Tonic Water Market to Grow with a CAGR of 6.73% Globally through to 2028
Increasing consumption of alcoholic beverages, rising
awareness of the health benefits of tonic water are factors driving the global
tonic water market in the forecast period 2024-2028.
According to TechSci Research report, “Global Tonic
Water Market - Industry Size, Share, Trends, Competition Forecast &
Opportunities, 2028”, the Global Tonic Water Market stood at USD 780.52 million
in 2022 and is anticipated to grow with a CAGR of 6.73% in the forecast period,
2024-2028. The global tonic water market has witnessed significant
transformations in recent years, driven by evolving consumer preferences,
health-conscious choices, and the ever-expanding cocktail culture.
The tonic water market, once a humble mixer for gin
and other spirits, has experienced remarkable growth and transformation in
recent years. This dynamic industry has been shaped by a multitude of drivers
that have evolved in response to changing consumer preferences, lifestyles, and
global trends.
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Water Market”
Tonic water is growing in many regions owing to its
health benefits. Due to quinine content, tonic water is used for malaria
treatment. It reduces leg cramps, works as a stress buster, works as a
substitute for alcohol, causing a reduction in alcohol consumption, and
re-energizes due to high sugar content. Due to the increased alcohol
consumption on casual occasions and parties, the tonic water requirement also
increased. Since consumers have become more health conscious, demand for
low-sugar or sugar-free beverages increased. Tonic water manufacturers are
making products according to consumer needs and wants. For instance, in
February 2022, the United Kingdom-based functional beverage brand Buzzed
launched a new energy tonic water powered by natural caffeine, pure blossom
honey, and stevia.
Originally Tonic water was used as a
medicine against malaria, but now there is significantly lower quinine content
and is consumed for its distinctive bitter flavor. It is often used in
alcoholic drinks, particularly in gin. But now tonic water is available as a
regular drink with low quinine levels and different flavors. The market players
have been innovating tonic water with low quinine, corn syrup, high fructose
sugar, and various flavors. For instance, in September 2022, the Australian
beverage company Capi partnered with Malfy Gin to launch the all-natural
ingredient "Sunset Tonic." The tonic pairs with Malfy Gin's
refreshing citrus-flavored gin and makes Gin-Tonic called Malfy Sunset.
Additionally, the rising disposable income drives the market due to
modernization, the tonic water promotion as a mixer with alcohol, and the
increasing tonic water popularity, which is surging demand.
An increasingly health-conscious
consumer base is seeking beverages that align with their wellness goals. This
has driven the demand for tonic waters that offer healthier alternatives to
traditional options. The popularity of low-calorie and sugar-free tonic waters
has surged as consumers aim to reduce calorie intake and sugar consumption
while enjoying their favourite cocktails. Tonic water manufacturers are
incorporating functional ingredients and botanical infusions, promoting both
refreshment and potential health benefits, such as antioxidants and digestive
aids. The global cocktail renaissance has revitalized the demand for premium
mixers like tonic water. Consumers are experimenting with cocktails at home and
in bars, driving the need for high-quality ingredients. Tonic water plays a
pivotal role in classic cocktails like the Gin and Tonic, Moscow Mule, and
others. Its unique flavor profile makes it an essential component of many
popular mixed drinks.
The Global Tonic Water Market is segmented into type, flavor,
packaging, distribution channel, regional distribution, and company.
By type, the market is segmented into plain and
flavored tonic water. Plain tonic water is the most popular type of tonic
water, accounting for the majority of the market share. Flavored tonic water is
becoming increasingly popular, with consumers demanding new and innovative
flavors.
Based on region, Europe dominated the market in
2022.Europe is famous for its Gin consumption. Gin and tonic are one of the
most famous cocktails in Europe. Tonic water is renowned in the region for its
flavors and multiple uses in different beverages. The market for tonic water is
growing in Europe owing to the new and innovative product launches by market
players.
Major companies operating in Global Tonic Water Market
are:
- Coca-Cola Company
- El Guapo Bitters
- Fentimans Ltd.
- Fever Tree Drinks Plc
- Keurig Dr. Pepper Inc.
- London Essence Company
- Franklin & Sons Ltd
- Bradley's Tonic Co.
- East Imperial Beverage Corporation
- Q Tonic LLC
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“The tonic water market has experienced impressive
growth in recent years, driven by a combination of factors. The resurgence of
cocktail culture, with a focus on premium mixers, has significantly contributed
to this expansion. Health-conscious consumers seeking lower-calorie and
sugar-free options have also fueled demand. Furthermore, sustainability and
eco-consciousness have prompted the adoption of responsible sourcing and
eco-friendly packaging, resonating with environmentally aware consumers. Craft and
premium tonic waters, alongside regional and unique flavor profiles, have
captured the attention of a diverse customer base. This growth trajectory is
further accelerated by e-commerce, global expansion, and a constant drive for
innovation within the industry.,” said Mr. Karan Chechi, Research Director with
TechSci Research, a research-based management consulting firm.
“Tonic
Water Market – Global Industry Size, Share, Trends, Opportunity, and Forecast,
Segmented By Type (Regular Tonic Water, Low-Calorie Tonic Water, Slimline Tonic
Water), By Flavor (Plain Tonic Water, Flavored Tonic Water), By Packaging
(Bottles, Cans), By Distribution Channel (Hypermarkets/Supermarkets,
Convenience Stores, Online, Others), By Region, By Competition, 2018-2028”,
has evaluated the future growth potential of global tonic water market and
provides statistics & information on market size, structure and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in global tonic water market.
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