The Bars And Cafes by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Bars And Cafes, The bars and cafes market size has grown strongly in recent years. It will grow from $455.69 billion in 2023 to $480.21 billion in 2024 at a compound annual growth rate (CAGR) of 5.4%. The growth in the historic period can be attributed to emerging markets, social shift due to technological revolution, rise in alcohol consumption.
The bars and cafes market size is expected to see strong growth in the next few years. It will grow to $595.49 billion in 2028 at a compound annual growth rate (CAGR) of 5.5%. The growth in the forecast period can be attributed to increase in disposable income, growing popularity of instant non-alcoholic beverages, increasing preference for healthy drinks. Major trends in the forecast period include invest in beverage top media technology that enable companies to provide personalized message and enhance customer experience, adding local experiences and flavors that will help industry players to cater to a wide consumer base, technological advancements, and investment in unique theme, music, and lighting experiences in order to build customer value and loyalty, which is the core of a sustainable business.
As the bar and café market is largely driven by the spending power of its consumers, steady gains in disposable personal income are expected to boost the industry in the forecast period. Many developed and developing countries across the world are forecasted to register steady economic growth, resulting in higher disposable incomes and subsequently higher spending for services such as bars and cafés. For instance, the International Monetary Fund (IMF) predicts that global real GDP growth will be 4.2% in 2022. Thus, the rise in purchasing power with economic growth is expected to drive the bars and cafés market in the forecast period.
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The bars and cafes market covered in this report is segmented –
1) By Type: Snack And Nonalcoholic Beverage Bars, Drinking Places (Alcoholic Beverages)
2) By Ownership: Chain Market, Standalone Market
3) By Pricing: Premium, Economy
Technological advances are enabling beverage serving companies to deliver customized, convenient, fast, and adaptable services. Cafes around the world are investing in WiFi-enabled coffee makers that can brew coffee according to the user’s specific individual taste. For instance, in November 2022, BrewLogix, a US-based online beer information and data collection service provider, announced the launch of its Performance Platform, which will directly serve and deliver vital insights to draught beverage customers in restaurants, bars, hospitality, and craft breweries. The software platform combines accurate product knowledge with “ounce-by-ounce” data from customers to improve staff and guest experiences around the draught programme. BrewLogix’s integrated ecosystem, which includes MarketMyBrewery and BreweryDB, powers the platform. BrewLogix works directly with brewers through MarketMyBrewery to efficiently source meaningful product and taproom data, enhancing the craft-on-draft experience at brewery taprooms and disseminating accurate product knowledge to better bars and restaurants everywhere. This data is then used to power BreweryDB, the world’s largest curated database of independent craft breweries. BreweryDB helps craft beer enthusiasts find their next brewery experience.
The bars and cafes market report table of contents includes:
- Executive Summary
- Bars And Cafes Market Characteristics
- Bars And Cafes Market Trends And Strategies
- Bars And Cafes Market – Macro Economic Scenario
- Global Bars And Cafes Market Size and Growth
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- Global Bars And Cafes Market Competitive Benchmarking
- Global Bars And Cafes Market Competitive Dashboard
- Key Mergers And Acquisitions In Bars And Cafes Market
- Bars And Cafes Market Future Outlook and Potential Analysis
- Appendix
Top Major Players :
- Starbucks
- Restaurant Brands International Inc.
- Buffalo Wild Wings
- Dunkins
- McCafé
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