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Tonic Water Market: Popularity of Gin and Vodka in Europe Propels Market
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In 2016, the opportunity in the global market for tonic water was US$1.52 bn. Expanding at a CAGR of 6.10% during the period from 2017 to 2025, it is likely to touch US$2.45 bn mark by the end of the period of the forecast. Alcoholic drinks have surfaced as the main application area of tonic water and the scenario is anticipated to remain same over the next few years. Among products, flavored tonic water is witnessing a relatively higher demand than its non-flavored counterpart. Among the geographies, Asia Pacific has been leading the market for tonic water across the world. Expanding at a CAGR of 5.70% between 2017 and 2025, this regional market is anticipated to remain on the top over the next few years, states the market study.
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The increasing disposable income of people, thanks to the rapid industrialization and the strengthening of economic condition in various countries across the world, has reflected dramatically on their lifestyles, resulting in augmented consumption of alcohol such as vodka and gin. “Since tonic water is used to mix into these spirits to make a drink, its demand is also increasing significantly,” states a researcher at TMR. The constant rise in the number of clubs, lounges, and bars, fueling alcohol consumption, is also fueling the sales of tonic water, reflecting greatly on this market.
Although the future of worldwide market for tonic water looks bright, the increasing awareness among consumers regarding the ill effects of alcohol on health and wellness is anticipated to impact negatively on the growth of this market over the next few years. However, the continuing introduction of tonic water in new and fresh flavors may give this market a push in the near future, reports the market study.
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Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
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