Global Tonic Water Market Size/Share Worth USD 3.47 billion in 2031 at a 7.1% CAGR by The Insight Partners (Analysis, Outlook, Report, Trends, Forecast, Segmentation, Growth, Growth Rate, Value)
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The report from The Insight Partners provides several stakeholders—raw material suppliers, tonic water manufacturers, distributor and suppliers, and others—with valuable insights into how to successfully navigate this evolving market landscape and unlock new opportunities.
List of the prominent players in the Tonic Water Market Source:
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Overview of Report Findings
1. Market Growth: The tonic water market size is expected to reach US$ 2.01 billion by 2031 from US$ 3.48 billion in 2023 at a CAGR of 7.1%. Tonic water is a carbonated soft drink that is majorly used as a mixer or base in gin, vodka, and other spirits. Tonic water is available in a wide range of flavors, such as wild berry, elderflower, and bitter lemon. With the changing lifestyle of people and increasing preference for premium drinks, the demand for tonic water is increasing significantly, especially across the US, India, Japan, Australia, the UK, Spain, and Italy, among other developed and developing countries. Further, the growing inclination of people toward exploring new tastes in alcohol-based beverages would continue to drive the demand for tonic water in the coming years.
2. Increasing Demand for Gin: The popularity of gin-based cocktails is on the rise in bars and restaurants, which indicates the spurred demand for tonic water in the hospitality sector. Mixologists and bartenders are continually innovating and experimenting with new gin and tonic combinations with different flavors, driving the need for various tonic water options to accommodate diverse tastes and preferences. As a result, tonic water manufacturers are expanding their product offerings to include different flavors, formulations, and packaging sizes to meet the demand of both retail consumers and the hospitality industry. As gin and tonic is a well-established cocktail combination, the increasing demand for gin directly drives the growth of the tonic water market.
3. Innovation in Flavors: With the burgeoning interest in natural and botanical-based products, in line with the growing trend of healthy eating and drinking, consumers seek beverages made from natural, high-quality ingredients. They are also looking for lighter and more floral tonic water varieties. In February 2022, BZZDEnergy announced the launch of a new energy tonic water powered by natural caffeine, pure blossom honey, and stevia. With this launch, the company has plans to expand its product portfolio and cater to growing consumer preferences. Thus, the introduction of innovative flavors fuels the growth of the tonic water market.
4. Geographical Insights: In 2023, Europe led the market with a substantial revenue share, followed by North America and Asia Pacific, respectively. Asia Pacific is expected to register the highest CAGR during the forecast period.
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Market Segmentation
Report Scope
Competitive Strategy and Development
Global Headlines on Tonic Water
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Conclusion
Tonic water is a main ingredient of classic gin and tonic cocktails. The growing demand for tonic water is attributed to a significant rise in the popularity of craft cocktails and mixology culture. Consumers in regions such as Europe, North America, and Asia Pacific seek high-quality mixers to elevate their drinks. In addition, an upsurge in the number of health-conscious consumers has led to the shift toward low-sugar alternatives to traditional drinks. Many tonic water brands offer options with botanical flavors and reduced sugar content, appealing to health-conscious consumers who want to enjoy refreshing drinks without compromising on taste.
The growing popularity of DIY drink preparation also drives the sales of tonic water. As more people prefer experimenting with cocktails made at home, the demand for premium mixers such as tonic water has surged. This trend is expected to continue as consumers become more adventurous with their drink choices and seek to replicate the bar experience in their own homes. Thus, the growing inclination toward premium drink options, the health-conscious choices of consumers, and the increasing preference for home bartending are the factors bolstering the demand for tonic water globally.
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