Bar And Wine Accessories Market Expected To Expand At 5.2% CAGR By 2028 Based on Rising Popularity of Alcoholic Beverages Especially Among Young Consumers | Million Insights
The global Bar And Wine Accessories Market size is expected to reach USD 3.37 billion by 2028, according to a new report by Million Insights. It is expected to expand at a CAGR of 5.2% from 2021 to 2028. The rising consumption of alcoholic beverages, such as wine and whiskey, in countries such as the U.S., the U.K., India, and Germany, especially among young consumers, coupled with the continued population growth, rapid urbanization, and increasing disposable income, is expected to positively influence the market demand.
The decanter and glass product type segment captured the largest share of more than 40.0% in 2020 and is expected to expand at the highest CAGR over the forecast period. Decanters are used to store wine and premium whiskeys to prevent evaporation. The demand for decanter and glass is expected to grow over the forecast period due to the growing consumption of wine and whiskey worldwide. The decanter’s major advantage is that it helps to maintain the freshness of the drink by preventing air from entering the decanter.
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Asia Pacific is expected to expand at the fastest CAGR from 2021 to 2028. The region is home to over 4 billion people, making it one of the world’s largest markets. Furthermore, post COVID-19 pandemic, the region is anticipated to witness rising employment, inflating disposable incomes, and enhancing living standards. These factors will result in the high consumption of most products in the region, creating an enormous opportunity for bar and wine accessories manufacturers. Industry participants practice several inorganic and organic growth strategic initiatives to expand their product/service portfolio and enhance their foothold across the industry.
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Bar & Wine Accessories Market Report Highlights:
• By product type, decanter and glass held the largest share in 2020 and is expected to expand at the highest CAGR over the forecast period. Glass decanters are commonly used to store and dispense wine and other alcoholic beverages. It is available in a variety of sizes and shapes and is usually made of glass
• Europe is projected to register a CAGR of 5.1% from 2021 to 2028. Germany accounted for the largest share of 22.7% in 2020, followed by the U.K.
• The restaurants and bars application segment held the largest share in 2020 and is projected to register a substantial growth rate over the forecast period. The growing trend of nightlife and parties at pubs, bars, and restaurants among millennials and increasing consumption of alcoholic drinks, such as wine and beer, are preliminarily expected to drive the segment
Bar & Wine Accessories Market Segmentation
Million Insights has segmented the global bar and wine accessories market on the basis of product type, application, and region:
Bar & Wine Accessories Product Type Outlook (Revenue, USD Million, 2017 – 2028)
- Decanter & Glass
- Corkscrews & Openers
- Cocktail Shaker
- Others
Bar & Wine Accessories Application Outlook (Revenue, USD Million, 2017 – 2028)
- Restaurants & Bars
- Household
Bar & Wine Accessories Regional Outlook (Revenue, USD Million, 2017 – 2028)
- North America
- U.S.
- Europe
- Germany
- U.K.
- Asia Pacific
- China
- Japan
- India
- Central & South America
- Brazil
- Middle East & Africa
- South Africa
List of Key Players of Bar And Wine Accessories Market
- Arc International
- Bormioli Rocco
- Tablecraft Products Company, Inc.
- Libbey
- Steelite international
- Ozeri
- Lifetime Brands, Inc.
- Pulltap’s
- Coravin
- Sempli
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