Product innovation, premiumization, and expanding global consumer base drive the growth of the global tonic water market
Portland, Ore., Nov. 9, 2020 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Tonic Water Market by Flavor (Plain and Flavored), Packaging Form (Bottles and cans), and Distribution Channel (On-Trade, Off-Trade, and Online Retail): Global Opportunity Analysis and Industry Forecast, 2021-2027".As per the report, the global tonic water industry 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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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.
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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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
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