LONDON--(BUSINESS WIRE)--The global tonic water market is expected to post a CAGR of close to 7% during the period 2019-2023, according to the latest market research report by Technavio.
A key factor driving the growth of the market is the rise in product launches. Successful product launches will increase the vendors' revenue and it will increase their market share. New product launches will also help in keeping the interest of the players alive in the market. For instance, in July 2018, Fever-Tree launched its Pink Aromatic Tonic in the US market. The company claims that the new product is based on a historic recipe used by the British Royal Navy in the 19th century. It also claimed that it is made using the highest quality angostura bark sourced from South America. Thus, such innovative product launches is expected to boost the growth of the global market during the forecast period.
This market research report on the global tonic water market 2019-2023 also provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
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In this report, Technavio highlights the increasing consumption of gin as one of the key emerging trends in the global tonic water market:
Global tonic water market: Increasing consumption of gin
The increasing consumption of gin is one of the positive trends which can help the market grow during the forecast period. Tonic water is primarily used as mixers for making gin cocktails, and the increasing consumption of gin globally will help fuel the demand for tonic water. The increasing product launches in the market is expected to drive the global gin market during the forecast period. The number of distilleries producing gin is increasing. In the UK, the number of distilleries producing gin increased by about 18% in 2017. Currently, the UK has more than 300 distilleries that produce gin. The number of craft distilleries producing gin is increasing in the US as the demand for small batch gin products are increasing among consumers. The demand for gin and tonic cocktails is also gaining popularity. Thus, increasing the production and popularity of gin and tonic cocktails will increase the demand for tonic water during the forecast period.
“Apart from the high consumption of gin, the increasing emergence of craft tonic water, the emergence of private label brands, and increasing product innovations are some major aspects that are expected to boost the growth of the global tonic water market,” says a senior analyst at Technavio.
Global tonic water market: Segmentation analysis
This market research report segments the global tonic water market by application (alcohol drink mixers and direct consumption) and geographical regions (APAC, EMEA, and the Americas).
The Americas led the market in 2018 with a market share of more than 45%, followed by EMEA and APAC respectively. However, during the forecast period, the APAC region is expected to register the highest incremental growth of over 1%.
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Some of the key topics covered in the report include:
Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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