The scope of our recent study on ” Bar Tools Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type (Cocktail Glasses, Cocktail Shakers, Bottle Openers, Bar Tool Sets, and Others) and Distribution Channel (Supermarkets and Hypermarkets, Specialty Stores, Online Retail, and Others)” includes the factors fueling the market growth, revenue estimation and forecast, market share analysis, and the identification of significant market players and their key developments.
The bar tools market is expected to grow from US$ 1,788.58 million in 2021 to US$ 2,334.89 million by 2028; it is estimated to grow at a CAGR of 3.9% from 2021 to 2028.
Bar tools are essential utensils for the preparation of alcoholic beverages. Bar tools assist in providing quality drinks with ease and convenience. With the rising retail sales of alcohol and consumer inclination toward in-house bars, the demand for bar tools has increased among the household. To enjoy the taste and quality of beverages as in bars and pubs, consumers prefer bar tools for their home bars. Moreover, with changes in consumer lifestyle and the rising popularity of home bars in developing nations the demand for bar tools has increased.
Bar tools refer to utensils or glassware used to prepare and serve alcoholic and nonalcoholic beverages. The bar tools include cocktail glasses, mixers, bar spoons, shakers, and other tools.
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Based on the distribution channel, the bar tools market is segmented into supermarkets and hypermarkets, specialty stores, online retail, and others. In 2020, the specialty stores segment was the dominant segment in the market. The specialty stores provide an excellent consumer experience with unique features such as high-level customer service, premium offers, and special discounts. Consumers prefer purchasing bar tools from specialty stores due to the varieties of bar tools present in the store. Moreover, the staff has complete knowledge about the product and helps the buyers know the product specifications before buying. Thus, increased focus on customer satisfaction has led to a surge in demand for purchasing bar tools from specialty stores
There is an increase in the adoption of sustainable and eco-friendly products. Consumers are becoming increasingly aware of the environmental concerns and have shifted their focus on consuming eco-friendly and sustainable products. According to a survey conducted by McKinsey and Company, 75% of millennial respondents are considering sustainability during their purchase, which has impacted their consumption pattern. Similarly, a survey conducted by Deloitte in 2021 regarding the shifting preferences of consumers in the UK stated that 1 out of 3 consumers have stopped purchasing from certain brands due to ethical or sustainability-related concerns. Such a shift in consumer preference has led to the development of a new generation of bar tools focused on providing sustainable and eco-friendly solutions. Manufacturers of bar tools are developing bar tools using eco-friendly raw materials. For instance, bambambarware, a bar tool manufacturer, has developed bar tools made up of bamboo and has also developed the world’s first bamboo cocktail shaker. Bio Strohhalme GmbH, a bar tool manufacturer in Germany, has developed a sustainable and eco-friendly cocktail stirrer made out of paper. The company has also developed cocktail sticks made of sustainable BIO-POT material. Thus, due to the rising concerns about the environment and shift in consumers’ preferences, it is expected that there will be an increased focus on creating sustainable and eco-friendly bar tools globally in the coming years.
Impact of COVID-19 Pandemic on Bar Tools Market
Initially, the COVID-19 pandemic adversely affected the bar tools market due to the shutdown of manufacturing facilities and the restrictions on transportation and logistics. The disruptions in the supply chain hampered the supply of bar tools. However, businesses are growing as governments of various countries have eased the restrictions. Moreover, vaccination drives have led to a rise in business activities across the globe. The increased celebration of occasions indoors during the COVID-19 pandemic has positively impacted the bar tools market. Also, the rise in construction of in-house bars during the COVID-19 pandemic fueled the bar tools market growth. According to research conducted by Clink, an online spirits retailer, 2.7 million households have curated their own home bars since the first lockdown in the UK in March 2020. The research also stated that the construction of in-house bars saw an increase of 51% since the first lockdown was imposed in the UK. Thus, indoor celebrations for various occasions and the increased construction of in-house bars during the pandemic have driven the bar tools market.
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