The global tonic water market is projected to witness a notable growth in the years to come because of the rapid industrialization as per the Transparency Market Research reports. The vendors of the tonic water market are continuously investing in research and development plans in order to come up with new and better products as compared to that of the other vendors. Surveys are being held wherein consumer feedback is taken into consideration and hence experiments of new products are being conducted. The competition is seen to be cut throat and therefore the tonic water industry will see major growth rate in the coming years.
According to the TMR reports, the global tonic water market is anticipated to be worth a US$2.45 bn by the end of 2025. Previously the market was valued at US$1.52 bn as per the 2016 records and now the forecast period is set from 2017 to 2025 with CAGR growth of about 6.10%. Among segmentation by products, the market is seen to be dominated by flavored tonic water and in terms of applications the tonic water segmentation of alcoholic drinks is projected to dominate the market as compared to revenue share collected by the non-alcoholic segmentation.
From a geographical point of view, the global market for tonic water is expected to be dominated by Asia pacific region. This is because of the fact that flavored tonic water segmentation products are more popular among people in this region especially in the developing nations of Japan, China and India. Alcoholic beverages are also not far behind and equally contribute great deal of revenue generation from the past decades and will continue to do so in the future years. The CAGR of Asia Pacific is seen to be at 5.70% and it is predicted that Asia Pacific region will continue dominating the global tonic water market in the future as well.
With time and development of nations across worlds, the disposable incomes of people have also increased and so improved the standard of living as well. As a result of which, the consumption of both alcoholic and non-alcoholic beverages have increased as a trend during these years. It is noted that the consumption of gin and vodka among alcoholic beverages is preferably more as compared to other drinks like tequila and rum. Tonic water is used to mix with these spirits in order to create a perfect drink, their demand is also increasing hand in hand. These drinks being an integral part of night life and the beauty of clubs, bars and lounges, are boosting the overall growth of the tonic water market in the years to come.
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Health Awareness to Hamper Market in Negative Light
The market may be negatively impacted by the increasing awareness about alcohol and its harmful effects on health and well-being of an individual. This is in turn creating a hindrance to the fgrowth of the tonic water market in the long run. However, the introduction of innovative products with different and unique flavors and their attractive packaging system is bringing forward lucrative opportunities for the market to grow.
Some of the leading vendors of the global tonic water market are Thomas Henry GmbH & Co. KG, Monster Beverage Corp., The Coca-Cola Co., East Imperial Superior Beverages, Fevertree Drinks Plc., and Bradley’s Tonic Co. New flavors of fruits are being introduced by various companies as part of their development strategy so as to hold a strong position in the overall market. The key strategy is to introduce new flavors that are both unique and new and gain as much profit as possible in order to spread business in other regions as well.