Non-Alcoholic Concentrated Syrup Market is expected to reach US$ 29.3 Bn by 2023: Credence Research
According to a new market report published by Credence Research “Non-Alcoholic Concentrated Syrup Market – Growth, Future Prospects, Competitive Analysis, and Forecast 2016 – 2023,” the Non-Alcoholic Concentrated Syrup Market has been estimated to be valued at US$ 19.1 Bn by the end of 2016, and is expected to reach US$ 29.3 Bn by 2023, expanding at a CAGR of 6.3% from 2016 to 2023.
Browse the full Non-Alcoholic Concentrated Syrup Market by Product Ingredient Type, Distribution Channel and Geography – Growth, Future Prospects, Competitive Analysis, and Forecast 2016 – 2023 report at http://www.credenceresearch.com/report/non-alcoholic-concentrated-syrup-market
Non-alcoholic concentrated syrup also known as squash are ready to serve types of drinks that include fruit juice, water, and sugar or sugar substitute. In the undiluted state the syrup is sweet, so it is basically formulated to be mixed primarily with water before drinking. Thus, it can be diluted in any amount to match the taste of consumer, usually at a ratio of part squash to four or five parts water. Over the past few years, the consumption of flavored thick syrups has showcased an upliftment all across the globe. The usage of fruits by industry in order to prepare squash will not only decrease wastage of fruits as well as also add nutrition and sweetness to the drink.
Change in lifestyle and rapid urbanization along with increasing popularity and significant demand for ready-to-serve drinks has strengthened the growth of global non-alcoholic concentrated syrup market over the past few years. Apart from this, changing consumer preferences from carbonated to soft and healthy drinks is anticipated to fuel the growth of non-alcoholic concentrated syrup market over the forecast period. The squashes market has substantial opportunities in soft drink segment due to increasing demand in different industry such as hotels, airport and others. Changing consumer needs and introduction of product variants along with new flavors is also likely to intensify the growth of the market till 2023. On the other hand, availability of various soft drink alternatives may hamper the growth of non-alcoholic concentrated syrup (squash) market during the forecast period.
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Non-alcoholic concentrated syrup market is segmented on the basis of product ingredient type such as vegetable squashes, fruit squashes, spice and herb squashes and others. Amongst this, fruits squashes captured the highest market share in the total revenue of non-alcoholic concentrated syrup market in 2015. Increasing demand for herbal products all over the world is expected to expand the revenue share of spice and herb squashes segment over the period 2016-2023. The non-alcoholic concentrated syrup market is also bifurcated by distribution channel which includes supermarket, hypermarket, departmental store, convenience store, online store and others. Rising internet penetration along with availability of wide variety of squash drinks with different flavors is likely to impel the growth of online store segment which is anticipated to bolster the growth of global non-alcoholic concentrated syrup market over the forecast period.
- Changing consumer tastes and preferences
- Availability of wide variety of flavors
- Entry of large number of small players
- Online purchase of Squash drink
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