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Tonic Water Market is Predicted to Attain $1.16 Billion by 2027: Allied Market Research

07-19-2022 10:26 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Allied Market Research

Tonic Water Market

Tonic Water Market

The global Tonic Water Market was pegged at $805.4million in 2019, and is expected to garner $1.16 billion by 2027, growing at a CAGR of 7.3% from 2021 to 2027.

Drivers, restraints, and opportunities

Product innovation, premiumization, and expanding global consumer base drive the growth of the global tonic water market. However, availability of substitute products and low awareness of tonic water hamper the market growth. On the contrary, increase in demand for diet tonic water is expected to create lucrative opportunities for the market players.

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Major market players
Fever-Tree
Fentimans Ltd.
Dr. Pepper Snapple Group
East Imperial Beverage Corporation
London Essence Company
Q Mixers
Thomas Henry GmbH & Co. KG
Franklin & Sons Ltd.
Zevia
White Rock Products Corporation

COVID-19 scenario:

Since the COVID-19 outbreak, the sale of tonic water has been severely affected due to shutdown of bars, restaurants, and breweries.
However, customers have opted for online retail to stock-pile beverages during the initial stages of the lockdown.
In addition, ecommerce platforms have opened new opportunities as governments have imposed social distancing norm.

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The plain segment dominated the market

By flavor, the plain segment held the largest share in 2019, accounting for nearlythree-fifths of the global tonic water market, owing toincreased consumption as a mixer for alcoholic beverages and increasing use for medical purposes due to its quinine content.However, the flavored segment is expected to portray the highest CAGR of 7.9% during the forecast period, due to changes in tastes and preferences of consumers.

The online retail segment to manifest the highest CAGR through 2027

By distribution channel, the online retail segment is anticipated to register the highest CAGR of 9.1% during the forecast period, as it offers a broader range of options and delivery at the doorstep. However, the off-trade segment held the largest share in 2019, contributing to nearly half of the global tonic water market, due tostrategies such as in-store promotions, tasting for selective products, and membership offers.

Asia-Pacific, followed by North America, to register the fastest CAGR by 2027

By region, the market across Asia-Pacific, followed by North America, is estimated to manifest the highest CAGR of 9.1% from 2021 to 2027. This is due togrowing urban population coupled with improved living standards and demand for new, premium tonic water. However, the global tonic water market across Europe held the lion's share in 2019, accounting for more than two-fifths of the market, owing totremendous popularity and substantial consumption of alcoholic beverages and tonic water.

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About Us:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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