Minibars for Marine Market is Expected to Reach USD 683.9 Million by 2030
As per the report published by Kings Research, the global Minibars for Marine Market was valued at USD 495.5 million in 2022 and is projected to reach USD 683.9 million by 2030, growing at a CAGR of 4.18% from 2023 to 2030.
The growth trajectory is expected to continue in the coming years due to the rising demand for in-room minibars in the marine industry, including shipping, cruises, and yachts. With consumers increasingly seeking high-end amenities during their ocean tourism experiences, minibars have emerged as an essential feature of the premium travel experience, offering quick and easy access to premium beverages and snacks.
Moreover, the trend towards sustainability and energy efficiency in the marine tourism industry is driving the demand for minibars with low energy consumption and eco-friendly features, providing an opportunity for manufacturers to differentiate their offerings and appeal to environmentally conscious travelers.
- Based on the application, the cruise ship segment held the largest market share in 2022 accounting for 48.4% of the share
- Based on the sales channel, the OEM segment generated the highest revenue in 2022 accruing USD 343.4 million
- On the basis of region, North America accounted largest market share of USD 248.5 million in 2022
Acquisition Deal of Treeline Capital LLC by Dometic
March 2022 – Dometic acquired Treeline Capital LLC with the aim of improving value-added services and aftermarket products for the marine market in North America. It would operate under Balmer Brands and CDI Electronics.
Adoption of Innovative Products and Integration of Sustainability to Create Lucrative Opportunities
The rising popularity of cruise vacations and the intensifying competition among cruise lines present a promising opportunity for minibar manufacturers to introduce innovative and high-quality products. They can differentiate their offerings from competitors by implementing sustainable and energy-efficient features in minibars, appealing to environmentally conscious travelers. This approach can help them gain a foothold in the market and capture a share of the growing demand for premium amenities aboard cruise ships. Moreover, the trend towards sustainability represents a chance for minibar manufacturers to establish brand recognition among potential customers who increasingly value eco-friendly products and services.
The expanding ocean tourism industry has generated a surge in demand for upscale hospitality amenities. For instance, in 2022, 49% of 1,200 individuals opted to travel by cruise. Minibars have emerged as a prominent feature in the premium travel experience, driven by a growing number of sophisticated and convenience-seeking travelers. Cruise lines are heavily investing in upgrading passenger experiences, with onboard minibars taking center stage in this drive. Minibars offer guests swift and effortless access to an array of premium beverages and snacks, catering to those who prefer cabin relaxation during their sea vacations. This uptrend is observed to drive the growth of minibars for marine market.
Rise in Maritime Due to Increasing Ocean Tourism to Support North America's and Europe's Revenues
North America dominated the regional revenue share, attributing more than 50% of global revenue in 2022. The growth of the ocean tourism industry has directly led to the expansion of the market for premium travel experiences. North America has established sound infrastructure for the travel and tourism industries, including state-of-the-art facilities, which further drives demand for such premium travel experiences. The minibars for marine markets in North America are anticipated to grow at a steady rate of 3.32% throughout the forecast period.
Europe recorded the second-largest regional share in 2022, accounting for USD 132.5 million, and is estimated to reach USD 192.8 million by 2030. In 2022, Europe accounted for more than 26% of global revenue. The presence of tourist places located around the coastal areas of France, Portugal, Greece, and Spain, among other European countries, along with the accelerating tourism industry, would augment market growth in the region. However, Germany accounted for the largest share in Europe, which is attributable to the development of products with cutting-edge technologies.
Collaborative Deals Struck Among Major Industry Players to Define the Competitive Landscape
The market for minibars for marine market is consolidated/fragmented with key players such as Indel B S.p.A., Dometic Group AB, Vitrifrigo s.r.l., Cruise Ship Suppliers, Minibar Systems, HARTMANN TRESORE, Isotherm, amongst others. Companies employ a variety of strategic measures such as acquisitions, mergers, partnerships, product introductions, and collaborations to expand their business globally and enhance their competitive position.