Asia-Pacific Squash and Syrup Market Outlook, 2028

The Asia-Pacific region is a vibrant and dynamic hub for the syrup and squash industries, offering a delightful array of flavours and a rich cultural tapestry. From the bustling streets of Tokyo to the vibrant markets of Mumbai, the Asia-Pacific syrup and squash industry has flourished, catering to the diverse palates of millions. This region is a treasure trove of unique and exotic ingredients, providing a playground for flavour innovation and culinary exploration. The industry is characterised by its vibrant colours, tantalising aromas, and wide range of choices that captivate the senses. With a perfect blend of tradition and modernity, the Asia-Pacific syrup and squash industries not only quench thirst but also reflect the rich tapestry of cultures and traditions that define this diverse region. From traditional herbal syrups with healing properties to refreshing fruit-based squashes that offer respite from the tropical heat, the industry embodies the essence of Asia Pacific's culinary heritage. With its ever-growing market and an insatiable appetite for new taste experiences, the Asia-Pacific syrup and squash industry is poised for even greater heights, captivating the hearts and palates of consumers across the region. The tradition and culture surrounding the syrup and squash markets in the Asia-Pacific region are deeply rooted in the diverse culinary heritage and rich cultural traditions of the region's countries. Each country in the Asia-Pacific region has its own unique flavours, traditional recipes, and cultural practises related to syrups and squashes. In many Asian countries, herbal syrups have a long-standing tradition and are deeply ingrained in local culture. These syrups are often made from medicinal plants and herbs believed to have various health benefits. They are used not only as refreshing beverages but also as remedies for common ailments, passed down through generations. Traditional recipes for herbal syrups are often closely guarded secrets, with families or communities preserving their unique blends. Fruit-based squashes are also popular in the Asia-Pacific region, with an emphasis on using fresh, seasonal fruits. Countries like India, Thailand, and the Philippines are known for their vibrant and exotic fruit flavours, such as mango, lychee, passion fruit, and guava. These fruits are often used to create flavourful and refreshing squashes that are enjoyed during festive occasions, family gatherings, or as everyday refreshments.

According to the research report "Asia Pacific Syrup and Squash Market Outlook, 2028," published by Bonafide Research, the Asia Pacific Syrup and Squash market is expected to grow at an 8.40% CAGR by 2023–28. The rapid urbanisation in Asia and the Pacific has led to an increase in disposable incomes and a shift in consumer preferences. As more people move to urban areas, there is a greater demand for convenience and ready-to-drink beverages, including syrups and squashes. These products offer a quick and refreshing solution for busy lifestyles. The Asia-Pacific region is known for its diverse and exotic flavours. Manufacturers are constantly introducing innovative flavours and combinations to cater to the evolving tastes and preferences of consumers. From unique fruit blends to fusion flavours inspired by local cuisines, the market offers a wide variety of choices to satisfy the adventurous palates of consumers. The Asia-Pacific region attracts a significant number of tourists from around the world. Syrups and squashes showcasing local flavours and cultural heritage serve as popular souvenirs and gifts. The tourism industry plays a role in promoting the consumption of these products, thereby driving market growth. Asia Pacific has a rich beverage culture with a tradition of enjoying flavourful and refreshing drinks. Syrups and squashes are a part of this culture, providing a base for creating customised beverages. The versatility of these products allows consumers to experiment with different flavour combinations, textures, and serving styles, enhancing the overall beverage experience. Based on the product types, which include syrup and squash, in the Asia-Pacific region, the syrup covers the highest market share. In terms of their culinary applications, syrups offer greater versatility. In addition to beverages, they can be added to desserts, cocktails, and a variety of food recipes as flavourings. Syrups have a larger market share because of their popularity among consumers and their ability to enhance the flavour of a variety of dishes. Syrups are typically available in concentrated forms, making them more convenient to store, transport, and use. They have a longer shelf life compared to squashes, which require refrigeration or shorter consumption timelines. This convenience factor makes syrups more accessible and preferred by consumers, contributing to their higher market share.

