In 2022, North America is anticipated to be dominated by the U.S. bar and wine tool market, leading to the region's market share of 29.3% in 2022. Currently, the U.S. holds a share of roughly 60% of North America's bar accessories market, mostly because of the companies in the market's diverse product offerings and extensive network of distribution channels around the nation.
NEWARK, DE / ACCESSWIRE / September 12, 2022 / The global bar accessories market is projected to reach a value of US$ 4,086.6 Mn in 2032, with the market growing at a moderate CAGR of 5.4% over the forecast period from 2022 to 2032. In 2022, the bar accessories market is likely to reach an estimated US$ 2,415.2 Mn driven by the continuing popularity of wine and alcohol consumption. New emerging accessories trends based on different shakers, glassware, and many others are further supplementing the growth of this market during the forecast period.
The escalating presence of eminent winemakers and commercial winemakers and their adoption of new technologies will likely bode well for the bar accessories market. Wine is consumed more often than any other liquor as wine producers offer wine with reduced alcohol and calorie content. This is likely to foster market growth of bar accessories and tools. Again, the accelerated rise of small home bars, pubs, large eateries, and many others is fueling the demand for beverage-making equipment which in turn boosts the bar accessories market.
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The use of recyclable and reusable products instead of plastic goods also pushes market growth. Many bars are switching their conventional plastic straws for straws made of metal, hay, or other biodegradable materials. This trend caters to both environmental and aesthetic purposes and fosters an environment of growth for the bar accessories market.
People across all age groups- millennials, baby boomers, generation Z- are increasingly interested in the green bar accessories segment, which bolsters the overall bar accessories market growth. The trend of personalized bar accessories such as a personalized shaker, a glass, and a mug also contributes to the bar accessories market. In addition to all of this, many bartenders are interested in creating the perfect beverage and a variety of mixtures. This betters the market prospects for bar accessories due to the growing requirement for tools to produce cocktails and other drinks.
"The growing presence of bars and clubs has led to the rise in alcohol consumption which is likely to bolster the market growth of bar accessories over the forecast period," says an FMI analyst.
Key Takeaways:
- Expanding bars and clubs industry is expected to present many lucrative market opportunities.
- The U.S. holds about 60% of North America's bar accessories market.
- By the end of 2022, Europe is expected to hold around 24.6% of the overall market share.
- Start-ups in the market are leveraging progressive technology to establish themselves in the market.
Competitive Landscape
Simple Modern, V.I.P., HYDRO FLASK, Home Brew Ohio, Thirstystone, Juvale, The Pioneer Woman, and others, are some of the major players in the bar accessories market that are profiled in the full version of the report.
Major market players are keen on developing distinct styles and using different materials to market the tools and accessories to gain a broader consumer base.
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More Insights into the Bar Accessories Market Report
In its latest report, FMI offers an unbiased analysis of the global bar accessories market, providing historical data from 2016 to 2021 and forecast statistics for 2022 to 2032. To understand the global market potential, growth, and range, the market is segmented on the basis of bar tools (barware sets, bottle openers, cocktail shakers, corkscrews and openers, foil cutters, glass markers and charms, ice buckets and tong sets), wine tools (wine accessory sets, wine bottle coolers, wine drip rings, wine stoppers and pourers, wine thermometers), material (aluminium, brass, copper, crystal, glass, gold plated, iron/ metal), and region.
According to the latest FMI reports, based on region, the bar accessories market in the United States is expected to experience considerable growth over the forecast period. The country currently accounts for about 60% of North America's bar accessories market. This growth can be attributed to a wide range of product offerings by market players in this region as well as the growing consumption of alcohol.
In Europe, the bar accessories market is anticipated to flourish over the forecast period. Europe is predicted to hold about 24.6% of the total market share by the end of 2022. Rising premium wine consumption and growing preferences of tourists are accountable for the regional market growth over the forecast period.
Bar Accessories Market Key segments
By Bar Tools:
- Barware Sets
- Bottle Openers
- Cocktail Shakers
- Corkscrews & Openers
- Foil Cutters
- Glass Markers & Charms
- Ice Buckets & Tong Sets
By Wine Tools:
- Wine Accessory Sets
- Wine Bottle Coolers
- Wine Drip Rings
- Wine Stoppers & Pourers
- Wine Thermometers
By Material:
- Aluminium
- Brass
- Copper
- Crystal
- Glass
- Gold Plated
- Iron/Metal
By Region:
- North America
- Latin America
- Asia Pacific
- The Middle East and Africa
- Europe
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Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in Conservative Scenario
3.3. Opportunity Map Analysis
3.4. Product Life Cycle Analysis
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