FELTON, Calif., February 8, 2022 /PRNewswire/ — The World bar and wine accessories market size is expected to reach $3.37 billion by 2028, according to a new report from Million Insights. It’s expected grow at a CAGR of 5.2% from 2021 to 2028. The increasing consumption of alcoholic beverages, such as wine and whiskey, in countries like the United States, United Kingdom, Indiaand Germanyespecially among younger consumers, coupled with continued population growth, rapid urbanization and increasing disposable income, is expected to positively influence market demand.
Key information from the report:
- By product type, carafe and glass held the largest share in 2020 and are expected to grow at the highest CAGR over the forecast period. Glass decanters are commonly used to store and dispense wine and other alcoholic beverages. It comes in a variety of sizes and shapes and is usually made of glass
- Europe is expected to register a CAGR of 5.1% from 2021 to 2028. Germany accounted for the largest share of 22.7% in 2020, followed by the UK
- The restaurant and bar application segment held the largest share in 2020 and is expected to register a substantial growth rate over the forecast period. The growing trend of nightlife and partying in pubs, bars and restaurants among millennials and the increasing consumption of alcoholic beverages, such as wine and beer, are initially expected to drive the segment
Some key factors driving the global auto insurance market:
The decanter and glass product types segment captured the largest share of over 40.0% in 2020 and is expected to grow at the highest CAGR during the forecast period. Decanters are used to store wine and premium whiskeys to prevent evaporation. The demand for decanters and glasses is expected to increase over the forecast period owing to the growing consumption of wine and whiskey globally. The major advantage of the carafe is that it helps maintain the freshness of the drink by preventing air from entering the carafe.
Asia Pacific is expected to grow at the fastest CAGR from 2021 to 2028. The region is home to over 4 billion people, making it one of the largest markets in the world. In addition, after the COVID-19 pandemic, the region is expected to experience increased employment, increased disposable incomes and improved living standards. These factors will lead to high consumption of most products in the region, creating a huge opportunity for bar and wine accessories manufacturers. Industry participants are practicing several strategic inorganic and organic growth initiatives to expand their product/service portfolio and strengthen their presence in the industry.
Read the executive summary or request a free sample of the market research report“Bar and Wine Accessories Market Size, Share, and Trends Analysis Report by Product Type (Decanter and Glass, Corkscrews and Bottle Openers, Cocktail Shaker), by Application (Restaurants and Bars , household), by region and segment forecast, 2021-2028” published by Million Insights.
Million Insights has segmented the global bar and wine accessories market on the basis of product type, application, and region:
- Bar & Wine Accessories Product Type Outlook (Revenue, USD Million, 2017 – 2028)
- Decanter and Glass
- Corkscrews and cork openers
- cocktail mixer
- Bar & Wine Accessories Outlook Application (Revenue, USD Million, 2017 – 2028
- Restaurants & Bars
- Regional Outlook for Bar & Wine Accessories (Revenue, USD Million, 2017 – 2028)
- North America
- Asia Pacific
- Central & South America
- Middle East & Africa
List of Key Players of Bar and Wine Accessories Market
- International Bow
- Bormioli Rocco
- Tablecraft Products Company, Inc.
- Lifetime Brands, Inc.
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SOURCE Million Ideas