Bars And Cafes Market Characteristics
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.
Competitive Landscape of the Bars And Cafes Market
Major players in the global Bars And Cafes market include Starbucks, Whitbread PLC, Lavazza, Buffallo Wild Wings, Dunkin' Brands
Bars And Cafes Market Size
The 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. The growth in the Bars And Cafes market is due to increase in disposable income and increasing trend of business meetings in coffee shop.
However, the market for Bars And Cafes is expected to face certain restraints from several factors such as rising costs and decreasing margins and increasing preference for healthy options
Bars And Cafes Market Segmentation
The global bars and cafes market is further segmented based on type and geography.
By Type - The bars and cafes market is segmented into snack and non-alcoholic beverage bars, drinking places (alcoholic beverages) among these segments, the snack and non-alcoholic beverage bars market accounts for the largest share in the global Bars And Cafes market.
By Geography - The global bars and cafes is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Western Europe was the largest region in the global bars and cafes market.
Trends in the 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 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.
Potential Opportunities in the Bars And Cafes Market
With increase in demographic shifts in emerging market, social shift due to technological revolution, increase in tourism and globalization the scope and potential for the global bars and cafes market is expected to significantly rise in the forecast period.