growth. The usage of spreads and syrups in breakfast, particularly among young people as well as the usage of flavored syrup as a food topping on ice cream, cupcakes, and bakery goods are significantly driving the market. Canada's per capita household disposable income is expected to reach US$39.25k in 2024. In 2024, Canadian consumers are expected to spend US$2.89k on food and non-alcoholic beverages per capita. The increasing disposable income and food spending are contributing to drive market growth.

Restraining Factors

The market for syrups and spreads is facing challenges from health-conscious consumers who are becoming more concerned about the high sugar content of certain products due to the rising rates of obesity and diabetes. Further, the high competition among key market players poses a challenge for new entrants in product differentiation and pricing.   

Market Segmentation

The Canada Syrups and Spreads Market share is classified into product, type, application, and distribution channels.

• The jams & syrups segment dominated the market with the largest market share in 2023.

The Canada syrups and spreads market is segmented by product into butter and jams & syrups. Among these, the jams & syrups segment dominated the market with the largest market share in 2023. Jams and syrups are made of a mixture of fruits, and sugar that is cooked until the pieces of fruit become soft and almost formless. The rising gourmet options and consumer interest are driving the market in the jams & syrups segment.

• The chocolate segment is expected to dominate the Canada syrups and spreads market through the forecast period.

The Canada syrups and spreads market is segmented by type into savory, chocolate, nut based, fruit based, vanilla, mayonnaise based, butterscotch, mixed fruit, coffee, and others. Among these, the chocolate segment is expected to dominate the Canada syrups and spreads market through the forecast period. In cakes, pastries, ice cream, doughnuts, and more, the chocolate syrup has been in greater demand as a flavor enhancer and topping. Chocolate syrups have been used in a variety of recipes by manufacturers, who have responded with innovative new products.

• The frozen drinks & desserts segment is expected to register the fastest CAGR growth during the forecast period.

The Canada syrups and spreads market is segmented by application into confectionary & bakery products, beverages, frozen drinks & desserts, and food. Among these, the frozen drinks & desserts segment is expected to register the fastest CAGR growth during the forecast period. In milkshakes, yogurt parfaits, ice cream, and even cheese platters, syrups and spreads are used as toppings. The increasing trend of consuming frozen desserts as a digestive aid after a meal, especially during hot weather is driving the market demand.

• The supermarket & hypermarket segment dominated the market with the largest market share in 2023.       

Based on the distribution channels, the Canada syrups and spreads market is divided into convenience store, independent retailer, supermarket & hypermarket, and others. Among these, the supermarket & hypermarket segment dominated the market with the largest market share in 2023. Supermarkets & hypermarket are convenient one-stop destinations for grocery shopping. They are perfect for selling syrups and spreads because of their wide reach and convenience. Further, during their regular shopping excursions, consumers may readily locate a range of products.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the Canada syrups and spreads market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• The J.M. Smucker Co
• Mondelez International, Inc.
• Ferrero Group
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Market Segment

This study forecasts revenue at Canada, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the Canada Syrups and Spreads Market based on the below-mentioned segments:

Canada Syrups and Spreads Market, By Product

• Butter
• Jams & Syrups

Canada Syrups and Spreads Market, By Type

• Savory
• Chocolate
• Nut Based
• Fruit Based
• Vanilla
• Mayonnaise Based
• Butterscotch
• Mixed Fruit
• Coffee
• Others

Canada Syrups and Spreads Market, By Application

• Confectionary & Bakery Products
• Beverages
• Frozen Drinks & Desserts
• Food

Canada Syrups and Spreads Market, By Distribution Channels

• Convenience Store
• Independent Retailer
• Supermarket & Hypermarket
• Others