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Honestly, there's some HFCS bullshit, but mostly storebought lemonade seems to be just lemon juice and cane sugar.
Because of food safety regulations
Food safety regulations don't ban dilution.
I don't wanna get into a fight over this, but they do regulate dilution. At least where I'm from.
It can only be called "juice" if it has got at least x% of juice in it. If it's made from concentrate, it says so on the front.
Companies mustn't lie about the percentage of juice content and all ingredients are listed on the back in order of content.
In the UK, there's a sugar tax, so that's another form of regulation.
Customers may decide whether they want to buy 25% or 100% juice, but this competition only works because of the rules I listed.
Lemonade in particular is very low % juice. Dunno exactly but probably above 10% it starts tasting too strong.