Tonic Wine Market

The rapid growth and development of e-commerce platforms is expected to drive the growth of the tonic wine market

PORTLAND, 5933 NE WIN SIVERS DRIVE, #205, OR 97220, UNITED STATES, March 11, 2022 /EINPresswire.com/ -- 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.

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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.

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According tonic wine market analysis, the tonic wine market is classified on the basis of product type, distribution channel, application, and region. By product type, the market is segmented into Magnum, Buckfast, Sanatogen, and Mandingo. The increased consumption of Buckfast tonic wine in Asia-Pacific region resulted into highest revenue generation in 2020. Based on distribution channel, the tonic wine market is segregated into supermarkets/hypermarkets, convenience stores, specialty stores, and online stores. The specialty stores was the highest revenue generator because specialty stores provide vast variety of products specific to the particular market.

By application, the tonic wine market is categorized into household and food services. The food services hold the largest market share in 2020, due to wide applicability and adaptability of tonic wine in various foods & beverages. Region wise, the tonic wine market is segmented into North America, Europe, Asia-Pacific, and LAMEA. Europe contributed the highest revenue in 2020 and is expected to dominate the market during the forecast period.

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Despite its popularity in the beer industry, Europe has one of the most enticing variety of tonic wine, as evidenced by its status, it is the world’s largest consumer. It has long been intertwined with specific cultures and events where wine is used as a symbol of celebration. This factor is propelling the market growth in the region. The growing popularity of tonic wine is linked to millennial working population’s acceptance of low Alcohol by Volume (ABV) beverages in their daily busy schedules. As a result, the market is driving market players to create new and innovative products.

Key findings of the study

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.
By product type, the Buckfast segment was the highest contributor to the market, with $830.9 million in 2020, and is estimated to reach $1,427.3 million by 2030, at a CAGR of 5.6% during the forecast period.
By distribution channel, the specialty stores segment was the highest contributor to the market, with $785.9 million in 2020, and is estimated to reach $1,336.5 million by 2030, at a CAGR of 5.5% during the forecast period.
By application, the food services segment was the highest contributor to the market, with $1,424.8 million in 2020, and is estimated to reach $2,494.6 million by 2030, at a CAGR of 5.8% during the forecast period.
By region, Europe was the highest revenue contributor, accounting for $902.0 million in 2020, and is estimated to reach $1,427.3 million by 2030, with a CAGR of 4.7%.

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The major players operating in the tonic wine industry are Buckfast, Crabbie’s, Stone’s, Lindisfarne, Mella, Frederiksdal, Sanatogen, Wincarnis, Jingjiu, Sainsbury’s, Bristol, Campari Group, Dee Bee Wholesale, Macleod Distillers, Herb Affair, Leonard J Russell Snr, Portman Group, and Zhangyu. These major players have adopted various strategies to expand their market reach globally. The strategies such as product launch, business expansion, and partnership are adopted by market players.

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About Us:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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