Categories: Industry

Bars And Cafes Market Expected To Reach $595.49 billion in 2028

Overview and Scope
A bar refers to a venue where alcoholic beverages are served and consumed. A cafe refers to a small restaurant that serves basic, often inexpensive food and drinks. Bars and cafes are places where people can drink or eat coffee. They also serve food to their customers.

Sizing and Forecast
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.

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Segmentation & Regional Insights
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

Asia-Pacific was the largest region bars and cafes market in 2023. Western Europe was the second largest region in the bars and cafes market. The regions covered in the bars and cafes market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

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Major Driver Impacting Market Growth
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.

Key Industry Players
Major companies operating in the bars and cafes market report are Starbucks, Restaurant Brands International Inc., Buffalo Wild Wings, Dunkins, McCafé, Lavazza, Whitbread PLC, Café Coffee Day, Dave & Buster’s, Dane NYC, McDonald Corp., Barista Coffee Co. Ltd., So! Coffee, Domino’s Pizza Inc., Yum! Restaurants International, Inc., Shenzhen Meixixi Catering Management Co., Dunkin Brands Group Inc., Compass Group plc, Carl’s Jr. Restaurants LLC, Paladar Restaurant Group, Coffee Piu, Foodco, Papa John’s International Inc., Darden Restaurants, Latin Café 2000, Bloomin’ Brands, Ltd., Etno Café, SOS cafe, Java House, Seattle Coffee Company, Fego Caffe, Mad Mex Fresh Mexican Grill, Saint Marc Holdings Co., FoodService Latino

The bars and cafes market report table of contents includes:

1. Executive Summary

2. Bars And Cafes Market Characteristics

3. Bars And Cafes Market Trends And Strategies

4. Bars And Cafes Market – Macro Economic Scenario

5. Global Bars And Cafes Market Size and Growth

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32. Global Bars And Cafes Market Competitive Benchmarking

33. Global Bars And Cafes Market Competitive Dashboard

34. Key Mergers And Acquisitions In The Bars And Cafes Market

35. Bars And Cafes Market Future Outlook and Potential Analysis

36. Appendix