Food and Beverages

Bar & Wine Accessories Market

Global Industry Analysis and Forecast 2023-2030

Pages : 120

Base Year : 2022

Released Year : January 2024

Format :Pdf Ppt Xls

Report ID:KR345

Author : Siddhi J.

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Base Year

2022

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Forecast Year

2023-2030

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Historical Years

2018-2021

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Market Value (2022)

USD 2.51 Billion

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Forecasted Value (2030)

USD 3.71 Billion

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CAGR (2023 - 2030)

5.09%

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Fastest Growing Region (2023 - 2030)

Asia Pacific

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Largest Region

North America

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By Product Type

Decanter & Glass, Corkscrews & Openers, Cocktail Shaker, Others

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By Application

Residential, Commercial

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By Sales Channel

Direct Sales, Specialty Stores, Online Retailers, Other Sales Channel


Market Perspective

The global Bar & Wine Accessories Market was valued at USD 2.51 billion in 2022 and is projected to reach USD 3.71 billion by 2030, growing at a CAGR of 5.09% from 2023 to 2030.

The rising demand for alcoholic beverages in major regions such as North America, Europe, and Asia Pacific is anticipated to increase the demand for bar and wine accessories. This trend is especially evident among young customers who are drawn to the burgeoning bar and restaurant scene. More people are able to afford luxury goods, including barware and wine accessories, as these nations' economies continue to expand and disposable income rises. Additionally, the inclination of the younger generation to mingle in bars and restaurants has resulted in a rise in the demand for fashionable and useful accessories that improve their drinking experience. This current trend is projected to fuel the demand for bar and wine accessories in the near future.

The demand for wine accessories is expected to be boosted by several factors. Firstly, wine manufacturers are offering wines with lower alcohol levels and calories, which increases their consumption level compared to other alcoholic beverages. This, in turn, is anticipated to drive the demand for wine accessories over the forecast period. Additionally, manufacturers of bar accessories are focusing on introducing new designs and structures to attract more customers, further expanding the market scope. As consumers become more health-conscious, there is a growing demand for wine accessories that enhance the drinking experience without compromising on taste or quality. Accessories such as wine aerators, decanters, and specialized glasses are increasingly gaining popularity among wine enthusiasts. Moreover, the rising trend of hosting wine-tasting events and setting up home-based wine bars is driving the market for wine accessories. Individuals are seeking to create a sophisticated and enjoyable wine-drinking experience at home, leading to an increased demand for wine accessories. Overall, the increasing consumer interest in wine and the desire for a complete wine-drinking experience are expected to fuel the growth of the wine accessories market in the forthcoming years.

Analyst’s Review on Bar & Wine Accessories Market

The bar & wine accessories market is expected to experience significant growth through 2030 due to the increasing consumption of alcohol in restaurants, bars, and pubs. The demand for these accessories is projected to remain stable over the forecast period, driven by the expanding presence of bars and pubs in developing economies and the growing popularity of wine and craft cocktails among consumers.

Furthermore, the rise in disposable income and evolving consumer preferences for premium and unique drinking experiences are anticipated to fuel the demand for bar and wine accessories. The bar & wine accessories market is further expected to benefit from the introduction of innovative and visually appealing accessories, such as personalized wine openers and cocktail shakers.

Market Definition

Bar and wine accessories are a collection of tools, equipment, and items designed to enhance the experience of serving, preparing, and enjoying alcoholic beverages, particularly wine and cocktails. These accessories are often used in bars, restaurants, and homes to make the process of serving and consuming drinks more convenient, enjoyable, and efficient.

Some common bar and wine accessories include cocktail shakers, bottle openers, wine aerators, and wine stoppers. These tools not only make it easier to prepare and open drinks but also add a touch of elegance and sophistication to any bar or dining setting. Whether it's a professional bartender or a home enthusiast, investing in quality bar and wine accessories can greatly enhance the overall drinking experience.

Market Dynamics

Customization and personalization are gaining popularity, which is contributing to the growth of the bar & wine accessories market growth. Consumers are looking for unique and personalized bar and wine accessories, including monogrammed glasses, engraved corkscrews, and bespoke cocktail kits. They aim to elevate their drinking experiences and showcase their individuality through these customized items. Monogrammed glasses allow them to add a personal touch to their barware collection. Engraved corkscrews not only serve as functional tools but also as stylish accessories that reflect their taste and preferences. Additionally, bespoke cocktail kits enable consumers to craft their favorite drinks with tailored ingredients and instructions, ensuring a personalized and enjoyable drinking experience.

Economic fluctuations, including recessions and economic downturns, can affect consumer spending on non-essential items such as bar and wine accessories, presenting a significant challenge for market growth. Businesses may need to adjust their marketing and pricing strategies to adapt to changing economic conditions. During recessions, consumers tend to prioritize their spending on essential items, such as food and housing, rather than luxury goods. As a result, businesses that sell bar and wine accessories may experience a decrease in demand. To counter this, companies could consider offering more affordable options or running promotional campaigns to encourage consumers to continue purchasing their products. Additionally, diversifying their product range to include essential items like cocktail ingredients or mixers could help businesses maintain sales even during economic downturns.

