The global squash market is forecasted to be valued at US$ 1,510.6 Mn by 2032, up from US$ 1,027.6 Mn in 2022, advancing at a CAGR of 4.7% during the forecast period.
The growing popularity amongst consumers of plant extracts and botanical ingredients in their beverages is expected to surge the demand for squash. However, the increased preference for other fruit-based drinks or freshly prepared fruit juice is expected to hinder the market size.
On the contrary, the availability of squash drinks on both online and retail platforms, as well as the growing awareness of the benefits of consuming squash, is likely to estimate to generate revenues for the market.
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The sports industry increases the demand for low-calorie, plant-based and mineral-rich beverages due to their ability to resolve issues related to dehydration. This is attributed to the significant squash market growth, owing to the similar properties of squash drinks to isotonic drinks.
Manufacturers are adopting packaging solutions, which will extend the shelf life of squash drinks. Moreover, manufacturers are tapping into the e-commerce platform to expand their product portfolio to a wider audience.
Robinsons recently launched a EU€ 6.4 Mn campaign known as ‘Let There Be Fruit’, to bring their squash portfolio to the forefront. Strategies like these are anticipated to significantly enhance the market share on a global basis.
What are the Key Aspects that Drive the Squash Market?
Increasing demand for non-alcoholic products is expected to drive the sales of squash. Moreover, health-conscious consumers are positively impacting the market share owing to the nutritional properties of the squash fruit.
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The rise in the consumption of natural fruit juices, along with the growing popularity of consuming ready-to-drink (RTD) beverages, are likely to expand the market size. Furthermore, the popularity of squash is likely to surge owing to the increasing growth of the natural sweeteners market.
The increasing disposable income of consumers in developing consumers has improved their purchasing power, which is anticipated to surge the adoption of squash. Additionally, the fibre content in squash aids in the improvement of the digestive system, which further aids in weight loss, therefore bolstering the market growth.
Climate change causes heat waves and raises the consumption of healthy, refreshing drinks, which is expected to propel the market share. In addition to this, diabetic patients requiring sugar-free food and beverages significantly contribute to the growth of the market.
The availability of a variety of flavours of squash drinks without the presence of sugar is anticipated to boost the market share. Furthermore, manufacturers using recycled PET bottles are increasing squash sales due to the rise in awareness about the reduction of plastic pollution.
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The increasing cost of research and development (R&D) activities are expected to challenge the market share. Moreover, high fructose content in certain squash beverages which may cause some health issues, is likely to hamper the global squash market growth.
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