– The global tonic wine market is expected to reach $3.1B by 2030, driven by rising health consciousness and the popularity of organic options.
WASHINGTON, USA – According to a new report published by Allied Market Research, titled, “Tonic Wine Market by Product Type, Distribution Channel, and Application: Global Opportunity Analysis and Industry Forecast, 2021–2030,” The global tonic wine market size was valued at $1,782.7 million in 2020, and is projected to reach $3,133.2 million by 2030, registering a CAGR of 5.8% from 2021 to 2030.
Tonic wine is the combination drink of wine with fruits and herb extracts. The tonic wine is blend with other drinks to make cocktails. The tonic wine has gained momentum in the market owing to rise in health consciousness among the consumers.
Organic, natural, and GMO-free products have been increasingly popular in recent years. As a result, organic tonic wine has become increasingly popular, particularly in recent years. Leading competitors are constantly expanding their product offerings to include organic and non-GMO certified wine, which is fueling the expansion of the tonic wine market. To meet the growing demand for non-GMO and organic wines, the major players have begun producing organic tonic wine.
Nonetheless, the tonic wine industry confronts a number of obstacles, including, but not limited to, a shift in customer preference for wine substitutes. Customers used to choose between wine and beer a few decades ago, but the change in tradition and consumption patterns brought about by broader societal change, consumers increasingly prefer all forms of alcoholic beverages depending on the time and occasion. There are several substitutes for tonic wine and consumers are happily consuming other alcoholic beverages, which is hindering the tonic wine market’s growth.
𝐃𝐫𝐢𝐯𝐞𝐫𝐬, 𝐫𝐞𝐬𝐭𝐫𝐚𝐢𝐧𝐭𝐬, 𝐚𝐧𝐝 𝐨𝐩𝐩𝐨𝐫𝐭𝐮𝐧𝐢𝐭𝐢𝐞𝐬
Increase in use of lucrative packaging, premiumization of tonic wine, and rise in on-premise consumption fuel the growth of the global tonic wine market. On the other hand, presence of alternative products impede the growth to some extent. However, emergence of organic & biodynamic products are expected to create lucrative opportunities in the industry.
𝐓𝐡𝐞 𝐛𝐮𝐜𝐤𝐟𝐚𝐬𝐭 𝐬𝐞𝐠𝐦𝐞𝐧𝐭 𝐭𝐨 𝐝𝐨𝐦𝐢𝐧𝐚𝐭𝐞 𝐛𝐲 𝟐𝟎𝟑𝟎
Based on product type, the buckfast segment held the major share in 2020, accounting for around half of the global tonic wine market. This is due to the fact that in the UK and Ireland, the buckfast tonic wine has gained momentum among working classes, students, and bohemian populations. At the same time, the sanatogen segment would register the fastest CAGR of 6.3% from 2021 to 2030, due to its nutrient-rich properties.
𝐓𝐡𝐞 𝐬𝐩𝐞𝐜𝐢𝐚𝐥𝐭𝐲 𝐬𝐭𝐨𝐫𝐞𝐬 𝐬𝐞𝐠𝐦𝐞𝐧𝐭 𝐭𝐨 𝐦𝐚𝐢𝐧𝐭𝐚𝐢𝐧 𝐭𝐡𝐞 𝐝𝐨𝐦𝐢𝐧𝐚𝐧𝐭 𝐬𝐡𝐚𝐫𝐞
Based on distribution channel, the specialty stores segment contributed to around two-fifths of the global tonic wine market revenue in 2020, and is projected to lead the trail throughout the forecast period. This is attributed to the fact that specialty stores provide high service quality and detailed product specification and expert guidance to the consumers However, the online stores segment is projected to grow at the fastest CAGR of 6.8 percent from 2021 to 2030. Easy accessibility of products and heavy discounts and offers provided by these online platforms boost their adoption in the tonic wine market.
𝐄𝐮𝐫𝐨𝐩𝐞, 𝐟𝐨𝐥𝐥𝐨𝐰𝐞𝐝 𝐛𝐲 𝐍𝐨𝐫𝐭𝐡 𝐀𝐦𝐞𝐫𝐢𝐜𝐚, 𝐠𝐚𝐫𝐧𝐞𝐫𝐞𝐝 𝐭𝐡𝐞 𝐡𝐢𝐠𝐡𝐞𝐬𝐭 𝐬𝐡𝐚𝐫𝐞 𝐢𝐧 𝟐𝟎𝟐𝟎
Based on region, the market across Europe contributed to the highest share in 2020, accounting for around half of the global tonic wine market, due to demographic growth of the young adult population and rich economy. Simultaneously, North America is expected to showcase the fastest CAGR of 7.2 percent during the forecast period. This is because the disposable income and purchasing power of the consumers is high in this region.
