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The global non alcoholic concentrated syrup Squash market is expected to register a CAGR of 5.6%. Growing demand for readytoserve drinks has strengthened the growth of nonalcoholic concentrated syrup market over the past few years. Also, the changing consumer preferences from carbonated beverages or soft drink to healthy drinks is anticipated to boost the growth of nonalcoholic concentrated syrup market over the forecast period.
Shifting Consumer Preference from Carbonated Beverages Driving the Market Growth
The increasing adoption of fruit juices as an alternative to carbonated beverages by health conscious consumers is expected to drive the growth of global squash market. The squash market has significant opportunities due to the increasing demand in hotels, airport and other food service chains. To carter to the rising demand for healthy drink, manufacturers are producing squash that are sugar free and has no artificial color. Changing consumer needs and introduction of product variants with new flavors is also likely to intensify the growth of the market. Consumers buy squash as it's a good value for money product.
Growing popularity for water enhancers are restraining the growth of the squash market.
Fruit Squash Leading the Squash Market
The market is segmented on the basis of product type into fruit squashes, vegetable squashes, spice and herb squashes and others. Amongst this, fruits squashes hold the highest market share in the total nonalcoholic concentrated syrup market. Increasing demand for herbal products is expected to expand the share of spice and herb squashes segment. Squash, which contains herbal ingredients, are a rich source of vitamins which is another reason for the growth of squash market globally.
AsiaPacific Leading at the Regional Front
Nonalcoholic concentrated syrup squash is identified as AsiaPacific region's specialty drink; hence, this region is considered as the largest market for squashes and syrups. Some parts of Europe, like the UK, Germany, and Italy also have a significant consumption rate. Other regions are part of the smaller markets for squashes and syrups. The consumption of such drinks is growing at a fast rate in the developing countries of Africa, South America and AsiaPacific.
MAJOR PLAYERS: PIOMA INDUSTRIES PVT. LTD, BRITVIC PLC, HUMDARD LABORATORY, NICHOLS PLC, SUNTORY HOLDINGS LIMITED, COCACOLA COMPANY, COTTEE'S PVT. LTD, BICKFORD'S AUSTRALIA PVT. LTD, PN BEVERAGES PVT. LTD, GOLDEN CIRCLE LTD, UNILEVER LTD, PRIGAT PVT LTD and ASSIS PVT LTD, amongst others.
December 2017: A concentrated tonic syrup from Sweden has been launched in the UK, inspired by original recipes from the 19th century but with a modern twist with the addition of freshly pressed citrus, agave and juniper.
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