The Tonic Water Market is being driven by Rise in product launches
The Tonic Water Market is expected to grow at a CAGR of 6.36% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 627.6 million. The gin market's growth trajectory is positively influenced by the rising consumption trend, with annual value sales increasing by over 50% in 2021. The primary use of tonic water is as a mixer for gin cocktails, making it an essential component in the gin industry's growth. The gin sector in the UK has experienced significant growth since 2008, with historical links to women in the UK, often referred to as "mother's ruin." This trend, coupled with the global increase in gin consumption, will undoubtedly fuel the demand for tonic water in the foreseeable future.
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The market is segmented based on
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
However, the market also witnesses some limitations, which are as follows:
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Market Scope |
|
Report Coverage |
Details |
Page number |
146 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.36% |
Market growth 2024-2028 |
USD 627.6 million |
Market structure |
market_structure.ucfirst |
YoY growth 2023-2024(%) |
5.58 |
Key countries |
US, UK, Spain, Canada, and China |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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The Tonic Water market encompasses alcoholic beverages infused with quinine, a compound once used for malaria treatment and now popular in cocktails, especially those featuring gin and vodka. Young demographics, including millennials and working professionals, seek out tonic water for its health-conscious image, with some opting for non-alcoholic versions or those fortified with vitamins and minerals. Convenience stores and online sales dominate distribution channels. Domestic players compete with international brands like Malfy Gin and Sunset Tonic, offering various flavors and health benefits, while some tonic waters contain corn syrup or high fructose sugar, sparking debates over health implications. Leg cramps and other health issues associated with quinine remain a concern for some consumers.
The global soft drinks and non-alcoholic beverages market encompasses sectors like carbonated beverages, juices and concentrates, bottled water, functional beverages, sports drinks, and others. According to Technavio, the market's size is determined by the consolidated revenues of soft drinks and non-alcoholic beverages' manufacturers, excluding sales from dispensing equipment. Key growth drivers include innovation and new product launches. This trend is particularly evident in the tonic water segment, where the addition of flavors and botanicals caters to millennial preferences for premium, mixer-based cocktails, such as gin and tonic and vodka tonic. Quinine's role in tonic water's unique taste and its historical association with malaria treatment further adds to the market's intrigue.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
Technavio Research
Jesse Maida
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