Increasing awareness of health and wellness among consumers in the Asia-Pacific region has led to a rising demand for healthier and natural syrup options. This presents an opportunity for syrup and squash manufacturers to develop products with reduced sugar content, natural ingredients, and functional benefits to cater to health-conscious consumers. Furthermore, the Asia-Pacific region is known for its diverse and unique flavours. Syrup and squash manufacturers have the opportunity to tap into this rich culinary heritage by introducing innovative flavours that cater to local preferences. Customising products to align with specific regional tastes and traditional recipes can enhance consumer appeal and drive market growth. The fast-paced urban lifestyle in many Asian countries has created a demand for convenient and ready-to-drink beverage options. Syrup and squash manufacturers can capitalise on this trend by offering single-serve, on-the-go packaging formats that cater to the needs of busy consumers seeking quick and portable refreshments. The increasing disposable incomes and expanding middle-class population in several Asia-Pacific countries have led to higher consumer spending power. This presents an opportunity for syrup and squash manufacturers to target this growing consumer segment with premium and value-added products. Consumers in the Asia-Pacific region are becoming more conscious of environmental issues. There is a growing demand for sustainable and eco-friendly packaging solutions. Manufacturers that adopt environmentally friendly practises and offer recyclable or biodegradable packaging options have the opportunity to attract environmentally conscious consumers.

Based on the report, the Asia-Pacific market is segmented into five countries, including China, Japan, India, Australia, and South Korea. Among them, China will dominate the market in 2022. India is leading the market due to its large population, making it a substantial consumer market. With a growing middle class and rising disposable incomes, more consumers have the purchasing power to explore and invest in a variety of food and beverage products, including syrup and squash. Furthermore, India has a rich heritage of traditional beverages made from natural ingredients and local flavours. Syrup and squash manufacturers in India often draw inspiration from this heritage, incorporating indigenous flavours like mango, rose, saffron, and various regional fruits. The preservation of these traditional flavours in syrup and squash products resonates with Indian consumers, driving market growth. Syrup and squash manufacturers in India have been actively expanding their distribution networks, reaching more rural and remote areas through improved logistics and supply chain management. This increased market penetration has made syrup and squash products more accessible to a wider consumer base, thereby boosting market growth. Based on the product types segment, which includes added sugar and non-added sugar, added sugar has the highest market share. Drinkers in the Asia-Pacific region frequently prefer beverages with sweet flavours. A concentrated and consistent sweetness that enhances the flavor of a variety of beverages is provided by added sugar syrups. The demand for added sugar syrups drives their high market share due to the familiarity and pleasure of sweet flavours. In many countries within the Asia-Pacific region, added sugar syrups have a long-standing cultural significance. They are used in traditional recipes, cultural ceremonies, and festive celebrations. The association of added sugar syrups with cultural practises and the nostalgia associated with these flavours contribute to their high market share.

Citrus syrup is having the highest market share, among others like Berry (Blueberry, Cranberry, raseberry, 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). The nutritional advantages of citrus fruits, such as their high vitamin C content and antioxidant qualities, are well established. Customers in the Asia-Pacific region are growing more health-conscious and are looking for food and drink options that are tasty and have positive health effects. Citrus syrups are becoming more popular among health-conscious consumers who choose natural and healthful ingredients in their beverages due to their purported health benefits. Based on the nature types segment consider in this report are regular and blended, in Asia Pacific region regular segment is growing market, The Asia-Pacific region is home to a diverse consumer base with varying taste preferences, income levels, and cultural backgrounds. Regular syrup and squash offer a wide range of flavours and options that can cater to this diverse consumer base. From simple and traditional flavours to unique regional variations, regular syrup and squash have the flexibility to meet the preferences of different consumer segments. The commercial segment is leading the Asia Pacific region rather than the residential segment. Restaurants, cafes, hotels, and catering services all thrive in the Asia-Pacific region's foodservice sector. In these places, syrup and squash are frequently used as base ingredients to make a range of drinks, cocktails, mocktails, and food preparations. The dominance of the commercial segment in the syrup and squash market is mostly due to the significant demand from the restaurant industry. Commercial establishments often purchase syrup and squash in bulk quantities, which allow them to benefit from cost efficiencies and wholesale pricing. Bulk purchasing reduces the per-unit cost, making it economically viable for the commercial segment. It enables them to optimise their costs while ensuring a steady supply of syrup and squash for their operations. Distribution channels include the supermarket, Convenience Store, online, and others (specialty store, direct sale). Convenience stores cover the largest market share; there are several convenience stores that offer syrup and squash in the Asia-Pacific region 7-Eleven, FamilyMart, Lawson, and Ministop.

Companies Covered in this report:

The Coca-Cola Company, Nestlé S.A., Kerry Group plc, Britvic PLC, The Hershey Company, GAT Foods, Grupo Arcor, Dr Pepper Snapple Group Inc, Suntory Group, Carlsberg A/S, PepsiCo, Inc., The Kraft Heinz Company, Hindustan Unilever Limited and Apollo Fruit Products.

Considered in this report

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

Aspects covered in this report

• Asia Pacific syrup and Squash market with its value and forecast along with its segments
• Country-wise syrup and Squash market analysis
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

Countries covered in the report:

• China
• Japan
• India
• Australia
• South Korea

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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Manmayi Raval

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