The global bar and wine accessories market size is expected to reach USD 3.37 billion by 2028, according to a new report by Million Insights. It is expected to expand at a CAGR of 5.2% from 2021 to 2028. The rising consumption of alcoholic beverages, such as wine and whiskey, in countries such as the U.S., the U.K., India, and Germany, especially among young consumers, coupled with the continued population growth, rapid urbanization, and increasing disposable income, is expected to positively influence the market demand.
The decanter and glass product type segment captured the largest share of more than 40.0% in 2020 and is expected to expand at the highest CAGR over the forecast period. Decanters are used to store wine and premium whiskeys to prevent evaporation. The demand for decanter and glass is expected to grow over the forecast period due to the growing consumption of wine and whiskey worldwide. The decanter's major advantage is that it helps to maintain the freshness of the drink by preventing air from entering the decanter.
Asia Pacific is expected to expand at the fastest CAGR from 2021 to 2028. The region is home to over 4 billion people, making it one of the world's largest markets. Furthermore, post COVID-19 pandemic, the region is anticipated to witness rising employment, inflating disposable incomes, and enhancing living standards. These factors will result in the high consumption of most products in the region, creating an enormous opportunity for bar and wine accessories manufacturers. Industry participants practice several inorganic and organic growth strategic initiatives to expand their product/service portfolio and enhance their foothold across the industry.
The report “Bar And Wine Accessories Market Size, Share & Trends Analysis Report By Product Type (Decanter & Glass, Corkscrews & Openers, Cocktail Shaker), By Application (Restaurants & Bars, Household), And Segment Forecasts, 2021 - 2028” is available now to 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)
Bar & Wine Accessories Application Outlook (Revenue, USD Million, 2017 - 2028)
Bar & Wine Accessories Regional Outlook (Revenue, USD Million, 2017 - 2028)