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The global bars and cafes market size is expected to reach $700 billion by 2022, significantly growing at a CAGR of around 5.5% during the forecast period.
Bars And Cafes Market Trends:
The bars and cafes market consists of sales of alcoholic beverages for immediate consumption, non-alcoholic beverages and specialty snacks for consumption on or near the premises by entities (organizations, sole traders and partnerships) including bars, taverns, nightclubs, or drinking places and fruit juice stalls, coffee shops and mobile beverage vendors that prepare and serve alcoholic beverages for immediate consumption or prepare and/or serve a specialty snack, such as ice cream, frozen yogurt, cookies, or popcorn, and/or serve non-alcoholic beverages, such as coffee, juices, or sodas for consumption on or near the premises.
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. Self-International, a Malaysian company, developed a printer that can print selfies of customers onto their coffee, making the coffee experience more personal, thereby increasing sales. Bars, taverns and nightclubs are also increasingly offering technology-driven solutions and services. They are innovating the way customers order and pay for food and drinks by introducing self-ordering touchscreen kiosks, mobile apps for customizable orders and quick payment, digital entertainment such as gaming and graffiti and charity donation solutions such as LivnGiv that directly donate 20% of the consumer’s bill for charity.
The global bars and cafes market is primarily driven by rise in disposable income, increase in disposable income and increasing trend of business meetings in coffee shop.
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The global Bars And Cafes market report covers the following regions under the geographical analysis section: Asia Pacific, Western Europe, North America, Middle East, Africa, South America, and Eastern Europe. Major countries under each of these regions are also covered under the country analysis chapters.
With increase in demographic shifts in emerging market, social shift due to technological revolution, increase in tourism and globalization, the global Bars And Cafes market is expected to increase in potential and scope. TBRC’s report also covers the Bars And Cafes drivers and restraints in the market.
The global Bars And Cafes market’s segment shares in each geographic region are mentioned in the report, along with the historic and forecast growth rates for each segment presented visually with supporting reasons to justify the growth rates.
The top companies included in the global Bars And Cafes market report are Starbucks, Whitbread PLC, Lavazza, Buffallo Wild Wings, Dunkin' Brands.
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