Bar and Wine Tools Market Segmented By Cocktails, Wine/Beer, Smoking Type for Residentials and Commercial Use
Report ID: PMRREP32093
Number of Pages: 300
Format: PPT*, PDF, EXCEL
Industry: Consumer Goods
Published Date: June-2022
The global bar and wine tools market is projected to expand at 5.4% CAGR and top a market valuation of US$ 4 Bn by the end of 2032, up from US$ 2.4 Bn in 2022.
Worldwide sales of bar and wine tools account for 5%-10% share of the global beverage equipment industry at present.
| Attribute | Key Insights |
|---|---|
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Bar and Wine Tools Market Size (2022) |
US$ 2.4 Bn |
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Projected Sales of Global Bar and Wine Tools (2032) |
US$ 4 Bn |
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Market CAGR (2022 to 2032) |
5.4% |
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Market Share of Top 5 Bar and Wine Tools Manufacturers |
5% to 10% |
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Get Report SampleBetween 2017 and 2021, the use of bar and wine tools increased at a slow CAGR of 3.7%, with the U.S., U.K., France, Germany, and Italy holding a major share of the global market.
The beverage equipment industry went through a downturn due to several limitations in the market. The main reasons that resulted in declined growth were the outbreak of coronavirus in 2020. Restrictions on the operation of the significant hospitality industry led to the shutdown of bars and pubs all over the world. As a result, the bar and wine tools market also took a big hit.
The relaxations in restrictions from 2021 aided market growth at a steady pace. An increasing number of pubs and clubs across the world has resulted in higher usage, and subsequently, rising sales of bar and wine tools. The need for bartenders to make the perfect drink and a variety of concoctions has augmented the need for bar and wine systems.
The emergence of small home bars to big restaurants has made beverage-making equipment essential. Mostly, basic tools have increased the volume of sales of bar and wine equipment over the recent years.
Over the next ten years, worldwide sales of bar and wine tools are expected to rise faster than in previous years at 5.4% CAGR.
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Get a Customized Version“Increasing Number of Pubs & Clubs Driving Product Sales”
The number of party places such as pubs and clubs has witnessed a significant increase over the years. A surge in investments in such places across the world has paved the way for bar and wine tool manufacturers.
The importance of mixology in pubs and clubs to cater to the versatile demands of customers at such places has boosted the demand for the equipment required to make cocktails and drinks.
The rise of bars has alternatively resulted in the evolution of making wine and other alcoholic drinks, which in the end, has led to the higher adoption of better tools used in these practices. All in all, the rising hospitality industry has indirectly contributed to the growth of the bar and wine tools market.
“Wine Gaining Popularity amongst Young Generation, Especially Millennials”
As wine continues to gain favor and see increased consumption, the shift toward a wine lifestyle is flourishing across the world. Market players are witnessing high growth prospects in all associated product categories, especially since wine cellars are now commonplace across homes. Wine refrigerators have become as common as dishwashers, and wine tools are now as sought-after as silverware.
The global bar and wine tools market is witnessing new equipment trends surfacing based on different shakers, openers, and preservers. Market players are deploying different product styles and resorting to various materials to market these tools, which is attracting more consumers across regions.
Why is the U.S. a Significant Market for Bar and Wine Tools?
“High Adoption of Bar and Wine Tools across Households in the U.S.”
The U.S. bar and wine tools market is expected to dominate the North American region in 2022. The market in the USA is majorly dominated by the commercial sector.
Currently, the U.S. accounts for approximately 60% share of the overall bar and wine tools market in North America. This is majorly due to the versatility in product offerings from the players in the market, along with their wide reach of distribution channels across the country.
Apart from commercial places, a significant portion of the population that drinks in the country is a major factor in the increased demand for bar and wine tools, especially in the country’s residential areas.
This has resulted in increased volume sales of bar and wine tools in the U.S. market.
What are the Factors Driving Market Expansion in France?
“High Prominence of Alcohol Industry in France”
The France market for bar and wine tools held 13.6% of the Europe market share at the end of 2021 and is expected to expand at a prominent CAGR over the forecast period.
France is one of the most prominent wine-producing countries and increasing tourism in the country is the most prominent factor driving market growth. High preference of tourists and the regional population for wine testing and increasing premium wine consumption are significantly contributing to market growth in the country.
How is the Bar and Wine Tools Market Shaping Up in India?
“Indian Market Holds Huge Untapped Potential”
The India bar and wine tools market is one of the most prominent in the South Asia region; however, the country harbors a great deal of potentially untapped opportunities. This market is anticipated to exhibit a high CAGR of 9.3% during the forecast period.
The market is expected to grow on the back of increasing adoption of Western trends in the industry, which reflect on the surge in the sales of various flavored drinks in commercial areas, and with it, an increase in the usage of bar and wine tools at such places.
Which Segments are Expected to Drive Bar and Wine Systems Market Growth?
“Cocktail Making Tools becoming Indispensable Part of Industry”
Based on product type, cocktail tools are anticipated to remain the most significant in the global bar and wine equipment market and the segment is anticipated to expand at a CAGR of over 6% during the forecast period.
Increased consumption of mixed and premium drinks by the younger generation, alongside the frequent introduction of new flavors, has resulted in the adoption of better bar and wine tools by bartenders, and the market is being driven at a high pace by this very segment.
“High Product Adoption in Commercial Areas”
In terms of end user, increased use of bar and wine tools in commercial places is expected to reflect majorly on the global market over the coming years. Bar and wine tool consumption at commercial places is anticipated to experience a high CAGR of 5.5% over the forecast period.
The increase, not only in pubs and clubs but also in hotels and restaurants where alcohol is served, is substantially contributing to the augmented volume of sales.
On the other hand, rising usage of bar and wine tools in residential dwellings is also complementing market growth significantly.
“Premium Priced Bar and Wine Tools to Bring in Higher Revenue”
In terms of application, demand for beverage tools used in bar and wine shops are expected to contribute highly to the application category. Increased income levels of consumers along with higher spending capacity are anticipated to aid segment growth.
The number of bar and wine shops has witnessed substantial growth over the past few years. Prominent regions such as East Asia, South Asia, and MEA are currently on the growth curve as numerous such shops are springing up every year with a hike in the number of alcohol consumers across these regions.
Bar and wine tool manufacturers are introducing new products across the world. This is being done by established companies with them resorting to collaborations & partnerships and through various exhibitions that have a strong influence on consumers.
The untapped market potential in Asia and MEA is anticipated to be the primary area of focus for manufacturers operating on a global scale. They are highly focused on unique distributing strategies to gain a bigger share of the market.
| Attribute | Details |
|---|---|
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Forecast Period |
2022-2032 |
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Historical Data Available for |
2017-2021 |
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Market Analysis |
US$ Mn for Value |
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Key Regions Covered |
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Key Countries Covered |
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Key Market Segments Covered |
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Key Companies Profiled |
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Pricing |
Available upon Request |
Bar and Wine Tools Market by Product Type:
Bar and Wine Tools Market by End User:
Bar and Wine Tools Market by Price Range:
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The global bar and wine tools market is expected to expand at 5.4% CAGR and top a valuation of US$ 4 Bn by 2032.
The global market for bar and wine tools currently stands at US$ 2.4 Bn.
Growing alcohol consumption in commercial areas is expected to aid market expansion over the coming years.
The market expanded at a CAGR of 3.7% from 2017 to 2021.
John Lewis & Partners, Morris & Co., Alessi, Vinturi, and Metrokane (Taylor Precision) are key market players.
