The global tonic wine market is expected to reach market valuation of US$ 1.9 Bn by the year 2021, accelerating at a CAGR of 6.1% by 2022-2032. Tonic wine sales forecast remains positive and is expected to total US$ 3.4 Bn globally by 2032.
The pandemic had a huge impact on the tonic wine market due to the forced closure of on-trade vineyards in various nations such as the United States, the United Kingdom, India, and others to control the COVID-19’s impact. On the other side, the current situation may present an opportunity for the wine industry to recapture lost consumer attention.
However, it is unclear if the current off-trade boom will persist as pantry supplies run out, the on-trade gradually reopens, and consumer behaviour returns to pre-COVID-19 levels.
Rising demand for tonic wine due to its health benefits and premiumization of wine products, as well as flavour innovation and more advanced distribution networks, are projected to drive the global tonic wine market.
“The tonic wine market is predicted to register steady as e-commerce platforms make deeper inroads. Tonic wine is difficult to come by. As a result, online sales channels may be able to give consumers with ideal product finder solutions. Key advantages of online sales channels that may improve tonic wine sales are easy home delivery and easy payment alternatives,” said a lead analyst at FMI.
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Surge in Tonic Wine Consumption Slated in Asia-Pacific and Latin America
Asia-Pacific is leading in terms of the demand for wine, with China dominating the market in the region. Notably, the consumption of red wine is more of a tradition in China, as the color red is considered lucky in the country. Owing to this factor, China is one of the leading markets for red wine consumption, giving tough competition to France and Italy.
Australia is second in the consumption of wine in Asia-Pacific, followed by Japan. Also, India is the fastest-growing country in terms of wine consumption and registered a growth rate of approximately 7.1%. The Philippines, South Korea, and Vietnam are the other potential wine-consuming markets in Asia-Pacific. Hong Kong has no import tax for wine, which is a driving factor for the market.
Who is winning?
Some of the leading companies offering cheese are Buckfast Abbey, Leonard J Russell Snr, Campari Group, Scotland’s, Sainsbury’s, Portman Group, Reggae Treats, Dee Bee Wholesale, AhmadiAnswers, Herb Affair, Bristol, Jingjiu, Zhangyu, Wuliangye, and Othes.
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By Type, Tonic Wine Market is Segmented as:
- Magnum Tonic Wine
- Buckfast Tonic Wine
- Sanatogen Tonic Wine
- Mandingo Tonic Wine
By Application, Tonic Wine Market is Segmented as:
- Household
- Foodservices
- Institution
- Hospitals
- Clinics
- Others
By Sales Channel, Tonic Wine Market is Segmented as:
- B2B
- B2C
- Modern Trade
- Traditional Liquor Stores
- Drugstores and Pharmacies
- Specialty Stores
- Online Retail
- Other Retail Formats
By Region, Tonic Wine Market is Segmented as:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle east and Africa
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