Bars And Cafes Global Market Report 2022
- December 2021 •
- 300 pages •
- Report ID: 6193678 •
- Format: PDF
Major companies in the bars and cafes market include Starbucks, Lavazza, J D Wetherspoon plc, Mitchells & Butlers plc, Buffallo Wild Wings, John Swire & Sons Limited, McDonald’s, Coffee Day Enterprises, Wynn Resorts Ltd. And Norwegian Cruise Line Holdings.
The global bars and cafes market is expected to grow from $372.36 billion in 2021 to $444.40 billion in 2022 at a compound annual growth rate (CAGR) of 19.3%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $594.93 billion in 2026 at a CAGR of 7.6%.
The bars and cafes market consists of sales of alcoholic beverages for immediate consumption, nonalcoholic beverages and specialty snacks for consumption on or near the premises by entities (organizations, sole traders and partnerships) including bars, taverns, nightclubs, or drinking places and fruit juice stalls, coffee shops and mobile beverage vendors that prepare and serve alcoholic beverages for immediate consumption or prepare and/or serve a specialty snack, such as ice cream, frozen yogurt, cookies, or popcorn, and/or serve nonalcoholic beverages, such as coffee, juices, or sodas for consumption on or near the premises.
The main types of bars and cafes are snack and nonalcoholic beverage bars, and drinking places (alcoholic beverages).The snack and nonalcoholic beverage bars generally prepare and/or serve a specialized snack, such as ice cream, frozen yogurt, cookies, or popcorn, or nonalcoholic beverages, such as coffee, juices, or sodas, for consumption on or near the premises.
The bars and cafes are either owned by chain market or standalone market and the price ranged from high-end to economy.
Asia Pacific was the largest region bars and cafes market in 2021.Western Europe was the second largest region in the bars and cafes market.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
As the bars and cafés market is largely driven by the spending power of its consumers, steady gains in disposable personal income are expected to boost the industry in the forecast period.Many developed and developing countries across the world are forecasted to register a steady economic growth resulting in higher disposable incomes and subsequently higher spending for services such as bars and cafés.
For instance, the International Monetary Fund (IMF) predicts that the global real GDP growth will be 4.2% in 2022 . Thus, the rise in purchasing power with the economic growth is expected to drive the bars and cafés market in the forecast period.
Technological advances are enabling beverage serving companies to deliver customized, convenient, fast and adaptable services.Cafes around the world are investing in WiFi-enabled coffee makers that can brew coffee according to the user’s specific individual taste.
For instance, in 2019, Starbucks began using reinforcement learning technology to provide a more personalized experience for customers who use the Starbucks® mobile app.Reinforcement learning is a type of machine learning in which a system learns to make decisions in complex, unpredictable environments based on external feedback.
Customers receive tailored order suggestions within the app, which are created using a reinforcement learning platform designed and hosted in Microsoft Azure. Because of this technology and the efforts of Starbucks data scientists, 16 million active Starbucks® Rewards members now receive thoughtful food and beverage recommendations from the app based on local store inventory, popular selections, weather, time of day, community preferences, and previous orders.
The outbreak of Coronavirus disease (COVID-19) has acted as a massive restraint on the bars and cafes market in 2020 as governments globally imposed restrictions on domestic and international travel limiting the need for services offered by these establishments.COVID-19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing.
The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China and spread globally including Western Europe, North America and Asia.Steps by national governments to contain the transmission have resulted in a decline in economic activity with countries entering a state of ’lock down’ and the outbreak had a negative impact on businesses throughout 2020 and into 2021.
However, it is expected that the bars and cafes market will recover from the shock across the forecast period as it is a ’black swan’ event and not related to ongoing or fundamental weaknesses in the market or the global economy.
The countries covered in the bars and cafes market report are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela and Vietnam.