The market for commercial bar equipment is expected to grow from US$ 1.7 Bn in 2023 to US$ 2.7 Bn or more by 2033.
The global commercial bar equipment market is projected to have a high-paced CAGR of 4.8% during the forecast period. The current valuation of the commercial bar equipment market is US$ 1.7 Bn in 2023. The value of the commercial bar equipment market is anticipated to reach a high of US$ 2.7 Bn by the year 2033.
The key aspect pushing the sales of commercial bar equipment is the rise in the number of bars and pubs established in countries across the globe that require pristine barware owing to their attractive appearance and ease of usage. Some consumers also purchase bar equipment for residential applications. Moreover, due to the growing awareness of environment sustainability, key companies are working toward launching innovative products made of eco-friendly materials. For instance, BPA-free equipment is expected to increase in demand and create new opportunities in the market. Certain market players have launched the highest-quality polymer-based bar equipment, which is 100% BPA-free, recyclable, and shatterproof.
Hence, these factors are likely to contribute to the growing demand for commercial bar equipment. The process of making cocktails is as crucial as the drink itself. Moreover, using the appropriate equipment for bars that are of the highest quality for both makings and serving drinks is a requisite in the hospitality industry. In the contemporary world, any event requires the bar section to be first-rate, which also needs utmost attention with great detail for both aesthetic purposes and hygiene.
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This is because, in this day and age, people focus not only on the taste and texture of drinks but also on how it is made and presented, which is evidently expected to leave a positive impression on the consumer and, thus, propel the adoption of commercial bar equipment. Key players hence, ensure that their end users are able to offer their customers the best experience in their bar section with an exceptionally well-crafted range of bar equipment from their product range.
Key players also claim that their product range is processed with high-grade factor inputs and progressive technology in accordance with universally accepted standards.
These bar equipment are broadly demanded their accurate dimensions, fine finish, and the facilitation they offer to make and serve beverages. Furthermore, they also offer products as per their client’s specific requirement, which is mostly related to their brand, at reasonable rates.
These equipment are provided with several features, such as unique designs, flawless finishes, and supreme strength, which are likely to support the global commercial bar equipment market growth. Commercial-grade drink blenders are growing in popularity since hand-mixing drinks can take up a lot of time, which can be a hassle during an influx of orders on a busy day at a bar. Therefore, key players recently launched blenders that deliver high-powered blending with less noise and less heat compared to the energy-inefficient alternatives available in the market.
In addition, these blenders can blend drinks successively without overheating and other malfunctions. Hence, these blenders contribute to the increase in sales of commercial bar equipment. The players also provide warranties on most of these high-performance commercial bar equipment that covers parts, labor, and shipping. Furthermore, the players adhere to the latest bar trends, such as laying out practical pieces in a strategic yet aesthetic way. This results in a functional bar that also facilitates quality control and appearance and prevents wastage. All these factors are anticipated to contribute to the product demand and expand the global commercial bar equipment market size.
However, high initial investment and high maintenance of some of this equipment may hinder their demand. Moreover, the overall cost of raw materials, including glass, steel, and others, is rising, which is further expected to hamper the global market growth.
Key Takeaways:
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Competitive Landscape:
Industry players engage in numerous planned product launches and global expansion to promote the brand and sales. They are also expanding their presence across various geographies and entering new markets, especially in developing regions, to expand their customer base and strengthen their presence. The introduction of new innovative products in the market is also being carried out by market players, owing to the surging consumer demands for proper and more efficient bar tools. For instance, Thirstystone launched its barware collection available in stainless steel, marble finishes as well as leather exchange. Moreover, Hydro Flask launched its new cooler cup made from durable 18/8 Pro-Grade Stainless Steel construction that works as a bottle or can cooler along with a 12 oz beverage cup. These factors are anticipated to expand the global commercial bar equipment market size. The following companies are key leaders in the global market for commercial bar equipment:
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Key Segments Covered in the Commercial Bar Equipment Market Report
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market.
Commercial Bar Equipment Market , Commercial Bar Equipment Market Share , Commercial Bar Equipment
Jan 29, 2023
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