Global squash drinks market is evaluated at US$791.894 million for the year 2019 growing at a CAGR of 4.74% reaching the market size of US$1,045.544 million by the year 2025. Squash Drinks Market will grow at a significant rate in the coming years. The drinks are widely popular and as a substitute for alcoholic drinks. The squash syrup is formed from the fruit and has a specific concentration. The sugar is added while processing and manufacturing, but with the changing consumer preferences, non-sugar syrups are also provided. It also contains various colors and additional flavors, depending upon the type. Squash Drinks are becoming widely popular because of the quality and varied tastes it provides. There are a lot of nutritious benefits of natural no sugar squash-based products. It is used by diabetic patients as there are some varieties of squash that does not contain added sugar. It can blend with any beverages easily. In traditional squash products, ginger and herb extracts are added to improve the quality and taste of the product. With the changing lifestyle and the rising income, squash drinks will register considerable growth in the future.
Candid Enhancement and Innovation Is Surging The Demand
There is a significant change in the behavior of the consumer when it comes to the Beverage Industry. Manufacturers and Corporations are investing a substantial amount of money in the squash syrup business. There has been a considerable growth in the innovation and R&D of a product. Consumer's choices are varying and there is a huge demand for innovative and clean based products. There has been a substantial enhancement in the traditional squash drinks segment. Manufacturers are investing in premium based squash beverages as a substitute for alcoholic beverages. There has been an introduction of various natural and fresh flavors in the market. Natural squash products are expected to register significant growth in the future. Health has become an imperative part of consumer options in terms of investment and purchase. There has also been a surge in the natural ingredients-based drinks that contains minimum sugar and flower-fruit based ingredients like herbs, botanicals, and elderflower. Corporations have put substantial capital to expand their portfolio with various varieties of soft drinks. There are squash flavors like spicy, salty, fruity that have considerable demand in the market. Natural and sugar-free drinks are adopted by diabetic patients and health-conscious consumers. There is also a considerable demand for added sugar segments and it is widely popular among millennials and children. The added sugar syrups are also used to sweeten beverages such as milk and water. There are a plethora of squash syrup flavors that are available in the market. Companies have innovated their marketing strategies to reach out to every section of society. They are investing in movie stars, sportsperson, health enthusiasts to expand their reach.
Sugar Added Segment Will Have A Significant Share
Added sugar products have a significant global market share. It is widely popular among children as it sweetens the beverage content. There has been a surge in usage of sugar-based squash syrup in the milk-based and alcoholic beverages, as it sweetens and enhances the flavor of the drink. No added sugar-based squash syrups will also register significant growth due to the surge in the number of healthy enthusiastic consumers. Both segments will register significant growth in the coming years.
Blended Drinks will generate substantial growth in the future
The demand for blended squash drinks is expected to surge in the future. Blended squash drinks are used in hotels, restaurants, clubs, and homes. It comes with a variety of flavors and it is easier to blend the squash syrup with any other beverages. Consumers have different preferences and they try to come up with an innovation. Regular drinks come in a single flavor and are served as a drink to the consumer. They already come up with their properties, so the regular squash drinks will have a decent demand in the coming years.
FIGURE: GLOBAL squash drink MARKET SHARE, BY base, 2019
Source: Knowledge Sourcing Intelligence Analysis, Sample Figure
Orange Squash Syrup will maintain a Substantial Share
Citrus fruit-based squash products have a significant share in the market. Within this, the demand for orange and lemon-based squash products will continue to surge. It is used in the making of several beverages such as cocktails and cocktails. The tropical fruits segment will also register significant growth in the future because of the natural fruit health benefits. The organic tropical fruit segment is widely becoming popular among the consumer. With surging consumer preferences, berry squash drinks will also have decent growth in the future.
Online Sales will continue to surge
Online sales will continue to surge as more manufacturers are connecting directly with the consumers. There is a significant investment in the E-Commerce Industry that will continue to have growth in the future. Retail Segments holds a significant share in the market, with the hypermarkets, supermarkets, convenience stores have a significant variety and number squash based products. Consumers purchases directly from retail as the different varieties of squash drinks are easily available.
FIGURE: GLOBAL squash drinks MARKET SHARE, BY DISTRIBUTION CHANNEL, 2019 to 2025
Source: Knowledge Sourcing Intelligence Analysis, Sample Figure
Europe and North America hold a significant share in the market. This is due to the number of significant corporations belong to these regions. There is a significant amount of rising in the number of health enthusiasts in the region. Asia Pacific region will generate significant growth in the coming because of the rising income and surging consumer preferences.There are a considerable number of local players in the region that contributes a lot to the growth of the squash industry. With the large population and the surge in the usage of non- alcoholic beverages, the Asia Pacific region is expected to grow exponentially.
Some of the major players in the market are Nichols plc (Vimto), Unilever plc (Kissan), PepsiCo, Inc (Tropicana), Carlsberg Breweries A/S (Tuborg Squash), The Coca-Cola Company, Britvic PLC. (Robinsons), Tovali Limited (Tovali), Prigat, Suntory Group (Lucozade Ribena Suntory Ltd.), Harboe’s Brewery (Harboe Squash Light). Companies are investing a substantial amount of capital in the innovation of the product and packaging. They are investing in considerable packaging solutions to different consumer segmentation. There is a surge in the demand for sustainable solutions for packaging to reduce food and plastic waste. There is a significant share of local and regional players in the market. Companies tend to collaborate and acquire various local brands to enter into a specific region and expand their portfolio.