Squash Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI2078
Squash Market size will witness potential growth owing to its use in food and beverage industry. Strong demand for ready to serve beverages and change in preference from alcoholic and carbonated beverages to healthy drinks will increase their consumption. Growth in demand for natural sweeteners without artificial colours has surged its demand. Squash contains natural ingredients that are rich in vitamins and healthy choice as compared to aerated drinks and anticipated to boost squash market.
Its availability in social gatherings, hotels, airports and railway has enhanced consumer exposure. Their cost is lower than aerated ones that reduces switching price for customers. New variants namely sugar free drinks for diabetic patients have enhanced the penetration. Additionally, their demand among children takes increased as refreshing juice that may propel product consumption.
Squash even known as dilute or cordial are non-alcoholic and non-fermented concentrated syrups used for making beverages. These are made from fruit juice, sugar or sugar substrate and water. The drink may contain additional flavouring and traditional ones may contain ginger and elderflower extract to enhance product quality.
Most commonly used drinks are lime and orange. These are used for preparing cocktails and mocktails. Their preparation depends on requirement of concentration. In general these are prepared by combining one part concentrate with four or five parts water. These have good shelf life with added preservatives.
Major restraint for growth in squash market is availability of numerous soft drink alternatives and less demand in niche soft drink market. Presence of fructose in drinks may cause paired epidemics of obesity and diabetics. Further these may lead to liver damage and insulin resistance. Ban on plastic bottles may pose as a threat for product demand. Patients suffering from hypotension need to check intake of vegetable squash as it reduces blood pressure to dangerous level. Such factors may restrict its consumption in forecast period.
On the basis of ingredient type, squash market is segmented into fruit, herbs and spices, vegetable and others. Fruit base has major share owing to various flavours like orange, lemon, blueberry and mixed fruit. Aerated beverages segment has witnessed a 3.1% volume drop. The carbonated drink manufacturers such as Coca Cola have ventured in fruit beverages industry. These are generally used in household, hotels, restraints and offices.
It has higher nutrition value and even advised by doctors. Demand for natural sweetener and fruit syrups has boosted squash market. Its consumption has increased with availability in low sugar products. Vegetable type are quite beneficial and improves eyesight, strengthens immune system, boosts skin health, prevent inflammatory condition and eliminate ulcers.
Based on distribution channel, squash market is classified into super/ hypermarket, department stores, grocery and online retailers. The super stores have major share as urban and semi urban population prefer these owing to ease in availability of product. There has been considerable increase in number of stores with major players such as Walmart. Increase in online platforms, discount offers and easy delivery, has enhanced online sales. Department and grocery stores have moderate share with rise in local demand.
Squash is quite popular in India, Denmark, Bangladesh, United Kingdom, Pakistan, Argentina, Indonesia, Ireland, Israel, Sweden, South Africa, Norway, Kenya, Cyprus, China, Australia and New Zealand. Asia Pacific led by India, China and Bangladesh has significant share in squash market owing to increased use of non-alcoholic concentrated syrups, large population and large number of small and big players. Non-carbonated beverages sector is booming in this region and growing with a CAGR above 20% annually that in turn is anticipated to propel product demand.
Europe has moderate share due to booming soft drink market. North America is following Europe trend but witnessing slow growth recently with increased price and their preparation at home. MEA are expected to witness healthy growth in squash market with rising fruits and vegetable plantation.
The major players in squash market are Kissan, Robinsons, Britvic, Coca Cola, Hamdard, Rasna, Prigat, Assis, Tropicana, Suntory, Primor, Sunquick and Nichols to name a few. Coca Cola in order to gain share is increasing its product line and product mix. Further, company has overtaken Robinsons to boost its presence.
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