According to a new report published by Allied Market Research, titled, “Tonic Water Market by Flavor, Packaging form and Distribution Channel: Opportunity Analysis and Industry Forecast, 2021–2027,” The global tonic water 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 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.
Consumers have significantly developed a taste for premium spirits and are also willing to spend on innovate products that offer a distinct character and heritage. As a consequence, the preference for premium range of mixers has also gained traction. Resurgence of cocktail trend in the emerging economies has particularly spurred growth for the super-premium category, since bartenders are gradually mixing premium tonic water in top-tier spirit brands. In addition, socioeconomic factors such as income growth, rising middle-class consumers in developing economies and rapid urbanization generate a positive impact on the growth and consumption of alcoholic beverages, and hence mixers.
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Owing to the outbreak of the COVID-19 pandemic, there has been a considerable impact on the tonic water industry. The on-trade segment has especially been impacted, since bars, restaurants, pubs, breweries have been shut due to the lock-down and customer visits are entirely restricted. Comparatively, the impact was less likely felt on the off-trade sales channel since consumers stock-piled beverages in the initial stages of the lockdown. However, the lockdown has generated a great opportunity for the ecommerce channels due to social distancing.
The tonic water market is segmented based on flavor, packaging form, distribution channel, and region. By flavor, the market is bifurcated into plain and flavored. On the basis of packaging form, it is segregated into carton and bottle. According to distribution channel, it is classified into on-trade, off-trade and online retail. Region wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.
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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.
Key findings of the study
By flavor, the plain tonic water segment was the highest contributor to the market, with $468.0 million in 2019, and is estimated to reach $655.1 million by 2027, at a CAGR of 6.8% during the forecast period.
By packaging form, the bottles segment was the highest contributor to the market, with $506.9 million in 2019, and is estimated to reach $759.9 million by 2027, at a CAGR of 7.7% during the tonic water market forecast period.
By distribution channel, the off-trade segment was the highest contributor to the market, with $397.4 million in 2019, and is estimated to reach $540.3 million by 2027, at a CAGR of 6.4% during the forecast period.
In 2019, Europe was the highest revenue contributor, accounting for $360.8 million in 2019, and is estimated to reach $495.6 million by 2027, with a CAGR of 6.5%.
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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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