The global bar and wine accessories market size was valued at USD 2.24 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 5.2% from 2021 to 2028. The growing popularity of alcoholic beverages in the regions, such as North America, Europe, and Asia Pacific, especially among young consumers, and rising disposable income are projected to fuel the demand for bar and wine accessories. Moreover, it has been observed that pubs and bars are growing rapidly compared to cafes and other restaurants due to the alcohol habitual younger consumers, and as socializing becomes an inescapable phenomenon. Thus, all these factors are expected to drive the market for bar and wine accessories.
The market is anticipated to witness substantial growth owing to the increasing consumption of alcohol from restaurants, bars, and pubs. The demand for bar and wine accessories is likely to remain steady over the forecast period owing to the continuous penetration of bars and pubs in developing economies, such as China and India. The increasing indulgence of millennials in various leisure activities and growing preference for alcoholic beverages, coupled with the shifting trend towards nightlife and parties among the young population, are expected to drive the market for bar and wine accessories.
Many wine manufacturers offer wine with lower alcohol levels and lower calories, which increases the consumption of wine compared to its counterparts. This is further expected to propel the demand for wine accessories over the forecast period. In addition, the manufacturers of bar accessories are focusing on introducing new designs and structures to attract more customers. All these factors are expected to expand the market scope in the coming years.
The decanter and glass segment held the largest share of more than 40.0% in 2020 and is expected to expand at the highest CAGR over the forecast period. Decanter and glass constitute a major portion of wine and bar accessories. Glass decanters are commonly used to store and dispense the wine. It helps users view the product (wine) from the outside, and carvings on the glass decanters provide aesthetic appeal to the product. The decanter's major advantage is that it helps to maintain the freshness of the drink by preventing air from entering the decanter. Decanter is available in a variety of sizes and shapes and is usually made of glass.
Cocktail shaker held the second-largest share in 2020 and is expected to expand at a significant CAGR over the forecast period. Increasing consumers' preference for cocktails over other alcoholic beverages is expected to drive cocktail shaker demand over the forecast period.
The restaurants and bars application segment held the largest share of more than 60.0% in 2020 and is projected to register a substantial growth rate over the forecast period. Rising product demand due to the growing popularity of various types of beverages, such as whiskey and wine, served at pubs, restaurants, and bars is expected to drive the segment. The growth of the millennial working population and an increase in alcohol habitual younger consumers are further expected to propel the demand for these accessories in restaurants and bars.
The household application segment is projected to expand at the highest CAGR of 5.6% during the forecast period. Nowadays, consumers are not willing to pay restaurant markups and are increasingly drinking their wine or other alcoholic beverages at home. Moreover, owing to the current COVID-19 pandemic, people stay at home and work from home, which is another significant factor driving the sale of the household bar and wine accessories.
North America accounted for the largest share of more than 30.0% in 2020, with the U.S. occupying a dominant position across the region. The market in North America is anticipated to witness substantial growth due to the increasing consumption of alcoholic drinks, such as wine and beer. Furthermore, North American consumers are investing largely in their bar's specialized products, which is further expected to drive the market during the forecast period.
The Asia Pacific market is projected to register the fastest CAGR of 6.2% over the forecast period, with China being the major revenue contributor to the regional market growth. The increasing population in Asia Pacific and growing urbanization in countries, such as China and India, are likely to be the key catalysts for the market growth over the forecast period. The bar and wine market in Asia Pacific is expected to witness considerable growth in the upcoming years owing to the rising popularity among millennials. Increasing consumption of alcoholic beverages, such as wine and whiskey, compared to their counterparts is expected to propel the demand for bar and wine accessories over the forecast period.
The market is characterized by the presence of various well-established players and several small players. However, the industry is dominated by the top international players. Industry participants practice several inorganic and organic growth strategic initiatives to expand their product/service portfolio and enhance their foothold in the market. Increasing competition at the regional and global levels is leading the market toward consolidation. Some prominent players in the global bar and wine accessories market include:
|
Report Attribute |
Details |
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Market size value in 2021 |
USD 2.34 billion |
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Revenue forecast in 2028 |
USD 3.37 billion |
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Growth Rate |
CAGR of 5.2% from 2021 to 2028 |
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Base year for estimation |
2020 |
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Historical data |
2017 - 2019 |
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Forecast period |
2021 - 2028 |
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Quantitative units |
Revenue in USD million/billion and CAGR from 2021 to 2028 |
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Report coverage |
Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
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Segments covered |
Product type, application, region |
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Regional scope |
North America; Europe; Asia Pacific; Central & South America; Middle East & Africa |
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Country scope |
U.S.; U.K.; Germany; China; Japan; India; Brazil; South Africa |
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Key companies profiled |
Arc International; Bormioli Rocco; Tablecraft Products Company, Inc.; Libbey; Steelite international; Ozeri; Lifetime Brands, Inc.; Pulltap's; Coravin |
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Customization scope |
Free report customization (equivalent up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope. |
This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2017 to 2028. For the purpose of this study, Million Insights has segmented the global bar and wine accessories market report on the basis of product type, application, and region:
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