Canada's 'OPEC of maple syrup' taps into strategic reserves amid global shortage

Published 2021년 11월 27일

Tridge summary

The Quebec Maple Syrup Producers, a cooperative that controls about 70% of the global maple syrup supply, has announced plans to release half of its strategic reserves, amounting to 50 million pounds, due to a global shortage caused by increased demand and decreased production. The cooperative, which is responsible for the majority of the world's maple syrup, is dealing with a 24% annual drop in production due to warmer spring temperatures and a shorter season. In response, the cooperative intends to authorize increased production for the next season by tapping an additional 7 million trees to reach usual production levels and to replenish its reserves.

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Original content

Canada's "OPEC of maple syrup" announced it is releasing roughly half its strategic reserves – to the tune of 50 million pounds of maple syrup – due to a worldwide shortage of the traditional waffle and pancake topping.OPEC CONSIDERS PAUSING OIL PRODUCTION INCREASE AFTER BIDEN RELEASES MORE CRUDEThe Quebec Maple Syrup Producers comprised of some 11,000 Canadian maple syrup producers controls roughly 70% of the world's maple syrup supply, and its stranglehold on the market has been "compared to the Organization of the Petroleum Countries' grip on oil" according to The New York Post.But the group says they have been hit with a surge in demand due to more folks cooking at home amid the pandemic, coupled with a 24% year-over-year drop in production due to warmer temperatures during spring along with a shorter season.Not only will the Quebec Maple Syrup Producers release its reserves, but they plan to authorize more production next season to make up for this year's drop. According to ...

Source: Foxbusiness