Squash Market size is poised to grow with a lucrative CAGR from 2023 to 2032, driven by the rising number of investments in the e-commerce industry.
The escalating consumer preference towards non-alcoholic and non-carbonated beverages has provided a boost to the consumption of natural sweeteners. To that end, innovations and novel developments are predicted to open up novel growth opportunities for squash market.
The rising intake of squash has compelled numerous beverage manufacturers worldwide to come up with various branding strategies as well as marketing gimmicks, further helping them to reinforce their position in the overall industry. To illustrate, Robinsons introduced ‘Let There Be Fruit’, its 6.4-million-euro campaign for bringing back its squash portfolio to the world. This initiative also potentially encouraged shoppers to relieve the taste of Robinsons Squash, Fruit Creations, and Mini.
The COVID-19 pandemic acted as a catalyst for the acceptance of various squash-based products due to the escalating health consciousness among consumers. The inclining interest of people towards consumption of nutritive and sugar-free beverages spurred the adoption of natural fruit juices as a substitute to carbonated drinks. However, the rising rate of inflation along with hampered supply chain activities and manufacturing operations instigated by the Russia-Ukraine war are expected to negatively impede product uptake in the near future.
Based on products, the demand for fruit-based squash is anticipated to grow rapidly through 2032. The growth can be attributed to the rising consumption of citrus-based squashes attributed to their health benefits as they are rich in vitamin C, flavonoids, and fibers. The growing demand for orange and lemon-based products will also add to the segment growth.
With respect to distribution channels, the squash market share from online platforms is set to rise exponentially in the forecast period as more producers and sellers are seeking to connect directly with the consumers. The massive inclination towards online shopping for its benefits, like availability of discount packages, wide range of options, and ease of delivery will also play a key role in the industry expansion.
Europe will account for a substantial share in the global squash market between 2023 and 2032, because of the higher intake of healthy beverages in the region. It has been estimated that Europe imported nearly 1.8 million tonnes of citrus and tropical juices from non-European countries in 2020. Consumers in most European countries are more aware of squash drinks compared to any other country on the globe. According to European Soft Drinks Industry, no- and low-calorie drinks now account for up to 30% of sales in different economies across Europe.
Some of the leading companies operating in the squash market include Robinsons & Co. Pte, Kissan, Britvic plc, Coca Cola, Rasna, Hamdard, Tropicana (PepsiCo), Nichols Plc, Prigat, Suntory and Primor. These market vendors are involved in various market strategies and practices like acquisitions, collaborations, and product diversifications to gain significant position in the overall industry. For instance, in February 2023, Tropicana introduced two new juice flavours Pineapple & Pink Guava Crush as well as the Strawberry & Banana Crush to its range of pressed fruit juices.