Tonic Water Market to rise up to the USD 1,168.9 million by 2027 and to grow at a CAGR of 7.3%

Global Tonic Water Market Size was valued at $805.4 million in 2019, and is projected to reach $1,168.9 million by 2027, registering a CAGR of 7.3% from 2021 to 2027. The market is expected to exhibit an incremental revenue opportunity of $363.5 million from 2019 to 2027.

The growing inclination towards premiumization in the alcoholic beverages sector and the rise in acceptance of alcoholic beverages in social gatherings, especially in the Asia-Pacific region is expected to propel the demand for the tonic water market. In addition, rapid urbanization, increasing number of bars, pubs and hotels, rising consumer spending are among some crucial factors that drive the global tonic water market.

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The tonic water market is propelled by the rise in demand for tonic water as a result of rise in preference for premium brands. The rising demand for high-premium tonic waters as a result of change in consumer tastes, rise in standard of living globally and inclination toward innovate products is expected to drive the growth of the global tonic water market size.

In order to engage tech-savvy young consumers that seek greater value for money, more personalization, and integrated digital access, luxury tonic water brands have started to develop accurate social media platforms to expand consumer reach. Furthermore, millennia also value quality, authenticity and provenance, and hence, are willing to pay more to enjoy this. The young consumers are inclined to experiment with their alcoholic beverages, which has essentially led to the rise in 'cocktail culture'. This culture has further enhanced the usage of mixers as an ingredient, thereby propelling the global tonic water market trends.

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Region wise, Europe was the prominent region in 2019 due to tremendous popularity and substantial consumption of alcoholic beverages in the region. The Europe region is also the highest producer and consumer of tonic water across the globe with the UK accounting for a maximum global tonic water market share.

The key players operating in the global tonic water industry analysis include Fever-Tree, Dr. Pepper Snapple Group, Fentimans Ltd., London Essence Company, East Imperial Beverage Corporation, Thomas Henry GmbH & Co. KG, Q Mixers, Zevia, Franklin & Sons Ltd. and White Rock Products Corporation.

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