Bar Accessories Market Share, Size, Revenue, Latest Trends, CAGR Status, Growth Opportunities and Forecast 2032
The global bar accessories market is projected to amass revenue of about US$ 4.08 billion by 2032, up from US$ 2.4 billion in 2022, advancing at a CAGR of 5.4% during the forecast period.
Bar & Wine Accessories Market Overview As the wine continues to gain popularity and consumption, the keenness for the wine lifestyle is flourishing. Market players are seeing tremendous growth prospects in all associated product categories, particularly as wine cellars are now practically a staple in several homes.
Wine refrigerators are as regular as dishwashers, and wine accessories have become as important as silverware.
The global bar and wine accessories market is witnessing new accessories trends surfacing based on different shakers, glassware, and different bar accessories. Market players are developing different styles and utilizing different materials to market the accessories, which seems to be attracting consumers.
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Personalizing a shaker, a mug, or whiskey glass for a liquor enthusiast or else simply for the bar case is projected to be maneuvering towards printing companies when the requests for personalized barware comes through.
Bar & Wine Accessories Market – Growth Restraints
The availability of cheap and counterfeit substitute products of bar & wine accessories is projected to impede the market growth. The higher cost associated with the bar and wine accessories are unaffordable amid the middle class as well as low-income group customers.
Further, the maintenance cost concerning the accessories is higher, these factors are likely to hinder the growth of the bar and accessories market over the forecast period.
COVID-19 Impact on Bar & Wine Accessories Market
The COVID-19 pandemic has inflicted a nationwide lockdown mandate that has forced the wine sector to shift its focus toward online platform sales and digital marketing. As per recent market research, the alcohol e-commerce sector has multiplied in contrast to the previous year’s figure.
It further states that wine has encountered the biggest success, making up approximately 70% of the overall online retail sales.
While COVID-19 might have added more challenges, incorporating bottling and shipping delays, the company has been capable to keep their supply chain moving. The rise in wine sales has led to growth in the bar and wine accessories market.
Bar & Wine Accessories Market – Region-wise Analysis
North America and Europe will remain dominant in the global bar and accessories market due to an increase in production and consumption of wine in the region. According to Statista, the wine accessories sale in the U.S. retail is amounted to about US$ 314.4 MN in 2019. The figure is estimated to grow during the forecast period.
Growing consumer base will inflate the market scope of the bar and wine accessories market to continue the momentum of growth in the Asian and other developing regions over the assessment period.
Market players are focusing on new product launches to gain a competitive edge over others.
For instance, Home Brew Ohio has introduced Keg Dry-Hopping Filter made from Stainless Steel. The 300-micron stainless steel mesh lets hop-oils to flow into beer yet holds the hop material inside. The filter holds around two ounces of a leaf.
Thirstystone has launched its barware collection available in stainless steel, marble finishes as well as leather exchange. Hydro Flask has 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.
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