The global tonic wine market size was valued at $1,782.7 million in 2020, and is projected to reach $3,133.2 million by 2030, registering a CAGR of 5.8% from 2021 to 2030. Tonic wine is the combination drink of wine with fruits and herb extracts. The tonic wine is blend with other drinks to make cocktails. The tonic wine has gained momentum in the market owing to rise in health consciousness among the consumers.
Lucrative packaging plays a key role in increasing wine sales, and thus growth of the tonic wine market. Moreover, cans are made of aluminum and have a shelf life of five years and are convenient when a single or two-glass serving is preferred. However, there are many fermented beverages available in the market, which acts as alternative for tonic wine. In addition, the concept of tonic wine is not so popular in Asia-Pacific and LAMEA. Thus, presence of alternatives hampers growth of the tonic wine market during the forecast period.
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The COVID-19 pandemic had moderate impact on the tonic wine market growth. The supply chain disruption had a negative impact, while the rise in health consciousness among the consumers had a positive impact on the tonic wine market.
Wine production and consumption have grown rapidly in recent decades, resulting in an increased consumption pattern. Nowadays, social engagements, modernization, and the rising acceptance of western culture are some of the elements that encourage consumers to socialize with alcohol. Wine consumption is becoming a social status symbol, which is helping tonic wine to increase in popularity. In developing countries, tonic wine is commonly connected with a variety of occasions and is offered as a table wine with daily meals. The rising demand of tonic wine encourages manufacturers to introduce innovative products into the market, ensuring that the industry will continue to grow in the future.
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According tonic wine market analysis, the tonic wine market is classified on the basis of product type, distribution channel, application, and region. By product type, the market is segmented into Magnum, Buckfast, Sanatogen, and Mandingo. The increased consumption of Buckfast tonic wine in Asia-Pacific region resulted into highest revenue generation in 2020. Based on distribution channel, the tonic wine market is segregated into supermarkets/hypermarkets, convenience stores, specialty stores, and online stores. The specialty stores was the highest revenue generator because specialty stores provide vast variety of products specific to the particular market.
By application, the tonic wine market is categorized into household and food services. The food services hold the largest market share in 2020, due to wide applicability and adaptability of tonic wine in various foods & beverages. Region wise, the tonic wine market is segmented into North America, Europe, Asia-Pacific, and LAMEA. Europe contributed the highest revenue in 2020 and is expected to dominate the market during the forecast period.
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Key findings of the study
The global tonic wine market size was valued at $1,782.7 million in 2020, and is projected to reach $3,133.2 million by 2030, registering a CAGR of 5.8% from 2021 to 2030.
By product type, the Buckfast segment was the highest contributor to the market, with $830.9 million in 2020, and is estimated to reach $1,427.3 million by 2030, at a CAGR of 5.6% during the forecast period.
By distribution channel, the specialty stores segment was the highest contributor to the market, with $785.9 million in 2020, and is estimated to reach $1,336.5 million by 2030, at a CAGR of 5.5% during the forecast period.
By application, the food services segment was the highest contributor to the market, with $1,424.8 million in 2020, and is estimated to reach $2,494.6 million by 2030, at a CAGR of 5.8% during the forecast period.
By region, Europe was the highest revenue contributor, accounting for $902.0 million in 2020, and is estimated to reach $1,427.3 million by 2030, with a CAGR of 4.7%.
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The major players operating in the tonic wine industry are Buckfast, Crabbie’s, Stone’s, Lindisfarne, Mella, Frederiksdal, Sanatogen, Wincarnis, Jingjiu, Sainsbury’s, Bristol, Campari Group, Dee Bee Wholesale, Macleod Distillers, Herb Affair, Leonard J Russell Snr, Portman Group, and Zhangyu. These major players have adopted various strategies to expand their market reach globally. The strategies such as product launch, business expansion, and partnership are adopted by market players.
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