Global Tonic Water Market to Grow with a CAGR of 8.4% During 2022-2031; Market to Grow on Account of Increasing Consumption of Gin and Vodka
Kenneth Research published a report titled “Tonic Water Market: Global Demand Analysis & Opportunity Outlook 2031” which delivers detailed overview of the global tonic water market in terms of market segmentation by type, distribution channel, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The global tonic water market is anticipated to grow with a CAGR of 8.4% over the forecast period, i.e., 2022 – 2031. The market is segmented by distribution channel into online, and offline stores. Out of these, the offline stores segment is projected to garner the highest market share and also the largest revenue by the end of 2031. The market is further segmented by type into flavored, and non-flavored tonic water. The flavored tonic water segment is projected to grow with the highest CAGR of 9.6% during the forecast period.
The global tonic water market is estimated to garner a volume of 1036.5 Million Liters by the end of 2031, up from a volume of 466.2 Million Liters in the year 2021. Surge in the consumption of gin and vodka, followed by the rising awareness amongst consumers regarding the numerous benefits associated with the consumption of tonic water, and the growing number of distilleries are some of the major factors anticipated to drive the growth of the market in the coming years.
Geographically, the global tonic water market is segmented into Europe, Middle East & Africa (EMEA), Asia Pacific, United States, South America, and the Rest of the World. Out of these, the market in the EMEA region is projected to attain the largest volume of 442.6 Million Liters by the end of 2031. Additionally, in the year 2021, the market in the region generated a volume of 198.7 Million Liters.
Increasing Consumption of Packaged Beverages to Drive the Market Growth
The consumption of packaged water, alcoholic beverages, carbonates soft drinks (CSD), and fruit & vegetable juices in the year 2020 reached close to 440 Billion Liters, 240 Billion Liters, 200 Billion Liters, and 85 Billion Liters respectively.
The rise in demand for different types of packaged beverages around the world is raising the need amongst the beverage manufacturers to add more products to their product portfolio which has a variety of flavors and taste. Tonic water is a type of carbonated soft drink which is mixed with other non-alcoholic and alcoholic beverages. Rich with the flavor of quinine, the soft beverage is also known as Indian tonic water and is used as a prophylactic against malaria disease. Such factors are therefore anticipated to drive the growth of the global tonic water market in the coming years.
However, the availability of low-cost alternatives, along with the lack of awareness regarding the product in several nations are expected to operate as key restraint to the growth of global tonic water market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global tonic water market which includes company profiling of Fevertree Limited, Keurig Dr Pepper, Inc., Fresh & Wild Limited (Whole Foods Market), White Rock Products Corporation, Fentimans Ltd, EAST IMPERIAL BEVERAGES CORPORATION, Luscombe Drinks Limited, Q Tonic, LLC, Franklin & Sons Ltd, and others. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global tonic water market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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