The global bar and wine tools market is expected to climb to a valuation of over US$ 4 Bn by the end of 2032 from its current size of US$ 2.4 Bn.
Demand for bar and wine tools is increasing with the growing population across the world and increasing adoption of Western culture. This has been backed by the rising number of wine shops across cities of the world. Increasing demand for smooth and seamless alcoholic drinks at bars and wine shops is driving the market for bar and wine tools, which is expected to witness accelerated growth over the forecast period (2022-2032).
The scope for bar and wine tools in developing countries is estimated to have higher growth opportunities in the market. South Asia is expected to witness the highest growth rate in the global market due to increasing adoption of Western culture and rising demand for cocktail drinks at bars and clubs.
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Key Takeaways from Market Study
- Worldwide demand for bar and wine tools is expected to increase at a significant CAGR of 5.4% through 2032.
- Increasing alcohol consumption and the growth of pubs and clubs due to their increasing fad among the younger generation is a major contributing factor towards market growth.
- In terms of end user, commercial places such as wine shops, hotels & restaurants, clubs, etc., are expected to contribute highly to the growth of the beverage equipment market.
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“High preference for mixed drinks and cocktails over conventional hard drinks is aiding market growth. Further, emergence of pubs and clubs across the world, especially in East Asia and South Asia, and growing popularity of wine will substantially contribute towards market expansion,” says an analyst at Persistence Market Research.
Key Market Players
The report underlines ground-breaking insights into the competitive scenario of the global bar and wine tools market, along with the highlights of differential strategies used by manufacturers.
Some of the key players identified across the value chain include John Lewis & Partners, Morris & Co., Alessi, Vinturi, Metrokane (Taylor Precision), Vintorio, Zazzol, Soireehome, Aervana, Tribellawin, Vita Saggia, Shenzhen Sinowin Wine Accessories, Zhuhai Kelitong Electronic, Trudeau Corporation, and Coravin.
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