Global Squash and Syrup Market Overview, 2023-28

Global Squash and Syrup Market Overview, 2023-28

There is a growing consumer demand for a wide range of beverage options, including flavoured drinks. Syrups and squash offer versatility in creating both non-alcoholic and alcoholic beverages, catering to diverse consumer preferences. The increasing demand for innovative, natural, and unique flavours provides an opportunity for manufacturers to introduce new products and capture market share. Emerging economies, particularly in Asia-Pacific, Latin America, and Africa, present significant growth potential for the syrup and squash markets. Rising disposable incomes, urbanisation, and changing consumer lifestyles in these regions are driving the demand for convenient and ready-to-use beverage solutions. Expanding into these markets provides an opportunity for global players to capture new customers and increase their market presence. Continuous product innovation and differentiation are crucial for sustained growth in the syrup and squash markets. Manufacturers can explore new flavour combinations, introduce exotic and unique ingredients, and develop premium and specialty variants to cater to evolving consumer preferences. Innovations such as organic and natural sweeteners and functional ingredients can further drive market growth. As well as collaboration between syrup and squash manufacturers and beverage companies, restaurants, cafes, and hotels can lead to mutually beneficial partnerships. Joint marketing campaigns, co-branded products, and exclusive distribution agreements can enhance market reach, brand visibility, and customer engagement. Strategic collaborations allow manufacturers to leverage established distribution networks and tap into existing customer bases.

According to the research report, ""Global Syrup and Squash Market Overview, 2023–2028,"" published by Bonafide Research, the global Syrup and Squash market is anticipated to cross USD 12.53 Billion in size by 2028, increasing from USD 8.55 Billion in 2022. The market is expected to grow at a CAGR of 6.61% by 2023–2028. The demand for syrup and squash products is driven by consumer preferences shifting towards diverse and flavourful beverages. The market is expanding because consumers are looking for unique flavour experiences, healthier options, and convenience in their beverage choices. The global beverage industry is expanding, driven by increasing urbanisation, rising disposable incomes, and changing lifestyles. Syrup and squash are essential ingredients for creating a wide range of beverages, including soft drinks, cocktails, mocktails, and flavoured water. The growth of the beverage industry directly translates into increased demand for syrup and squash products. Global syrup and squash manufacturers are expanding their presence in international markets, capitalising on export opportunities. They establish partnerships and distribution networks to make their products available globally. The increasing international trade of syrup and squash products contributes to the growth of the global market. Based on the product types, which include the Syrup and Squash markets, syrup has the highest market share. In the future, squash will grow at the highest CAGR rate due to Increasing awareness of the health risks associated with high sugar intake has led consumers to seek healthier beverage alternatives. Squash drinks, particularly those with low sugar content or natural sweeteners, offer a healthier option compared to carbonated soft drinks or sugary juices. The health-conscious trend drives the demand for squash drinks globally. As well, squash drinks provide a wide range of flavours, allowing consumers to personalise their beverages according to their preferences. Manufacturers offer a diverse selection of fruit flavours, combinations, and even exotic and unique options. The ability to customise and experiment with flavours appeals to consumers seeking variety and taste exploration. Squash drinks have cultural significance in certain regions, where they are considered traditional and integral to social occasions. This cultural influence drives the demand for squash drinks in specific markets and contributes to their growth at the global level. Based on the types of segments, which include added sugar and non-added sugar, the added sugar segment is leading the market. Added sugar syrup and squash products are known for their ability to enhance the taste and flavour of beverages. The sweetness provided by added sugar appeals to consumers who enjoy indulgent and flavourful drinks. This sweetness can help balance the tartness of citrus or the bitterness of certain ingredients, resulting in a more enjoyable drinking experience. Added sugar syrup and squash have a long-standing presence in the beverage industry and are considered traditional and familiar choices for many consumers. These products have been enjoyed for generations, and their taste profiles are deeply ingrained in cultural and regional beverage preferences.

Based on the flavour types, the segment includes citrus fruits (Lime, Lemon, Orange), berries (Blueberry, Cranberry, Raspberry, Strawberry), Tropical and Exotic Fruits (Mango, Pineapple, Black Current, Apple), Mixed fruits, Winter Squash (Butternut squash, spaghetti squash, acorn squash, kabocha squash, and pumpkin), and others (Maple syrup, Black Forest, Vanilla, Peppermint, Caramel, Chocolate, and Elderflowers). At a global level, the citrus fruit flavour has the highest market share; in the future, maple syrup, Black Forest, Vanilla, Peppermint, Caramel, chocolate, and Elderflowers will grow at the highest growth rate. Consumers are increasingly seeking natural and artisanal flavours in their food and beverages. Flavours like Maple syrup, Vanilla, and elderflower offer a distinct and authentic taste derived from natural ingredients, resonating with consumers looking for a more wholesome and genuine experience. Some of these flavours, such as Chocolate and Peppermint, have well-established and popular flavour pairings. For example, chocolate and mint are often combined in desserts and beverages. Such flavour combinations offer a familiar and pleasing taste experience for consumers, leading to increased demand for these flavours in the syrup market. Flavours like Black Forest, Peppermint, and Caramel have a seasonal or festive association. They are often associated with specific holidays or occasions, driving demand during those periods. For example, Peppermint syrup is commonly used in holiday-themed beverages and desserts. The seasonal and festive appeal of these flavours can contribute to their growth during specific times of the year. By nature, types include regular and blended. At a global level, the regular segment has the highest market share. In the future, the blended segment will grow at the highest CAGR rate.

Based on the end user segment, which includes commercial and residential, at the global level, the commercial segment holds the highest market share. Restaurants, cafes, hotels, and catering services are all included in the commercial segment of the hospitality and foodservice sector. Due to their large customer base, these establishments have high beverage consumption volumes. A wide range of beverages, including mocktails, cocktails, flavoured sodas, and specialty drinks, are frequently made with syrups and squash. The commercial segment's market share is driven by demand from the foodservice and hospitality sectors. Based on the distribution channel, it includes the supermarket, Convenience Store, online, and others (specialty store, direct sale). At the global level, hypermarkets and supermarkets hold the highest market share.

Considered in this report

• Geography: Global
• Historic year: 2017
• Base year: 2022
• Estimated year: 2023
• Forecast year: 2028

Regions & Countries covered in the report:

• North America
• Europe
• Asia-Pacific
• South America
• Middle East & Africa

Aspects covered in this report
• Global Syrup and Squash System market with its value and forecast along with its segments
• Region-wise Syrup and Squash market analysis
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

By Product Type

• Syrup
• Squash

By Types

• Added Sugar
• Non added Sugar

By End User

• Residential
• Commercial

By Flavour Types

• Citrus Fruits (Lime, Lemon, Orange)
• Berry (Blueberry, Cranberry, raspberry, strawberry)
• Tropical & Exotic Fruits (Mango, Pineapple, Black Current, Apple,)
• Mixed Fruit
• Winter Squash (butternut squash, spaghetti squash, acorn squash, kabocha squash, and pumpkin)
• Others (Maple syrup, Black Forest, Vanilla, Peppermint, Caramel, Chocolate, Elderflowers)

By Nature Types

• Regular
• Blended

By End user

• Residential
• Commercial

By Distribution channel

• Supermarkets/Hypermarkets
• Convenience Stores
• Online
• Other Distribution Channel (Speciality store, direct sale)

The approach of the report:

This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third party sources such as press releases, annual report of companies, analysing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started verifying the details obtained from secondary sources.

Intended audience

This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to Skincare industry, government bodies and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.
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