Canada is faced with a national shortage of maple syrup forcing it to take some from its reserves set aside for a rainy day. The maple syrup shortage is being met through the release of around 50M pounds from its strategic reserve.
Canada maple syrup reserve is referred to as the OPEC of maple syrup because of the volume the nation produces. 73% of the world’s maple syrup production is produced by the Quebec Maple Syrup Producers.
The biggest customer of the United States is the largest importer of maple syrup, accounting for 60% of its northern neighbor’s export volume.
Creation Of Canada Maple Syrup Reserves
The Canada Maple Syrup Reserve was generated to keep adequate stock of maple syrup during a bad harvest season or when there is a spike in demand for the product.
And that is exactly what Canada is facing right now. A short and warm spring has caused a sharp drop in yield. The yield in 2021 was historically average for the production of maple syrup in Quebec. The total harvest was an estimated 133M pounds. But a spurt in sales necessitated drawing from the Canada maple syrup reserves.
This system ensures that there is an adequate supply of maple syrup even when production is low in any year and the market demands are adequately met. The Canada maple syrup reserves are compensated when production is back to a normal level.
For instance, Quebec’s 2020 production was a healthy 175M pounds. There are 50M total taps in the province and 7M more are to be added over the following years to cope with rising demands.
The pandemic has been a boon to the maple syrup industry as people have begun to rely more on home-cooked meals, which has led to a spurt in demand.
Canada maple syrup reserves were in the news in the past for a different reason. in 2011-12, 3,000 tons of syrup worth around $16M was stolen from the Canada maple syrup reserve. The notorious theft came to be known as the Great Canadian maple syrup heist.