Global Bars And Cafes Market Trends And Strategies Of Major Players In The Bars And Cafes Market 2021-2030
2 Feb, 2021
The bars and cafes market consists of sales of alcoholic beverages for immediate consumption, nonalcoholic 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 nonalcoholic beverages, such as coffee, juices, or sodas for consumption on or near the premises.
Global Bars And Cafes Market Size And Drivers:
The global bars and cafes market is expected to grow from $335.55 billion in 2020 to $403.8 billion in 2021 at a compound annual growth rate (CAGR) of 20.3%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $512.98 billion in 2025 at a CAGR of 6%.
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Trends In The Global Bars And Cafes Market
Technological advances are enabling beverage serving companies to deliver customized, convenient, fast, and adaptable services. Cafes around the world are investing in Wi-Fi-enabled coffee makers that can brew coffee according to the users’ specific individual taste. Selfiii 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.
Global Bars And Cafes Market Segments:
The global bars and cafes market is further segmented based on type, ownership and geography.
By Type: Snack And Nonalcoholic Beverage Bars, Drinking Places (Alcoholic Beverages).
By Ownership: Chain Market, Standalone Market.
By Pricing: High-End, Economy.
By Geography: The global bars and cafes market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa.
Among these regions, Asia Pacific is the largest region in the global bars and cafes market, accounting for 35% of the total market.
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Bars And Cafes Global Market Report 2021 is one of a series of new reports from The Business Research Company that provides bars and cafes market overviews, analyzes and forecasts market size and growth for the global bars and cafes market, bars and cafes market share, bars and cafes market players, bars and cafes market segments and geographies, bars and cafes market’s leading competitors’ revenues, profiles and market shares. The bars and cafes market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.