Trusted Business Insights answers what are the scenarios for growth and recovery and whether there will be any lasting structural impact from the unfolding crisis for the Tonic Water market.
Trusted Business Insights presents an updated and Latest Study on Tonic Water Market 2020-2029. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. The report further elaborates on the micro and macroeconomic aspects including the socio-political landscape that is anticipated to shape the demand of the Tonic Water market during the forecast period (2020-2029).
It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
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Report Overview: Global Tonic Water Market
The global tonic water market size was valued at USD 1.61 billion in 2020 and looks set to grow at a compound annual growth rate (CAGR) of 7.1% from 2021 to 2027. Increasing consumption of alcoholic beverages such as gin, vodka, and other various types of cocktails is the key driving factor for the market. Moreover, tonic water contains a good amount of quinine, which helps reduce the chances of malaria and other leg related medical issues. These medicinal properties are expected to fuel market growth over the forecast period 2021-2027. Tonic water is one of the widely consumed soft drinks with spirits across the globe. Many drinks have a strong base of tonic water, which provides a bitter edge to cocktails. Gin and Tonic have become one of the famous mixes consumed by the drinkers around the globe and is generally known as ˜G and Tprimarily in countries including the U.S., Canada, the U.K., Ireland, Australia, and New Zealand. Generally, most of the recipes contain 1:1 to 1:3 tonic water to gin ratio. These trends are anticipated to remain the favorable factors for the industry over the forecast period.
Tonic water is also widely consumed as a healthy drink across the globe owing to the presence of quinine substance, which is a medication used to treat malaria and babesiosis. This tonic water contains 83 mg of quinine per liter with excellent medicinal effects. Manufacturers in the market offering a wide range of products with added sugars and flavors. These medicinal advantages associated with tonic water are also propelling the products demand on a global level.
It is primarily consumed with gin and the use of gin in various countries has been increasing significantly over the past few years. Moreover, in countries like the U.K. and the U.S., 19th October is celebrated as International Gin and Tonic day since 2010. According to the WorldAtlas, Spain, Belgium, Netherlands, the U.K., and Ireland are the largest gin consuming countries in the world followed by Canada and the U.S. These countries are boosting the demand for tonic water owing to increasing consumption of gin.
Product Insights: Global Tonic Water Market
Regular tonic water was the largest product segment with a market share of more than 75.0% in 2019 and expected to maintain dominance over the forecast period. This is owing to a wide range of products available in the market. Moreover, the regular tonic water has added sugar and a wide range of flavors, which attracts the customers in the global market.
Diet tonic water is anticipated to be the fastest-growing product segment with a CAGR of 7.6% from 2021 to 2027. This is owing to the rising popularity of sugarless and low-calorie products among consumers across the globe. Consumers are increasingly adopting a healthy lifestyle, which is changing the food and beverages preference to low-sugar or sugar-free soft drinks. Diet tonic water contains artificial sweeteners, which offer sweet taste without sugar.
Distribution Channel Insights: Global Tonic Water Market
Hypermarkets, supermarkets, and convenience stores was the largest segment with a share of more than 54.0% in 2019 and anticipated to maintain dominance over the forecast period. A large number of supermarket giants such as Walmart, Tesco, 7Eleven, Auchan, Sainsburys, Apar, and Aldi have maximum customer penetration in North America and Europe. These deep-pocket companies offer a wide range of grocery products and have a large chain of stores for maximum customer engagement. Therefore, all the manufacturers offer full product portfolio in these hypermarkets, supermarkets, and convenience stores for maximum profit.
Online sale of tonic water is significantly increasing across the globe owing to the huge convenience associated with it. Moreover, all the hypermarkets, supermarkets, and convenience stores giants are entering e-commerce owing to increasing penetration of the internet and smartphones among consumers. In addition to this, these e-commerce shopping portals offer maximum customer engagement with increasing online shopping from people around the globe. However, on-trade sale of tonic water with gin and other spirits is offering decent opportunities to the tonic water market.
Regional Insights: Global Tonic Water Market
North America was the largest market for tonic water and accounted for a share of more than 30.0% in 2019. The U.S. and Canada are the largest consumers of tonic water, which offers a huge opportunity for the market in North America. Moreover, these two countries are also a large consumer of gin, which, in turn, increases the consumption of tonic water. Increasing the consumption of these spirits is fueling the demand for tonic water in the region.
Asia Pacific is anticipated to be the fastest-growing region with a CAGR of 7.6% from 2021 to 2027. The consumption of various types of spirits such as gin, whiskey, vodka, and rum has been gradually increasing in countries like India, China, and Indonesia. The rise in the consumption of various types of alcohol is propelling the demand for tonic water in the region.
Key Companies & Market Share Insights: Global Tonic Water Market
The market is highly fragmented across the globe owing to the presence of a large number of domestic as well as international players. Key manufacturers have significant market share in Europe, North America, and some parts of Asia.
A growing trend of healthy intake is anticipated to focus on quality and low-calorie products. A large number of manufacturers are offering healthy alternatives for high sugar products and is anticipated to be a primary factor for growing market share. Increasing product launches with artificial sweeteners in the market are also anticipated to positively impact industry growth. Some of the prominent players in the tonic water market include:
Key companies Profiled: Global Tonic Water Market Report
- Keurig Dr Pepper
- Q MIXERS
- THE COCA-COLA COMPANY
- White Rock Products Corporation
- Asahi Group Holdings, Ltd.
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2027. Trusted Business Insights has segmented the global tonic water market report on the basis of product, distribution channel, and region:
Product Outlook (Revenue, USD Million, 2016 – 2027)
Distribution Channel Outlook (Revenue, USD Million, 2016 – 2027)
- Hypermarkets, Supermarkets & Convenience Stores
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