Segmentation Analysis

The global bar & wine accessories market is segmented based on product type, application, sales channel, and geography.

By product type, the decanter and glass segment is expected to register a robust revenue growth rate over the forecast period. This growth can be attributed to the increasing popularity of wine tasting and the rising trend of home entertaining. Additionally, the decanter and glass segment is benefiting from the growing demand for luxury and premium glassware products. With consumers becoming more conscious about their drinking experiences, they are willing to invest in high-quality decanters and glasses to enhance the flavors and aromas of their beverages. As a result, the decanter and glass segment is anticipated to witness significant revenue growth in the upcoming years.

By application, the commercial segment is expected to hold a significant market share in the bar & wine accessories market by 2030 as it caters to the growing demand for these accessories in bars, restaurants, and hotels. With the increasing number of consumers opting for dining out experiences and the rising popularity of wine-tasting events, the need for high-quality bars and wine accessories is expected to drive the growth of the segment. Additionally, the commercial sector's growing emphasis on providing unique and visually appealing bar setups is likely to boost the demand for innovative and aesthetically pleasing accessories in the near future.

By sales channel, the specialty stores segment in the bar & wine accessories market is expected to grow substantially through the review period due to the increasing demand for high-quality and unique bar and wine accessories. Specialty stores provide customers with a wide range of products and personalized assistance, which makes them a preferred choice for consumers who value craftsmanship and style. Additionally, the rise of cocktail culture and the surging popularity of hosting home parties are likely to further contribute to the growth of the specialty stores segment.

Geographical Analysis

Based on region, the global bar & wine accessories market is classified into North America, Europe, Asia Pacific, MEA, and Latin America.

North America is expected to register a significant market share by 2030. This can be attributed to the increasing popularity of home bar setups and the growing trend of hosting parties and social gatherings. Furthermore, the rising disposable income and changing consumer preferences towards premium bar and wine accessories are supporting the regional market growth. The region is witnessing a surge in the number of bars and restaurants offering unique and innovative cocktails, further driving the demand for bar and wine accessories.

Whereas, APAC is expected to register the highest CAGR over the forecast period. This growth is mainly driven by the increasing urbanization and changing lifestyles in the region. As more people are opting for dining out and socializing at bars and restaurants, there is a greater demand for bar and wine accessories to enhance the overall experience. Moreover, the rising popularity of wine and cocktail culture in key countries such as China and India is fueling the market growth in APAC. With the growing middle-class population and their willingness to spend on premium products, the bar & wine accessories market is expected to flourish in the region.

Competitive Landscape

The global bar & wine accessories market report will provide valuable insight with an emphasis on the fragmented nature of the industry. Prominent players are focusing on several key business strategies such as partnerships, mergers and acquisitions, product innovations, and joint ventures to expand their product portfolio and increase their market shares across different regions. The major players in the market are:

  • Riedel
  • Vacu Vin
  • Oxo
  • Wine Enthusiast Companies
  • Bormioli Luigi S.p.A.
  • Steelite International
  • Lifetime Brands Inc.
  • Coravin
  • Cocktail Kingdom
  • Manek Metal Industries

Key Developments

  • August 2023 (Partnership)- The establishment of a specialized content relationship between Jason Wilson of Everyday Drinking and Wine Enthusiast Company was announced. Wilson aimed to examine problems and suggestions in the beverages sector every week that are geared toward both the industry and consumer groups.
  • March 2022 (Acquisition)- Lifetime Brands, Inc. acquired Can't Live Without It (d/b/a S'well Bottle), a major international supplier of kitchenware, tableware, and other household goods, and some of its assets in 2022.

The global Bar & Wine Accessories Market is segmented as:

By Product Type

  • Decanter & Glass
  • Corkscrews & Openers
  • Cocktail Shaker
  • Others

By Application

  • Residential
  • Commercial

By Sales Channel

  • Direct Sales
  • Specialty Stores
  • Online Retailers
  • Other Sales Channel

By Region

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • France
    • U.K.
    • Spain
    • Germany
    • Italy
    • Russia
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Rest of Asia Pacific
  • Middle East & Africa
    • GCC
    • North Africa
    • South Africa
    • Rest of the Middle East & Africa
  • Latin America
    • Brazil
    • Argentina
    • Rest of Latin America
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Frequently Asked Questions (FAQ's)
The global bar & wine accessories market is projected to reach USD 3.71 billion by 2030, growing at a CAGR of 5.09% from 2023 to 2030.
The global bar & wine accessories market was valued at USD 2.51 billion in 2022.
Consumer preferences have shifted towards more sophisticated and diverse alcoholic beverage choices, including wine, craft beer, and cocktails. This has increased the demand for accessories that enhance the enjoyment of these beverages.
Top manufacturers of bar & wine accessories market are Riedel, Vacu Vin, OXO, Wine Enthusiast Companies, Bormioli Luigi S.p.A., Steelite International, Lifetime Brands Inc., Coravin, Cocktail Kingdom, Manek Metal Industries, and others.
APAC is the fastest growing region in the forecasted period (2023-2030).
By product type, the decanter and glass segment will hold the maximum share in the bar & wine accessories market in 2030.
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