QMSP Pursues Continuing Growth with Addition of 7 Million Taps
Strong market demand offset by a lower-than-expected 2023 harvest has prompted Québec Maple Syrup Producers (QMSP) to order another 7 million taps into production. Once fully operational, the boost will add an average of more than 22 million pounds of maple syrup to annual production.
“It’s not the kind of decision our Board of Directors makes lightly. We have to take many different factors into account when we consider whether new taps are necessary, and always with the vitality of the entire maple industry in mind. We evaluated the results from our sales agency, the level of the Strategic Maple Syrup Reserve, the needs of buyers and processors, as well as historic production data. We came to the conclusion that a production increase is in order. We foresee a structural imbalance between supply and demand in coming years and we are trying to correct it,” said QMSP President Luc Goulet, explaining the importance of being able to predict future market supply.
These 7 million new taps must be installed by April 1, 2026. By that time, Québec will have a total of 58 million taps in production.
Sufficient Reserves to Cover Harvest Shortfall
The annual survey of maple producers by Groupe AGÉCO reveals that this spring’s harvest totalled 124 million pounds, with an average per-tap production of 2.43 pounds. The Global Maple Syrup Strategic Reserve currently holds 33 million pounds. Buyers and processors possess an estimated 65 million pounds of inventory. After a leap in sales from 147 million (2020) to 180 million (2021), the QMSP sales agency moved 179 million pounds of maple syrup in 2022.
“The quantities in inventory are sufficient to compensate for the below-average crops of recent years and meet the demand of markets, which are feeling the effects of economic uncertainty and inflation. Adding these 7 million taps over the next three years will ease the pressure on reserves and allow us to continue our efforts to gradually rebuild our stocks,” added Goulet.
Groupe AGÉCO conducted its phone survey with a representative sample of 1,270 maple syrup company operators from April 24 to May 5, 2023. Survey accuracy is within 4%, 19 times out of 20.
About Québec Maple Syrup Producers and the Érable du Québec Brand
Québec Maple Syrup Producers (QMSP) represents the interests of 13,300 maple producers and more than 8,000 maple enterprises. Québec accounts for an average 72% of the world’s maple syrup supply, exporting it to over 70 countries.
QMSP.ca – @AcericoleQc
Québec Maple Syrup Producers
Direct0r of Corporate Communications