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.
PORTLAND, Ore., Nov. 10, 2021 /PRNewswire/ -- Allied Market Research published a report, titled, "Tonic Wine Market by Product Type (Magnum, Buckfast, Sanatogen, and Mandingo), Distribution Type (Supermarkets/Hypermarkets, Convenience Stores, Specialty Stores, and Online stores), and Application (Household and Food services): Global Opportunity Analysis and Industry Forecast 2021–2030." According to the report, the global tonic wine industry was estimated at $1.78 billion in 2020, and is anticipated to hit $3.13 billion by 2030, registering a CAGR of 5.8% from 2021 to 2030.
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.
Travelling restrictions imposed by governments affected the export and import of raw materials used for making tonic wine, thereby impacting the global tonic wine market negatively.
Also, closure of restaurants, bars, supermarkets, and chocolate specialty stores hampered the market growth, especially during the initial phase. However, as the global situation is getting better, the market is expected to recoup soon.
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 & expert guidance to the consumers However, the online stores segment is projected to grow at the fastest CAGR of 6.8% from 2021 to 2030. Easy accessibility of products and heavy discounts & 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% during the forecast period. This is because the disposable income and purchasing power of the consumers is high in this region.
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